Tuesday, February 10, 2009

Kanjo says the world economy almost collapsed

From the Motley Fool:

Congressman Paul E. Kanjorski of Pennsylvania reveals some shocking information regarding a bank run which occured right here and indeed brought this country and the entire world economy to within three hours of complete and systemic financial collapse. In this video, Congressman Kanjorski reveals (at about the 2:15 mark) that the move to raise the move to guarantee money market funds up to $250,000 was an emergency measure to stave off a massive run on the banks that removed $550 billion from the system in a matter of just a couple of hours. Treasury then injected $105 billion to no avail, and shut the system down to prevent a panic continuation of this electronic bank run. By "their" [read Treasury's] estimation, had they not shut it down and issued the guarantee, money market withdrawls would have reached $5.5 trillion by two 'o'clock that afternoon!! He then indicates Treasury's assessment that the run not only would have destroyed the U.S. economy immediately, but would have collapsed the world economy within 24 hours.


Kanjorski: "The Treasury opened its window to help. They pumped a hundred and five billion dollars into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened. If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.""It would have been the end of our political system and our economic systems as we know it."




Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"



18 comments:

Anonymous said...

Fascinating...

You know, I was never a real Kanjo adherent, but I think his voice is an extremely valuable one on economic issues especially in these tumultuous times. I also think Barletta's campaign gave him the kick in the butt he needed to become a very effective and aggressive member of Congress.

Anonymous said...

Buy gold,plant a garden and load yer shotgun...

POPE GEORGE RINGO said...

I think we are not far off from complete collapse. We emptied our treasury to fight stupid wars and now we are playing with paper money. I fear that as well intentioned as he is, Obama is in the history books as the last president of the US. God knows what is ahead but I think we are all screwed. Thanks, W!!

Zen said...

Pope, Thanks W?????????? How about thanks W and the Congress for the last 8 years? How about thanks Carter for the CRA? How about thanks Clinton for expanding the CRA? Thanks Barney and Dodd???

POPE GEORGE RINGO said...

Thanks to W and the so called "fiscally responsible" conservatives of the G.O.P. who suddenly have lost the muzzle that W had on them for the 6 of the past 8 years. The Republicans threw so much money down the toilet that they have absolutely no credibility when it comes to balancing a checkbook. As far as Carter is concerned, he warned thirty years ago that a lax energy policy would be America's peril. Everyone, including Mr. Reagan, laughed at him. Reagan told us in his Inaugural that we had the ability to "dream big dreams". Okay by me, but I didn't realize that the fiscally conservative cowboy was going to pull out a credit card and leave me the bill to pay for his high popularity ratings in the polls. Of course, poor George Bush Sr. paid the bill on that fiasco as Saint Ronnie left the Savings and Loan scandal, the huge deficit (which he promised to erase), on his desk and Clinton was left to clean up both their messes. Of course, the GOP impeached poor Bill for a sex act, and Mr. Reagan got off scot free for Treasonous acts against the United States and violation of his oath of office (last I heard trading arms to an enemy state--Iran--is a impeachable offense). Of course, I can go on and on but I am late and it's back to the Vatican lecture hall for me!! God Bless You All!!!!

femaile said...

let the economy collapse and let's start over.... i'm game...

Mean Old Man said...

I CAN'T WAIT!!! IT WILL ONLY MAKE MY LIFE A LOT EASIER; NOT HAVING TO PAY TAXES AND ALL!!! BEST OF ALL, NO MORE PUNY LIBERALS, 'CAUSE THERE'S NO WAY THEY CAN SURVIVE ON THE LAND WITHOUT THEIR ZIMA AND PRISSY CAVIER!! THIS WILL BE A LAND FOR DAVY CROCKETT/STONEWALL JACKSON TYPES!! BRING IT ON!!!

Anonymous said...

Hey 4:30..Didja hear Kanjo get his arse kicked on Rush today?..

Anonymous said...

5:38...you know you're doing something right when that fat ignoramus is pissed at you

Danny Bauder said...

Holy shit, this was Olbermann tonight. I'm trying to find video

Danny Bauder said...

I think this link will work:

http://www.msnbc.msn.com/id/3036677/#29128659

Big Dan said...

With this financial crisis going on, how can we continue to spend in Iraq & Afghanistan: Per Month - $12.3 billion; Per Week - $2.9 billion; Per Day - $410 million; Per Hour - $17 million; Per Minute - $284,722; Per Second - $4,745. Continuing, for years, forever. Thank you, George Bush. Iraq had nothing to do with 9/11 and had no WMD's, and the Bush administration was in full knowledge of this.

Big Dan said...

Fox passes off GOP press release as its own research -- typo and all

Big Dan said...

OK, I just watched this video. Holy crap.

Big Dan said...

Homeowner group protests 'predator' CEOs outside their mansions

prsent said...

Osama-Bin-Kanjo is a disgrace. He has a BIG role to play in the banking and market collapse.

Big Dan said...

Screen shot of FOX "news" - has same type-o as GOP press release; says "12/19/09" - THAT'S DECEMBER 2009 WHICH DOESN'T EXIST YET!!! SAME TYPE-O IN FOX NEWS STORY AND GOP PRESS RELEASE!!! Can you seriously believe anything FOX "news" says about Democrats? They're an arm of the GOP. You see what you want to see. If you watch FOX "news", you're a KOOK-AID drinking Republican!!!

Summary: In purporting to "take a look back" at how the economic recovery plan "grew, and grew, and grew," Fox News' Jon Scott referenced seven dates, as on-screen graphics cited various news sources from those time periods -- all of which came directly from a Senate Republican Communications Center press release. A Fox News on-screen graphic even reproduced a typo contained in the Republican press release.

Fox passes off GOP press release as its own research -- typo and all

The GOP press release with the same "12/19/09" type-o...

Anonymous said...

5:38 you really are a dumb shit kool aid drinker of the left.