At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a “tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars.” According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Democrat Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.
Rep. Kanjorski: $550 Billion Disappeared in “Electronic Run On the Banks”
“On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.
Money was being removed electronically.
The treasury tried to help with $150 Billion.But could not stem the tide. It was an electronic run on the banks The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon.
Within 3 hours. $5.5 Trillion would have been withdrawled and collapsed and within 24 hours the world economy.”
Wild Thing’s comment…………
The Dem’s will never demand a Congressional investigation.
That the Dem’s will never launch an investigation should tell everyone all they need to know about this crisis.
Gee–I wonder who’s pockets all that missing money went in to. It wasn’t mine, that’s for sure. I’m beginning to wonder if the Dummys set all this economic mess up in September so it would be horrible for the Republicans and make it impossible for them to win by frightening us nearly to death.
Saw a large pink ceramic old piggy bank at the Amish flea market yesterday. The liberal vendor (had Obama memorabilia for sale too) was asked by me to FILL it with MONEY and he said “Why?” I said
“Comrade, your boy is the socialist chairman now and Chairman Obama is redistributing wealth so what good is a piggy bank without money in it?”
No I did not buy the EMPTY piggy bank!
– PORK CHOP$ The Other White Meat?
Scary. A run like that could have wiped out everyones’ savings.
This was all caused by government meddling in the economy. The push for shaky mortgages by people who could not afford them. And then there was no oversight into those government created programs. Lots of people ran wild with that easy money. Bankers, mortgage brokers, speculators, realtors. Now all the rest of us get to pay that bill that has come due. Thank you Barney Frank, Chris Dodd, Maxine Waters, et al.
Thought that name sounded familiar. He the dirtbag in the district next to mine. He is the biggest crook in the tri-county area. Our dirtbag voted for all this legislation too. Never ceases to amaze me how eager they are to spend someone elses money.
He’s probably one of the sleazeballs who stole that money. He screwed alot of people in his district, yet like all deficates he keeps getting re-elected.
I’ve always thought the oil spike was orchestrated for political reasons.
There’s just so much going on. Seems like just last year that if just ONE of these attrocities happened it would be hysterically covered. Now it’s like throw a dart at the dartboard and pick which crook, backdoor deal and socialist move to report today.
The Democrats, including B. Hussein Obama, lost their election edge of a using a perceived Iraq debacle to gain more partisan power so they moved to the economy. They did everything that they could to bad mouth the economy and to prevent George Bush and the Republicans from stop gapping or fixing the economic problems for cynical and partisan power grab politics. They succeeded.
There is no way that Obama and the Democrats will allow any transparency into their role in making the economic problems become the crisis and disaster that it is today. Now they want us to trust them to fix the problem that THEY created. No way!
http://politicaldemotivation.files.wordpress.com/2008/08/change.jpg
Lynn, yes, and I am sick of this keeping secrets about these things. The left loves closed doors, secrets and keeping the citizens out but when it comes to our tax dollars and donations to their campaigns they are oh so full of lies and empty words. I love telling them off when they ask for money.
Darth, great story hahaha thank you for sharing about it. hahhha good one.
Tom, it really is scary, I agree. I heard about it on Limbaugh show. He was alarmed by it and then I showed it to Nicholas and he said like you did too.
“Barney Frank, Chris Dodd, Maxine Waters”…thanks for all these problems.
Mark, WOW thank you so much for the information on this guy. I never heard of him before.
I bet the world you are right, HE messed up and that is why he is giving this information on C-Span, to try and make it look like someone else did it. He never said who it was and when I showed it to Nicholas he said. When they don’t say who we know 200% it will end up being a democrat, otherwise they would love naming the person.
Thank you so much Mark.
Eden you right, and as far as so much going on I can barely keep up. Every news break there is more stuff, more yukky horrors to hear about. Thank God for laughter because I would get sick if I stayed angry about all that is happening.
Les, yes and I will never forgive them for the lie the left told and the media along with them. There were WMD and many of us even posted about it. Thanks Les for the image.