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XMFSinchiruna (27.60)

The One Jaw Dropping Video that Every Fool Must See

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February 09, 2009 – Comments (40)

Fools who read my blogs regularly know I have been fascinated by what may have been included within the dire warnings issued to members of Congress by Paulson and Bernanke behind closed doors on Thursday, September 18, 2008. As the debates lingered on over the week that followed, several members voiced their sense of shock over the severity of the warnings, while refusing to divulge the details to a public that deserves to know. Representative Sherman later revealed that members were warned that Martial Law would result if the $700 bailout plan was not passed, and Iguadland10 posted another video ascribing that particular warning to Paulson. The New York Times quoted Senator Dodd as jumping in when Charles Schumer described the meeting as 'somber': “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.” Also from NYT: Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.

More recently, the shocking revelation from across the pond, reported by The Times and then by Bloomberg, that a massive run on the banks in the UK back in October brought that entire nation's financial system to within three hours of a complete and utter collapse. By the time this was reported in late January, we already knew Britain's financial system was indeed on the edge of bankruptcy, but still it seemed the common assumption among Americans was that such events could / would never take place here. For whatever reason, that appears to rermain the prevailing assumption, despite the fact that the U.S. has the scariest balance sheet of all

Now, we have another video (actually available since late January), and one which I encourage every Fool not only to watch but to circulate as they see fit, in which Congressman Paul E. Kanjorski of Pennsylvania reveals some shocking information regarding a bank run which occured right here and indeed brought this country and the entire world economy to within three hours of complete and systemic financial collapse. In this video, Congressman Kanjorski reveals (at about the 2:15 mark) that the move to raise the move to guarantee money market funds up to $250,000 was an emergency measure to stave off a massive run on the banks that removed $550 billion from the system in a matter of just a couple of hours. Treasury then injected $105 billion to no avail, and shut the system down to prevent a panic continuation of this electronic bank run. By "their" [read Treasury's] estimation, had they not shut it down and issued the guarantee, money market withdrawls would have reached $5.5 trillion by two 'o'clock that afternoon!! He then indicates Treasury's assessment that the run not only would have destroyed the U.S. economy immediately, but would have collapsed the world economy within 24 hours.

So there you have it, Fools. Britain we know came within 3 hours of utter collapse, and now we see that the U.S. came just as close a month prior! Indeed, the entire world economy came within a day of systemic failure. It makes you wonder... how many hours do we stand from such a scenario at the moment? Further, what warnings can officials from the new administration utilize to influence Congressional votes that could possibly trump those warnings of Paulson and Bernanke on that Thursday evening back in September? These are fascinating and perilous times, and I urge all Fools to keep watching intently. Our modern financial system is gravely ill, and may never recover... we have to be asking ourselves what comes in its place if only as an exercise of due diligence.

Out since January 28, this is practically ancient news in today's world, so my apologies if someone else has posted this. I just caught wind of it for the first time, and thought it of substantial significance. A cursory search shows only one local Pennsylvania news outlet that has picked up the story. Had anyone else seen this? In either case, let's share this video with people and let them know how close we came to disaster in September. Since then, the only thing that has changed is that more money has been thrown at the problem, but the problems have continued to mount in the meantime. I hope financial disaster can be averted, but judging by what I've witnessed so far that hope is muted at best.

Here's the video's url:

http://www.youtube.com/watch?v=pD8viQ_DhS4

40 Comments – Post Your Own

#1) On February 09, 2009 at 6:17 PM, DarkToast (49.01) wrote:

Wow! *picks his jaw up off the floor*

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#2) On February 09, 2009 at 6:24 PM, dbhealy (39.92) wrote:

during these times, the stuff that comes across cspan is really a step above what we're spoon fed by the mainstream media.  thanks for posting this sinchy.

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#3) On February 09, 2009 at 7:21 PM, Tastylunch (29.39) wrote:

Yeah already seen it. What's crazy is how much steam it has picked up today. i ahve seen ti posted in 3-4 off Fool blogs today. Including a clip that interwove from the 1981 movei Rollover with it.This vid has the makings of a new meme and is going to spook people.

scary scary stuff.

 

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#4) On February 09, 2009 at 7:31 PM, kdakota630 (29.78) wrote:

Actually, that's the first I'd seen it, and I appreciated it.  That is pretty damn scary.

