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Gordon Gekko II
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Post by Gordon Gekko II » Thu Feb 19, 2009 12:34 pm

I've never said this before, but this is a must read/watch. Lance, esp you.



Who Attacked Our Economy? Why Does No One Care?

By Diana West | February 13, 2009



I want you to read something. It's a snatch of transcript from a Jan. 27 C-SPAN interview with Rep. Paul Kanjorski, D-Pa., that has received zero coverage in what we think of as the mainstream media.



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."



Kanjorksi continued:



"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. And that's why when they made the point we've got to do things quickly, we did."



Start watching the video at the 2:10 mark.



http://www.youtube.com/watch?v=_NMu1mFao3w



[ February 19, 2009, 06:41 PM: Message edited by: Gordon Gekko II ]

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Post by headhunters » Thu Feb 19, 2009 12:58 pm

just listening to the congressman i have no doubt that is true. question for vander and kj duke- who is drawing that $ down? my assumption is that it is foreign banks that had parked their $ here. if so- why did the $250,000 guarantee stop it? btw- the video above talks about unemployment rate at 15%. it is higher- many entrepreneurs are making zero. technically employed- but making zero.

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Post by DOUGHBOYS » Thu Feb 19, 2009 1:08 pm

I may be wrong but that $250,000 FDIC backing was not a sudden decision. If I remember right that was discussed with a few groups before being accepted, so I don't think that part of his story is true. The rest would have to be verified by someone else for me.

By the way, 435 represenitives in Congress. Too many. We should treat them like electoral states, only with a maximum of five per state and minimum of one. Less Government, more money.
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Post by KJ Duke » Thu Feb 19, 2009 1:15 pm

Originally posted by headhunters:

question for vander and kj duke- who is drawing that $ down? my assumption is that it is foreign banks that had parked their $ here. if so- why did the $250,000 guarantee stop it? I watched this some time ago and had the same question ... $5.5 trillion in deposits would have been taken out, but were halted by a $250k guarantee? Ridiculous.



Which makes me think the Congressman misunderstood all or part of what may have been said in that meeting. And that wouldn't surprise me one bit. We assume Congressmen have at least a reasonable grasp of things; I find that assumption frequently incorrect when it comes to financial issues.

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Post by sportsbettingman » Thu Feb 19, 2009 1:17 pm

Has he been asked about this video by the media SINCE this video was put on YouTube?



Who coordinated such a large run?



Did it set off an automated snowball effect? I'm in over my head if that is even possible.



My instinct was foreign interests organizing the run, without knowing more.



I guess it's the best we have...but basing the world economy on a smoke and mirror leverage show is scary.



~Lance
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Post by sportsbettingman » Thu Feb 19, 2009 1:24 pm

Other questions from a newbie...



Could the $250,000 guarantee also imply that if you had 10 million you wished to take out/sell, you'd max out at $250,000?



Could this have been a test run to see the reaction? Either a test run by the US or abroad or even the FED?



What year did this video take place...not the article, but the video? (Jan 27, 2008, 2009?)



~Lance
"The only reason for time is so that everything doesn't happen at once."

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Post by headhunters » Thu Feb 19, 2009 1:29 pm

lance- an organized test run? the math just doesn't work. but ya- you as an individual are supposedly guaranteed 250,000. my guess is the wealthy have to spread it around and move much off shore. kj could probably answer better.

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Post by Gordon Gekko II » Thu Feb 19, 2009 1:34 pm

Originally posted by KJ Duke:

I watched this some time ago and had the same question ... $5.5 trillion in deposits would have been taken out, but were halted by a $250k guarantee? Ridiculous.



Which makes me think the Congressman misunderstood all or part of what may have been said in that meeting. And that wouldn't surprise me one bit. We assume Congressmen have at least a reasonable grasp of things; I find that assumption frequently incorrect when it comes to financial issues. i'm guessing the "They decided to close the operation, close down the money accounts" had more to stop it then the 250K backing. it's entirely possible there were other things said that he didn't mention.



also, duke - u are assuming the congressman has it wrong. what if he has it right and the Treas and FED misled them knowing full well the congressmen wouldn't know any better.



[ February 19, 2009, 07:38 PM: Message edited by: Gordon Gekko II ]

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Post by Gordon Gekko II » Thu Feb 19, 2009 1:37 pm

Originally posted by sportsbettingman:

What year did this video take place...not the article, but the video? (Jan 27, 2008, 2009?)



~Lance 2009

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Post by Gordon Gekko II » Thu Feb 19, 2009 1:43 pm

the rest of the article...



These are staggering revelations. (Watch them yourself here.) Given their sudden appearance out of the blue, you have to wonder, first, could they possibly be true? If so, why weren't we the people told about this $550 billion electronic run on the banks? And why haven't we heard a word of it since? Even since Kanjorski spoke on C-SPAN last month, there has been scant MSM coverage. The story's biggest exposure came when Rush Limbaugh played the audio and analyzed it on the air this week. Otherwise, the story has been little more than blogfodder, appearing at places such as Politico.com and the Economist blog with little comment. Writing at Portfolio.com this week, Felix Salmon quite decisively dismissed the whole story as "fiction."



