GWB redeemed his Presidency in September 2008

[w¡n9Nµ7 §£@¥€r 123]

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 $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, $5.5 trillion 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.

Now we talked at that time about what would have happened if that happened. It would have been the end of our economic system and our political system as we know it.

http://www.dailykos.com/story/2009/2/9/234...6189/142/695504

[almaty 19]

wow, i saw satan laughing in delight

[w¡n9Nµ7 §£@¥€r 123]

According to a Democratic Congressman, we were hours from collapse and GWB's administration is why we averted it.

I think this wipes out Iraq.

[ready4ONE 5,400]

According to a Democratic Congressman, we were hours from collapse and GWB's administration is why we averted it.

I think this wipes out Iraq.

[w¡n9Nµ7 §£@¥€r 123]

According to a Democratic Congressman, we were hours from collapse and GWB's administration is why we averted it.

I think this wipes out Iraq.

Hatred clouds judgment.

[almaty 19]

yes, gwb saved the day once again..maybe, his administration's economic and international decisions had a direct correlation to the run on the federal reserve

[w¡n9Nµ7 §£@¥€r 123]

Even if they did, with tragedy hours away he did the right thing.

Credit where credit is due.

(no pun intended)

[alienlovechild 75]

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.

Where are all the conspiracy theorists now? Over half a trillion bucks is taken out of the markets before noon and nobody asks who or why?

It's the from DailyKos so it may be some form of satire I suppose.

[w¡n9Nµ7 §£@¥€r 123]

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.

Where are all the conspiracy theorists now? Over half a trillion bucks is taken out of the markets before noon and nobody asks who or why?

It's the from DailyKos so it may be some form of satire I suppose.

Read the page. It has an embedded video, an interview - that's where the info comes from.

[alienlovechild 75]

yes, gwb saved the day once again..maybe, his administration's economic and international decisions had a direct correlation to the run on the federal reserve

You couldn't be more vague on that could you? Which decisions triggered this sudden change in the economy?

[alienlovechild 75]

Read the page. It has an embedded video, an interview - that's where the info comes from.

Can't read it. My employer has a filter with access notification. It's from some weird notion that people waste time on the Internet.

[w¡n9Nµ7 §£@¥€r 123]

Read the page. It has an embedded video, an interview - that's where the info comes from.

Can't read it. My employer has a filter with access notification. It's from some weird notion that people waste time on the Internet.

I can't view the vid either, but the page has a transcript of the vid, a portion of which I pasted in the OP.

[almaty 19]

rumor is swirling around the Internet that an inglorious end to the U.S. economy is imminent. Unlike previous rumors to this effect, this one carries the weight of recent events in the financial realm and has many believing the rumor will come to pass.

Let's examine some of the claims being made: On March 18, 2008, a "closed door" session of Congress was held for only the fourth time in history. According to House Rule XVII, clause 9, it is forbidden for members of the U.S. House of Representatives to reveal the discussions held behind those doors. The penalty for leaking such information includes loss of seniority, fines, reprimand, censure or expulsion. According to news sources, one purpose of the meetings was to discuss new surveillance techniques to be used by U.S. Homeland Security. Rumors continue to swirl as to what the other topics of discussion took place in that meeting.

According to the Australia.TO newspaper, as reported in the May 2008 Last Trumpet Newsletter (LTM), several congressmen were so incensed about what was discussed behind those doors that they were compelled to leak the contents of the meeting. Following is what is rumored to have been discussed: Imminent collapse of the U.S. economy by September 2008; imminent collapse of the U.S. Government finances by February 2009; possibility of civil war within the U.S. resulting from the collapse; detainment of "insurgent U.S. citizens" in anticipation of their moving against the government; the potential for violent action taken by citizens against members of Congress due to the collapses; the merger of the U.S. economy with those of Canada and Mexico as a solution to the collapse; the introduction of a new tri-national currency called the "AMERO" as another economic solution.