On a totally unrelated note, I have a friend (granted, I don't really know him that well and he's more a friend of a friend) who won $35,000 playing poker over the weekend.  He finished 4th.  He was upset that he didn't win like he did last time back in November when he pocketed $277,000.

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#5) On February 09, 2009 at 8:03 PM, jamasony2 (< 20) wrote:

wow, thanks

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#6) On February 09, 2009 at 8:23 PM, shephunts (35.70) wrote:

http://cosmos.bcst.yahoo.com/up/fop/embedflv/swf/fop_wrapper.swf?id=11899727&autoStart=0&prepanelEnable=1&infopanelEnable=1&carouselEnable=0

Hope this link works take a look. Maybe i'm just piling on the pooh but it seems as if we will be on a wild ride this year and next.

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#7) On February 09, 2009 at 8:25 PM, syljtffreedom (67.60) wrote:

i just have a question... how is it that there is an electronic bank run but people hadnt notice it?? who actually withdraw the money from the system?? is it a collaborated attempt or pure coincidence?  

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#8) On February 09, 2009 at 8:33 PM, isusan (< 20) wrote:

Thanks, I never saw that. 

kdakota630  Does he give lessons? :)

 

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#9) On February 09, 2009 at 8:34 PM, syljtffreedom (67.60) wrote:

wouldnt we introduce more panic into the unstable market if we circulate this video?? its definitely not for the faint hearted... its probably why there has been no report.. it could have been a downward spiral to doom.. 

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#10) On February 09, 2009 at 8:49 PM, alstry (36.24) wrote:

As I have been saying all along, PREPARE!!!!!  DON'T FEAR!!!!

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#11) On February 09, 2009 at 10:07 PM, XMFSinchiruna (27.60) wrote:

syljtffreedom

The fact that hedge funds and individual investors alike were withdrawing massive sums from money market funds at that point in time was well publicized... what was not known was the severity of that condition as characterized by Congressman Kanjorski

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#12) On February 09, 2009 at 10:42 PM, RonChapmanJr (58.45) wrote:

Hope for the best and prepare for the worst:

www.survival-information.com

 

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#13) On February 09, 2009 at 11:38 PM, givmeabreak (29.15) wrote:

I don't know man. I ain't buying what this guy is sellin'.

Of course they (paulson/bernanke) are gonna tell the congressmen that the world almost ended, they are trying to get their banker buddy bailout passed with no strings attached while they can.

If that "electronic run" was so bad, what stopped it from resuming once the market opened the next day. No fundamentals had changed. And don't give me the raised limit of backing to 250k, b/c they were talking in terms of Billions. So, I really doubt this would have made a dent if the whole story was true.

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#14) On February 09, 2009 at 11:50 PM, Nesmuck2 (< 20) wrote:

There is a book by Ned Dougherty, that predicted this 'Financial event', back in Spring of 2001. One of his predictions was the possibility of collapse of our Fin System, as a result of  'our staggering debt' and inability to pay our debtors(China). God forbid these debtors decide to 'diversify' and unload some of the treasury paper we are (will be) selling.  That's when the 3 million fellas (who are ready right now), come over and reposses the only physical asset we have. The book is Fast Lane to Heaven, published in 01, by a LIsland (former) club owner . He nearly died of a heart attack, had a come to Jesus experience, (said gbye to the girls,booze etc) and the Virgin Mary has been offering warnings, that he publishes daily. BTW the other prediction in the Spring of 01 was 'an attack in Wash and NY that would change the way we live in the US" ...oh yeah remember that? God doesn't want to scare us, He just wants us to follow him. Money as an idol, is killing us. Read Paul's letter to the Romans and Revelation(not the crap on the Discovery channel), and if it dunna make your head spin,  then I don't know what else we expect for a wakeup call.  I've managed to grow one of my IRA's 30% over the last 9 months, I've made a little money..but ironically have never felt less secure in my life. I'm like that Italian guy putting little cans of coins all over the house, in case I need cash.  3 things last, Faith, Hope and Charity, hopefully our love of God trumps our love of money.  See you in church. 

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#15) On February 10, 2009 at 12:02 AM, SharpSEO (68.82) wrote:

If anyone needs me, I'll be holed up in my basement with a gas mask on, a 12 gauge, 500 lbs of rice, a few barrels of water, and and a few cases of whiskey.