Is it? If what Kanjorski says is "fiction," Americans, particularly Americans in Kanjorski's 11th district of Pennsylvania, need to know. After all, this isn't a story that just goes away on its own, particularly not when Paul Kanjorski is chairman of the Capital Markets Subcommittee of the House Financial Services Committee . Of course, incredible as Kanjorski's revelations were, almost equally incredible was the interviewer's failure to ask the next obvious question of national interest: Who or what was responsible for that electronic run on the banks "to the tune of $550 billion"?



That's where Limbaugh went with the story. "Now, let's assume for a second here that elements of this are true," Limbaugh said of Kanjorski's statement. "Let's assume that there was a $550 billion ... electronic run on the banks and money market accounts in one to two hours. The question is who was doing this? Who was withdrawing all this money? And the next question is why? That's where my mind starts exploding, and this is dangerous to have these explosions going this way. Could it have been George Soros? Could it have been a consortium of countries -- Russia, China, Venezuela -- countries that are eager to have Barack Obama elected because they know that will make it easier for them to continue their own foreign policies in the world?"



I've heard serious people float similar theories regarding financial attacks on our economy emanating from the Middle East, but again, who knows?



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 President 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.



http://townhall.com/columnists/DianaWes ... o_one_care



[ February 19, 2009, 07:45 PM: Message edited by: Gordon Gekko II ]

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Post by Gordon Gekko II » Thu Feb 19, 2009 2:06 pm

Originally posted by DOUGHBOYS:

I may be wrong but that $250,000 FDIC backing was not a sudden decision. If I remember right that was discussed with a few groups before being accepted, so I don't think that part of his story is true. from the FDIC website...



"Important Update: FDIC Insurance Coverage Increased in Late 2008



In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009."

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Post by Gordon Gekko II » Thu Feb 19, 2009 2:09 pm

also from the FDIC website...



http://www.fdic.gov/news/news/financial ... 08102.html



On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009.

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Post by DOUGHBOYS » Thu Feb 19, 2009 2:17 pm

Originally posted by Gordon Gekko II:

quote:Originally posted by DOUGHBOYS:

I may be wrong but that $250,000 FDIC backing was not a sudden decision. If I remember right that was discussed with a few groups before being accepted, so I don't think that part of his story is true. from the FDIC website...



"Important Update: FDIC Insurance Coverage Increased in Late 2008



In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009."
[/QUOTE]Right, Congress first, which means it wasn't immediate.
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Post by DOUGHBOYS » Thu Feb 19, 2009 2:26 pm

Looking again at the video, I don't think the Congressman is lying per se, but I do think he may be blowing a lot of hot air. His dates and times are started with "somewhere around" and talks faster as his story continues. Than in the rest of the story the writer says "lets assume that he is telling the truth" twice, leading me to believe that the reporter doesen't even believe it.

I pass on this one being 100 % true.
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Post by Gordon Gekko II » Thu Feb 19, 2009 2:32 pm

Originally posted by DOUGHBOYS:

Right, Congress first, which means it wasn't immediate. semantics

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Post by Gordon Gekko II » Thu Feb 19, 2009 2:35 pm

Originally posted by DOUGHBOYS:

Looking again at the video, I don't think the Congressman is lying per se, but I do think he may be blowing a lot of hot air. His dates and times are started with "somewhere around" and talks faster as his story continues. Than in the rest of the story the writer says "lets assume that he is telling the truth" twice, leading me to believe that the reporter doesen't even believe it.

I pass on this one being 100 % true. how could the writer know if he is telling the truth or not. sounds like the writer was being unbiased.



i always look for motive. what motive does the congressman have for lying and on CSPAN to boot?

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Post by sportsbettingman » Thu Feb 19, 2009 2:40 pm

Our boy Crazy Karl is getting honored! :D



http://www.aim.org/press-release/reed-i ... denninger/



Out of curiosity...and using my imagination



I went back to ole' Karl's site and rummaged around the September of 2008 (the incident your video speaks of took place Sept. 18th, 2008)...because I recall his warnings that foreign investors (China and others) were forcing our hand...forcing the bailouts despite the public outcry not to do so.



When Paulson said there would be martial law if these bailouts (to appease the foreign investors to keep their American investments more stable)

didn't pass...he might have been correct.



We have little info exactly where the FIRST $700 billion bailout went...and the electronic run on the bank could have been a warning (from China?). If the bailout had not been forced through...they may have took the loss and crushed this economy (and their own...to a degree) to make a statement not to play with them.



Just thinking out loud here.



