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http://www.boingboing.net/2009/02/09...ki-550-bi.html
The Capital Markets Subcommittee Chair, Rep. Paul Kanjorski of Pennsylvania, tells C-Span how the world economy almost collapsed in a matter of hours.
At 2 minutes, 20 seconds into this C-Span video clip, Kanjorski reports on a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Kanjorski: "The Treasury opened its window to help. They pumped a hundred and five billion dollars 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, five-and-a-half trillion dollars 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."
"It would have been the end of our political system and our economic systems as we know it."
Funny how this story is floating around all over the place now that everyone has figured out that it wasn't the housing market that crashed the economy. The idea that no one knows who or where all the money went is absurd. I think the first place to look would be those that got bailouts or maybe even the guys who run it all? Oh wait they're one in the same.
It was the housing market.Originally Posted by JMJ
All of that money was tied up in worthless notes.
There is no indication how much of that $550 Billion was net lose on those papers.
I would not be surprised if the actual total invested is somewhere in the $1.25-$1.5 trillion.
Government backed securities were paying on average 3%.
Mortgage notes by the bundle were paying between 5% and 6%.
By the numbers, that may not seem too significant.
This is doubling what you could have made with secure bonds and that was all the enticement the world banks needed.
Imagine if you put $100million and you got back $6million instead of $3mil.
Suddenly all your stock valuation nearly doubles as you beat the street expectations.
All of this pushed the market to new highs (along with oil speculators) but this new found wealth was tied directly to pumping in billions (if not trillions) into mortgage notes.
This was done for nearly 2 years.
It was paying and paying well.
And it was all tied to mortgage notes.
That is why there was an electronic run on the banks.
No one knows how much was actually lost in this run.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
It wasn't the housing market. It's the 1.4 Quadrillion in derivatives floating around. The entire US housing market is less than 15 trillion. They just used the housing market as an excuse to blame it on the people.
k, whatever you want to believe.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
It's facts. If you think the US housing market being less than 15 trillion in total took down the entire world economy you're fooling yourself. They were running this same scheme all around the world.
According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland -- the central bankers' bank -- the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
1. Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:
a. Interest Rate Derivatives at about USD 393+ trillion;
b. Credit Default Swaps at about USD 58+ trillion;
c. Foreign Exchange Derivatives at about USD 56+ trillion;
d. Commodity Derivatives at about USD 9 trillion;
e. Equity Linked Derivatives at about USD 8.5 trillion; and
f. Unallocated Derivatives at about USD 71+ trillion.
http://www.siliconvalleywatcher.com/...ize_of_der.php
Derivatives the new 'ticking bomb'
Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen
http://www.marketwatch.com/news/story/derivatives-new-ticking-time-bomb/story.aspx?guid={B9E54A5D-4796-4D0D-AC9E-D9124B59D436}
The $55 trillion question
The financial crisis has put a spotlight on the obscure world of credit default swaps - which trade in a vast, unregulated market that most people haven't heard of and even fewer understand. Will this be the next disaster?
http://money.cnn.com/2008/09/30/maga...tune/index.htm
http://audio.thisamericanlife.org/pl...ustomproxy.php
http://www.thisamericanlife.org/devt...transcript.pdf
Enjoy.
Facts is facts.
Speculation is what got us in this mess.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
Ok you blame the people. I'll blame the Bernard Madoffs of the world. Sound good?
I posted a link that interview the main money people of the world.
I could care less what a state representative says than the people who actually control the money.
Mortgage Backed Securities.
You do not even have to read the transcript.
I posted an audio link.
So no need to even read.
Blame the people?
Clarify.
Are you talking the consumer when you say the people?
I am not saying the people if you are thinking consumer.
It is the money managers.
Those people.
If you are saying computer's did all of this, are you blaming Hal?
It is people who made bad decisions.
Greed.
Period
Last edited by Gerry; 02-17-2009 at 02:34 PM. Reason: Automerged Doublepost
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
Ah those same folks that were saying just a year ago everything was fine and dandy? Good place to get your information. I've been talking about all of this for over two years. I use to own a mortgage brokerage years ago so I'm quite familiar with that market. I was warning people about it long before the $hit hit the fan there. But it wasn't the root of the problem by no means.
When you realise that all the assets in the world probably don't add upto $1.144 quadrillion (?) ...... how are these monkeys getting away it? Because the bankers and the powers-that-be are one and the same.
The housing market is but a small percentage of it.
DNGazette.com - for sale
Name one thing that was the catalyst and the spark to cause the run?
So in less than seven minutes, you heard the entire piece and read the entire transcript.
My, you are super human.
The source you quoted and that many other are quoted got some air time.
As for warning people...where were you two years ago on this forum when there was discussion about a housing bubble?
Seriously, I am enriched beyond belief that you are no longer the owner of brokerage and put all your bucks into domaining.
I stand by this piece (which I think has been nomintated for many awards) and you can stand by this Rep from PA. (who barely won re-election and whom many claim has sipphoned off money from bills he has passed to his daughters company - which by the way, reportedly has lost $9.5 million. Huh, must of misplaced it. Just, you know, lost it).
This piece everyone is pulling off BoobTube is grandstanding.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
Name one thing that was the catalyst and the spark to cause the run?
