Saturday, February 14, 2009

What Happened on September 15, 2008?

Now THIS is an eye-opener!

"...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, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.

Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed..."
And THAT is the reason for the first $700 billion bailout boondoggle.  And the continued reason for the latest $800 billion bailout mess.

As Drudge would say, "developing..."

CORRECTED: Date in headline.

1 comment:

matthew archbold said...

I read this and am only surprised it's not getting more play everywhere.