I gotta stop reading this stuff and rejoin the ignorant masses...

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#16) On February 10, 2009 at 3:15 AM, Nainara (< 20) wrote:

This information comes from an administration that was known for consistently pushing its political agenda through fearmongering. Like givmeabreak, I must take this with a grain of salt.

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#17) On February 10, 2009 at 7:59 AM, XMFSinchiruna (27.60) wrote:

givmeabreak, Nainara

To dismiss what this guy is saying is, I believe, an exercise in wishful thinking. He is unscripted, and the frustration level apparent in the beginning of the video is I believe the cause for his loose lips. I certainly didn't get the feeling he went into that C-Span session with the intention of outing how close we came to collapse.

Also, I have studied the events of those particular days in some detail, not to mention the fact that I was glued to every single media clip and headline throughout that period of time. There was a palpable sense of panic evident even in the usually-composed Paulson and members of Congress were visibly shaken by what was revealed to them in that session.

It wasn't just the uber-rich that were withdrawing funds that day... individual investors were... in droves. This point in time was the height of fear for investors / average citizens, IMO... just far enough into the crisis to start building a picture of how bad it was, but new enough that many still had no comprehensive grasp of the situation. With the staggering $700 billion bailout looming, financial awakenings of a sort were occuring en masse. Recall that previously money market accounts had no protection from losses (they were not eligible for SIPC backing), and dozens of 'reputable' firms had incidated concern about their ability to avoid "breaking the dollar",and for that matter read here for a reminder of everything else that was going on that week... Lehman had just failed three days earlier!

I have zero doubt about the veracity of the Congressman's characterization of the events, and challenge either of you guys to present evidence in support of your doubts.

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#18) On February 10, 2009 at 10:15 AM, Paxtor (29.02) wrote:

Nesmuck2

 Are you suggesting the Chinese will invade the USA militarily? hahahahahahaahahhahahahahahahahahahahahaha

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#19) On February 10, 2009 at 10:24 AM, FoolishChemist (97.23) wrote:

Remember the good 'ol days when it was just $140/barrel oil.

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#20) On February 10, 2009 at 10:56 AM, ocsurf (< 20) wrote:

Propaganda

Paulson and Bernanke are morons.

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#21) On February 10, 2009 at 12:34 PM, Gingerbreadman55 (26.23) wrote:

Paxtor

I don't think he said anything of the sort. China selling off their treasuries would decimate the dollar without the need to fire a single shot. It would be the US threatening to use the millitary against China in that situation.

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#22) On February 10, 2009 at 3:52 PM, StatsGeek (29.36) wrote:

I'm a gold bug like you.  It seems to me that it is only a matter of time until government intervention fails to avert a full-fledged meltdown.  I hope I'm wrong.

 What do you like other than precious metals?

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#23) On February 11, 2009 at 7:10 AM, JBibbs (< 20) wrote:

My question is what did he mean at 3:00 - "We had to shut it down..." They had to shutdown electronic withdrawls? They blocked people from accessing money? That's a bigger issuemto me than what Paulson and Bernanke might have said.

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#24) On February 11, 2009 at 7:26 AM, XMFSinchiruna (27.60) wrote:

JBibbs

I was about to write that that aspect of the event was also publicised that evening, but looking back I can find no corroboration of that, so perhaps I'm remembering that detail incorrectly... it looks as though it was not published, unless someone can find a citation. Either way, you're right... it's a big issue and should be telling that 'stopping' the money market system became necessary to do so to prevent systemic collapse.

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#25) On February 11, 2009 at 7:43 AM, jabel5 (< 20) wrote:

Come on, use a little sense. If they 'shut it down' to avoid any more withdrawls, what would you expect to happen? Would everyone just say, "OK, nevermind, you can keep my money," and walk away? No, you would have an even bigger panic the next day than you had the day before.

Whatever happened that week, it didn't go down as described above.

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#26) On February 11, 2009 at 8:58 AM, XMFSinchiruna (27.60) wrote:

jabel5

An entirely unconvincing statement, jabel. They added a $250,000 backstop to every existing money market account to stem the panic... not exactly small potatoes. I myself recall breathing a whole lot easier about the safety of my money market funds after that backstop was revealed. They needed a few hours to get such an action together. If they shut it down then somewhere out there are undoubtedly many individuals who tried to execute withdrawals and were denied... in which case history will tell the tale. In the meantime, I have no reason to doubt this Congressman's account of events in the absence of contrarian facts... and given what we do know already about the incredible events of those weeks in September.