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Post by KJ Duke » Thu Feb 19, 2009 2:44 pm

Many CEOs are in effect spokesmen and politicians on behalf of their companies, and fail to grasp ideas or even the scope of what could be reasonable about their own companies and markets with respect to certain facts. Thus, they often times, I believe out of error, say things that are blatantly not true about their own companies.



My belief is that in many cases they are fed information from below, and their comprehension at the time and/or recollection of the facts later are lacking. But that doesn't stop them from doing what they are trained to do - look 100% confident in what they are saying, even create a good story or analogy to go along with it, in spite of the fact they don't even understand it. That is how this Congressmen came across to me.

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Post by Gordon Gekko II » Thu Feb 19, 2009 2:48 pm

market manipulation, madoff, stanford, look-the-other-way SEC, bailout after bailout, higher and higher debt, where does all of this end?



am i the only one who feels that FRAUD is rampant and the american taxpayers as a whole are a host for these fraud parasites? individual taxpayers don't care because they each get bilked little by little. they likely don't notice or don't care.



man, this week has been a tough, tough week. my view of the world is changing. again, i'm getting the feeling that my time may be better spent doing something else (protesting, investigating fraud, investigating our leaders, etc...).



i use this analogy a lot when talking about my transformation in baseball 2 years ago to Neo realizing what the Matrix is. i believe i'm going through that transformation in my real life.



[ February 19, 2009, 08:53 PM: Message edited by: Gordon Gekko II ]

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Post by DOUGHBOYS » Thu Feb 19, 2009 2:53 pm

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he (the author) doesen't believe it.



[ February 19, 2009, 08:54 PM: Message edited by: DOUGHBOYS ]
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Post by Gordon Gekko II » Thu Feb 19, 2009 2:57 pm

Originally posted by DOUGHBOYS:

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he doesen't believe it. don't worry. the congressman is on my list to be contacted THIS weekend. if i get a chance to sit down with him, i'm going to ask him specifcally about his interview and what was true, a mistatement and/or lie.

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Post by DOUGHBOYS » Thu Feb 19, 2009 2:59 pm

Originally posted by Gordon Gekko II:

quote:Originally posted by DOUGHBOYS:

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he doesen't believe it. don't worry. the congressman is on my list to be contacted THIS weekend. if i get a chance to sit down with him, i'm going to ask him specifcally about his interview and what was true, a mistatement and/or lie.
[/QUOTE]Keep us informed.
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Post by Gordon Gekko II » Thu Feb 19, 2009 3:05 pm

Originally posted by DOUGHBOYS:

quote:Originally posted by Gordon Gekko II:

quote:Originally posted by DOUGHBOYS:

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he doesen't believe it. don't worry. the congressman is on my list to be contacted THIS weekend. if i get a chance to sit down with him, i'm going to ask him specifcally about his interview and what was true, a mistatement and/or lie.
[/QUOTE]Keep us informed.
[/QUOTE]like i said in another thread, i'll get my gameplan formed this weekend.



we aren't going to see the final details on the housing plan till early march so that will likely have me on tilt for the nfbc main event.

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Post by Gordon Gekko II » Thu Feb 19, 2009 3:12 pm

Originally posted by DOUGHBOYS:

quote:Originally posted by Gordon Gekko II:

quote:Originally posted by DOUGHBOYS:

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he doesen't believe it. don't worry. the congressman is on my list to be contacted THIS weekend. if i get a chance to sit down with him, i'm going to ask him specifcally about his interview and what was true, a mistatement and/or lie.
[/QUOTE]Keep us informed.
[/QUOTE]i have no problem asking him tough questions.

i have no problem telling him to cut the bull or the canned answers.

i have no problem informing the local media and asking if they'd like to be involved.



i'm getting drawn more and more every day to becoming "active" and finding out what the hell is going on in our government. maybe a kinda michael moore meets howard stern meets jackass style. maybe the best thing that could happen to me is if i lose my water delivery job. at that point, i'll have all the time in the world.

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Post by Gordon Gekko II » Thu Feb 19, 2009 3:19 pm

Originally posted by DOUGHBOYS:

quote:Originally posted by Gordon Gekko II:

quote:Originally posted by DOUGHBOYS:

By asking the reader to assume that the focus of the story is true, leads me to believe that it is not.

Like, reporting ARod was injected with steroids by his cousin, and later in the story the author asks us to assume ARod was injected by his cousin, leading me to believe that he doesen't believe it. don't worry. the congressman is on my list to be contacted THIS weekend. if i get a chance to sit down with him, i'm going to ask him specifcally about his interview and what was true, a mistatement and/or lie.
[/QUOTE]Keep us informed.
[/QUOTE]lastly, i don't like to take about my personal life on the boards, but i was accepeted to law school after i graduated from college, however my life went in a different direction at that time. i've always enjoyed the law and a couple of my immediate family members are attorneys (one is Federal). i'm probably too old now, but i wonder what it would be like to go back to law school, get my degree, and take on the FED and governmental entities breaking the law.

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