Needless to say, that's a lot of information to process. Unfortunately none of it can be verified and it essentially falls under the category of rumor and as such must be treated as suspect. It brings to mind another rumor that had the Internet community abuzz last September regarding the so-called "Bin Laden options trade." You may recall the rumors that circulated across many Internet sites in Sept. 2007. The rumors concerned an unknown trader(s) placing options bets on the S&P 500 and the Dow Jones Eurostoxx50 index that wouldn't pay off unless a 25%+ crash occurred by options expiration that same month. These high-profile "mystery" trades were used by several independent and mainstream media outlets to conjure up images of another 9/11-type terrorist episode.

The end result was that the stock market rallied sharply shortly after the stories appeared and several indices made new all-time highs in October. The terrorist event that was conjured up by the options trade never came to pass.

Now before you dismiss me as a Pollyanna, let me say that there does ring a certain measure of truth to the rumor concerning an economic collapse. There wouldn't be as much fear generated over the headlines, nor would they be as widely circulated as they have been, if there wasn't. The fact that many people even consider these stories as being potentially true is revealing of the mindset of Americans today: they are nervous about the economy, scared over high oil and gas prices and none too happy over the housing price deflation. So we can imagine how easily someone might be swayed by a rumor of this magnitude. More than anything else, the rumors of an imminent financial and economic collapse are symptomatic of a wounded mass psyche.

The next consideration is that even if the substance of the rumor is untrue (to say nothing of the projected timeline), the fact that many are inclined to believe it doesn't reflect well, nor does it bode well, for the government. When rumors like this one begin to spread, and are believed even in part, it is a vote of no confidence for the government and monetary authorities. While such problems can be remedied with short term solutions, the longer term implications are disturbing and are much harder to remedy.

The Fed may well have dodged the bullet this time but in so doing it has created for itself a new set of difficulties down the road. Those challenges can only be viewed properly through the lens of the long-term Kress cycles. Quoting Machiavelli, "It is in the nature of things that you can never escape one setback without running into another."

In the here and now, consumers are feeling the weight of high gas and food prices. An article appeared in the May 14 edition of the Washington Post bearing the headline: "Burdened by the weight of inflation, standards of living are challenged." The article reported the results of a Washington Post/ABC News poll which surveyed households across the socio-economic spectrum.

The poll found that nearly 7 in 10 are concerned with their ability to keep up their lifestyles high. Moreover, those expressing concern are not only from the lower and middle classes but also from upper income levels. The results showed a significant spike in just the last five months when a previous poll was taken. The Post reported that anxiety over the economy is at its highest level since 1981.

The poll found that 40% of respondents are "somewhat worried" about their standard of living, compared to 34% in December 2007. Of those saying they are "very worried", the number is 28% compared to 17% in December. The combined totals for these worried responses equals 51% in December compared to 68% today.

Among other findings of the poll is that the top five economic worries among consumers are:

1. Inflation

2. Gasoline

3. Healthcare costs

4. Taxes

5. Jobs

The Post also asked respondents to give their reasons why they think oil and gas prices are as high as they are today. The top responses were:

1. Greed/profit motive of the oil companies

2. Iraq war

3. George Bush

[alienlovechild 75]

The usual generic conspiracy theories. I thought there was going to be some concrete screw up by Bush that you could put your finger on.

Among other findings of the poll is that the top five economic worries among consumers are:

1. Inflation

2. Gasoline

3. Healthcare costs

4. Taxes

5. Jobs

None of these "worries" are new but the one on jobs is more pressing now.

Edited February 10, 2009 by alienlovechild

[rclouse 0]

That's like saying God put Capt. Sullenberg on that plane so he could land it in the Hudson. If that's true, then why didn't he make that flock of birds fly 20 feet lower and prevent the whole thing?

If the Bush administration hadn't bankrupted our treasury with an expensive war in Iraq and pushed for further deregulation of the banking industry they wouldn't have needed to take action in September.