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#27) On February 11, 2009 at 3:54 PM, TMFHousel (91.86) wrote:

I'd personally like to know how the 300+ people who tarred and feathered Richard Gibbons in this article feel about the above video. 

http://www.fool.com/investing/value/2009/01/30/this-bailout-is-great.aspx

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#28) On February 11, 2009 at 4:13 PM, XMFSinchiruna (27.60) wrote:

Excerpts from this blog post found their way to the Daily Kos:

http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/695504

Fool on! :)

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#29) On February 11, 2009 at 4:57 PM, FreundInvesting (29.54) wrote:

Same here Housel. I got flak for endorsing the first bailout, too :(

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#30) On February 11, 2009 at 10:25 PM, XTMFCaptain (< 20) wrote:

This is political hogwash. The "leaders" in charge use fear to get us to go along with them all the time. We got behind the silly Iraq War cause we were told and feared the mushroom cloud. Now they want us to believe that the very folks who didn't see this coming were able to keep the system from absolutely collapsing.

 Even if a huge run on the banks happened, we would eventually get through it. Just look at 1896, 1907, 1920, and 1929-34. Painful - yes. Collapse - no.

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#31) On February 11, 2009 at 10:53 PM, vteye (56.93) wrote:

I have to agree with XTMFCaptain.  Political leaders are great at leading by fear. 

When there's this much money floating around in these bailouts there are many people with vested interests in getting their hands on that money.    One of their best techniques is to use fear to move the masses.

 

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#32) On February 11, 2009 at 11:06 PM, XMFSinchiruna (27.60) wrote:

XTMFCaptain, vteye

While I am the first to line up to agree that fear tactics have been used repeatedly to support policy initiatives in Washington, that alone does not in itself represent an argument against the veracity of the above characterization of events.

From elsewhere in the public record, consider this piece from the New York Post, which appeared September 21, 2008.

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#33) On February 12, 2009 at 1:10 AM, tolstoy00 (80.39) wrote:

 Thank you for the post. I heard about this bank run in September. However, I had no idea that the financial system was so close to collapse. 

 As far as I understand, this was a corporate bank run on the money market accounts. It will be interesting to see what spurred this amount of money to be withdrawn in a such a short span of time by all of these companies.

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#34) On February 12, 2009 at 9:11 AM, dbbfool63 (21.04) wrote:

I think you have to be careful when using the fear tactic, look at the families who have made decisions to take their live's during these times, now and in the past.

As to our countries financial condition and debt's, I believe the biggest problem is not always what they spend money on, but how much they spend on it. For instance, when you hear about the white house spending so many thousand dollars on a toilet, I don't know what these figures actually are, but can't they just buy good quality toilets from Lowe's instead of having some overseas designer come in and speculate what will impress visitors more. And the complete remodeling when a new president comes in to office.

To impress is one thing, being completely insane is another. I'm not just refering to the white house, I'm talking everything just like it was said during the campaign that Obama got the government, us the tax payers to give countless thousands of dollars for a big screen at his church. I garauntee it was not to impress God, thats if any or all the money even went to that purchase considering the background of it.

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#35) On February 12, 2009 at 9:54 AM, whereaminow (24.34) wrote:

TMFHousel,

A collapse of the banking system would be catastrophic and certainly makes Helicopter Ben's response necessary. He is attempting to save the banking and political classes from certain jail time.

The people who have entrusted their money, and their futures, to the stability of the banking system and The Federal Reserve's monetary policy have to face the uneasy reality that the system is doomed. No amount of Fed intervention can change that. They can only delay the inevitable.

All paper currencies fail. They fail because of economic calculation. It becomes impossible to properly calculate risk when the supply of money is infinite.  Having a lender of last resort (future taxpayers) means ever increasing risk tolerance, ever increasing boom/bust business cycles, and ever greater deficits.

At some point this system will collapse. I don't wish it to happen. I just know that it will. I am not a cynic nor am I naive. The system will end, maybe sooner than even I thought possible.

