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| Rep. Kanjorski Drops Bomb... US Financial System Was Attacked On September 11th |
| 2009-02-15 |
| h/t,Michelle, Gateway Pundit Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout. |
| Posted by:Phuns Clomort9973 |
| #7 I'm not sure, but I'm reasonably certain that our resident economist will dismount and explain to all of us less knowledgable. |
| Posted by: Mike N. 2009-02-15 15:17 |
| #6 Here's a link to the Portfolio.com refutation that seems reasonable given the lack of traction for the Kanjorski comments given the noteriety they got on Rush's show. Seems to me the sphincter tightening resulted from the collapse of the interbank lending market. But there is still no explanation as to why it seized up. That was nothing but raw fear. Why were they so scared? Part of the reason the last quarter has been so bad is the fear that Paulson and Bernanke conveyed in the few television shows I saw. If what I saw was typical of what was being seen day in, day out, something was spooking those guys. What was it? |
| Posted by: Nimble Spemble 2009-02-15 14:46 |
| #5 http://www.pbs.org/newshour/news_summaries/2008/09/summary_11.html News Summary for September 11, 2008: On Wall Street today, stocks had a late rally on talk of a possible buyout for Lehman Brothers, the troubled investment bank. The Dow Jones industrial average gained more than 164 points, to close well above 11433. The Nasdaq rose 29 points, to close at 2258. The Next Day: Wall Street waited today to see if federal officials will line up a private sale of Lehman Brothers investment bank. The Dow Jones industrial average ended with a loss of 11 points, to close just under 11422. The Nasdaq rose three points, to close at 2261. For the week, the Dow gained nearly 2 percent. The Nasdaq rose a fraction of a percent. Nothing about a run on the MM funds on the 15th, 16th, or 17th either. Can't figure out why, unless an act of war was hushed up by the Bush administration? |
| Posted by: Uncle Phester 2009-02-15 14:41 |
| #4 Portfolio.com took this apart as manifestly untrue. It comes from one anonymous source who was off by an order of magnitude. |
| Posted by: George Clavigum2557 2009-02-15 13:34 |
| #3 Try this |
| Posted by: Nimble Spemble 2009-02-15 10:35 |
| #2 Google says broken link |
| Posted by: Barbara Skolaut 2009-02-15 10:26 |
| #1 Margin calls: Why do they hate us? |
| Posted by: badanov 2009-02-15 09:47 |