Thursday, Feb 12, 2009
A truly terrifying video of a US Representative describing what Paulson and Bernanke told the House
Daily Kos / C-Span: USA was 3 hrs away from Economic, Political Collapse in September 2008
Not sure if this has been posted before but I found it truly terrifying:
" I was there when the secretary and the chairman of the Federal Reserve came those days and talked to members of Congress about what was going on... 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 a tune of $550 billion being drawn out in a matter of an hour or two.
The Treasury opened up its window to help. They 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 "
5 Comments
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1. str 2007 said...
Wow that's a video worth watching.
2. Lord Darcy Pew said...
Aren't democracies a wonderful thing, it's citizens get to make informed decisions based on the information available to them. Meanwhile back on planet Earth we only have elected dictators. No truth, No hope.
3. fun 4 now said...
double wow!!!...incredible
4. plato said...
Yes I have seen this video,also read a similar article some time ago posted as a link on this site,I'm sure.
Opening sequence with the woman complaining about the cost of utility bills is probably one of the biggest causes of defaulting. People forget the cost of running a property and are, how shall I say: 'coaxed' into believing they only have to meet the mortgage requirements.
Energy and food are considered manageable.......Not so.......They are essential.
Anyhow, all part of the root of the problem. So it seems logical to stimulate production and not banks.
What was about to happen to the banking system has been stalled,not cured and as the debt continues to build,because it does if it's not cleared,we have the same problem looming overhead on an even bigger scale.
5. P. Riddy said...
Thats because Goldman Sach's was planning to withdraw the money. Its called economic terrorism.