Saturday, February 14, 2009

Why Don't We Know More About This?!

Last September over a half TRILLION dollars flew out of this country faster than Bill Clinton dropping his pants in the Oval Office. This sparked the current panic that the Democrats have used to push through the economic stimulus package.

Rep. Paul Kanjorski, D-Pa., mentioned this in a C-SPAN interview and it boggles the mind that the media have completely ignored it. Townhall os one of the few sites to carry this:

To set the C-SPAN scene, Kanjorski is harkening back to the middle of last September, when, as it happens, John McCain was enjoying his brief lead in the presidential polls and the economy as we knew it was imploding. Here's what Kanjorski said:

"I was there when the Secretary (of the Treasury Hank Paulson) and the Chairman of the Federal Reserve (Ben Bernanke) came those days and talked to members of Congress about what was going on. It was about Sept. 15. Here's the facts, we don't even talk about these things.

"On Thursday at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of $550 billion, as being drawn out in the matter of an hour or two.

"The Treasury opened up its window to help. It pumped $105 billion 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 out there, and that's what actually happened."

"If they had not done that, their estimation was that by 2 o'clock that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy system of the United States and within 24 hours the world economy would have collapsed.

[...]"Now we talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it. And that's why when they made the point we've got to do things quickly, we did."

This is the financial equivvalent of another World Trade Center attack. Who did this? Where did the money go? If this was perpetrated through electronic transactions there must be audit trails. Why haven't our politicians, hell, our law enforcement officials made any announcements regarding those who are responsible? This is freaking enormous! If there are persons/financial institutions acting in concert, this is probably the largest financial fraud in the history of the world. You couldn't steal this with a gun. Hell, you couldn't steal this much with an army.

One thing we do know is that former President Bush made extremely cryptic public statements regarding the stability of our markets at this time in question last September, statements noted by Accuracy in Media's Cliff Kincaid. These began with a Sept. 18 Bush announcement that the Securities and Exchange Commission (SEC) was stepping up its enforcement action "against illegal market manipulation." As Kincaid wondered, manipulation "by whom or what?

The resident didn't say." On Sept. 19, President Bush further announced that the SEC had "launched rigorous enforcement actions to detect fraud and manipulation in the market. Anyone engaging in illegal financial transactions will be caught and
persecuted (sic -- good ol' W.)." Again, what was Bush talking about?

On that same day, Kincaid reports, "the SEC announced a `sweeping expansion of its ongoing investigation into possible market manipulation in the securities of certain financial institutions.'" Why? What was going on? If ever there was a vital, compelling reason for congressional hearings, Kanjorski's "electronic run on the banks" story is it.

I have been looking for more information on this event and have found virtually nothing. I can only imagine that the current administration's media lapdogs have been told to leave this story alone. For this there is only one reason, they are digging a hole for a scapegoat in order to protect their asses.

Something stinks in Denmark and it ain't the cheese. This is the video where Kanjorski references the run on the bank.

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