The International Bankers that run the IMF, World Bank, and the Central banks of pretty much all civilized nations. I know that's more than one but they are the root. They caused the first depression the same way they are doing it now.
Where was I 2 years ago? I was warning people right here.
http://www.dnforum.com/f31/how-big-r...ad-173884.html
Bring up the thread that you "thought you would bring back to life". The one earlier in the year when people were telling me I was crazy and "if" it did happen it was not going to be that bad.
You are missing the point regarding that catalyst or spark.
Those same banks and money institutions that you mention had so much money tied up in these worthless papers, mortgage backed securities.
It was only after false hopes and an up and down market followed by sustained losses in these worthless notes that there was a run on the markets to withdraw funds.
This is bigger than anyone can even begin to imagine.
It is easier to track losses of individual companies.
No one has any clue how much the world banks and funds lost let alone entire nations.
Tell me that you withdrew $550 billion and I won't applaud you.
I'll ask why did you why wait so long and how much did you lose.
I know how you lost it and which investments you put it in.
Just tell me how much you lost, not how much you took out.
Remarkably, and something I have been waiting on since Kanjorski's appearance, is someone to come forward and backup his claim(s).
Even then, the proper questions are not being asked of those in charge.
How much did you lose?
The World Bank was already a debacle over the "hiring of the mistress" scandal and affair.
There was more focus on this from within the administration than there was on what vehicles the money in the fund was being placed in.
There are countless top level execs and government officials that should be imprisoned over this entire mess
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
It seems you've done some of your homework but you need to dig a lot deeper. As far as the spark that triggered it was the deregulation of the derivatives in the US which ended up spreading like wildfire through out the world. Of course that was coupled with the rapid lowering of interest rates and keeping them there for a long period of time when they didn't need to be. During which time the same culprits unleashed all the teaser home mortgage programs and eventually the raising of the rates just as rapidly that caught everyone off guard including builders themselves not just you average citizen. While everyone's houses were "increasing in value" actual wages were either stagnant or in decline so this also played a part in people not being able to afford all the homes being built and or for sale.
But the origination of it all as far as the US was the setting up of the Federal Reserve in 1913. The reason for it being setup was because the people of the US wanted the control of their money out of the hands of Wall Street Bankers. So it was given the name "Federal" and the bankers acted as if they didn't want it to happen all the while they were the owners and creators. It is also the year the Income tax on companies was introduced.
In 1920 the Independent Treasury Act suspended the Treasury Department of the United States government. Our Congress turned the treasury department over to a private corporation.
They over-inflated the economy and blew it up in 1929. It then took 4 years before the US was declared officially and completely bankrupt at which time Roosevelt seized all the gold via the Emergency Banking Act and signed over the land and people as collateral of the US to said bankers/corporation.
In 1935 Roosevelt passed the Federal Register Act which gave way for government agencies to impose taxes and make law (statutes to be precise).
In 1936 people themselves became slaves to the system/corporation via their social security numbers.
In 1938 the powers that be got what they we're looking for. The Supreme court overturned Common Law (which is what the constitution is based on) and gave way for a wide range of walking all over the people of the US from the Federal Government. Eventually leading to direct tax on the people. They used WWII as the excuse to impose the tax and never took it away. And UCC which is how our judicial system is setup and based on Admiralty and Maritime Law.
So simply put there's about 100 years of lying to the people of the US and I've only laid down about 30 of them. Right now there are too many people that are beginning to realize this so they have to implode it once again and come up with some sort of new scam which brings us to the very least the North American Union but most likely World Government. It's time for the lies to end.
Canadians have just as much of a checkered of a past. I'd be willing to bet that the majority don't even know they are in the same boat and that their country is incorporated in Washington D.C.
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No homework at all.
It is called keeping your eyes and ears open and being aware of your environment.
As for digging a little deeper, sure - I could have spent time digging up the US monitary system and how we got aware from the gold standard (odd, I was watching a clip last night on this very thing - abandoning the gold standard - and that was prompted by a discussion with another member here).
But I have already been there, done that and it is now just a matter of living life.
I am still a sponge and absorb all the news and world happenings so I am always learning, reading journals, novels, history books, and just digging being part of life.
I stand by why, when, and what triggered this entire mess.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
The gold standard won't help it can still be manipulated and that was how paper money began. The gold smiths thousands of years ago would keep the public's gold in their safes and give out "gold on paper" to trade so they weren't carrying all that gold around. The bankers got greedy and very rich I might add which people began to notice. It was because they were more or less writing checks they couldn't cash. (Their own little fractional Reserve lending) Speaking of which keep your eye on the Comex in the coming months. It's very likely they've sold lots more gold than they can deliver on. What has to happen is the government take back control of issuing money and have it tied to cost of living increases. But that's not going to happen because Washington is in the bankers pockets. That's just one of the small steps needed. I think it will end up coming down to the states issuing their own local currency at the very least which 4 states already have in proposal. A large number of states including mine also have sovereignty bills proposed. OK just ok'ed theirs today.
aw, the little rubber is cute.
bd77, you need a body condom for yourself as I can only hope your mentality is not infectious.
But, I'm afraid you have already jizzed some others.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
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