I also noted several problems with Congressman Kanjorski's interview. First, he admits that Paulson's original plan was a mistake and extremely expensive. Second, he notes that had they done nothing it would have ended our political system. When I hear that, and pardon my lack of sympathy for the political elite, I think "good riddance." But they have to protect their asses... er, assets.

When the system does collapse someone will have to be held accountable. If the collapse is truly catastrophic, as Congressman Kanjorski inferred, then the political and banking classes would probably be arrested or killed. No matter what they do, it will take extraordinarily draconian measures for them to retain their power.  After that happens America will either move back to sound money, prosperity, peace, and freedom, or it will move towards tyranny. Probably tyranny. But make no mistake: this system will collapse.

That's why it is so important for Americans to learn about The Federal Reserve. A peaceful abolishment of The Fed would be a significant step towards preventing that eventual economic collapse. Repudiating the National Debt would be another step towards freedom and sound monetary policy. If we can change policy before it's too late..... then it won't be too late when the dystopian totalitarian nightmare arrives.

I criticized Richard on seven points. If you feel my criticism needs to be revisited in light of what Kanjorski said, I will be glad to engage that.  

David in Qatar

 

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#36) On February 16, 2009 at 3:48 PM, bostoncelitcs (41.04) wrote:

The mortgage companies knew they were making bad loans!!!  Why did our government give money to bail them out that went to bad executives!

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#37) On February 17, 2009 at 3:23 PM, XMFSinchiruna (27.60) wrote:

FRONTLINE INVESTIGATES HOW THE ECONOMY WENT SO BAD SO FAST

FRONTLINE Presents
Inside the Meltdown
Tuesday, February 17, 2009, at 9 P.M. ET on PBS

www.pbs.org/frontline/meltdown

On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. “There was literally a pause in that room where the oxygen left,” says Sen. Christopher Dodd (D-Conn.).

FRONTLINE producer Michael Kirk goes behind closed doors in Washington and on Wall Street to investigate how the economy went so bad so fast and why emergency actions by Federal Reserve Chairman Ben Bernanke and Secretary of the Treasury Henry Paulson failed to prevent the worst economic crisis in a generation on Inside the Meltdown, airing Tuesday, Feb. 17, 2009, at 9 P.M. ET on PBS (check local listings).

As the housing bubble burst and trillions of dollars’ worth of toxic mortgages began to go bad in 2007, fear spread through the massive firms that form the heart of Wall Street. By the spring of 2008, burdened by billions of dollars of bad mortgages, the investment bank Bear Stearns was the subject of rumors that it would soon fail.

“Rumors are such that they can just plain put you out of business,” Bear Stearns’ former CEO Alan “Ace” Greenberg tells FRONTLINE.

The company’s stock had dropped from $171 to $57 a share, and it was hours from declaring bankruptcy. Ben Bernanke acted. “It was clear that this had to be contained. There was no doubt in his mind,” says Bernanke’s colleague economist Mark Gertler.

Bernanke, a former economics professor from Princeton, specialized in studying the Great Depression. “He more than anybody else appreciated what would happen if it got out of control,” Gertler explains.

To stabilize the markets, Bernanke engineered a shotgun marriage between Bear Sterns and the commercial bank JPMorgan, with a promise that the federal government would use $30 billion to cover Bear Stearns’ questionable assets tied to toxic mortgages. It was an unprecedented effort to stop the contagion of fear that seemed to be threatening the rest of Wall Street.

While publicly supportive of the deal, Secretary Paulson, a former Wall Street executive with Goldman Sachs, was uncomfortable with government interference in the markets. That summer, he issued a warning to his former colleagues not to expect future government bailouts, saying he was concerned about a legal concept known as moral hazard.

Within months, however, Paulson would witness the virtual collapse of the giant mortgage companies Fannie Mae and Freddie Mac and preside over their takeover by the federal government.

The episode sent shockwaves through the economy as confidence in Wall Street began to evaporate. Within days, in September 2008, another investment bank, Lehman Brothers, was on the brink of collapse. Once again, there were calls for Bernanke and Paulson to bail out the Wall Street giant. But Paulson was under intense political pressure from conservative Republicans in Washington to invoke moral hazard and let the company fail.

“You had a conservative secretary of the Treasury and conservative administration. There was right-wing criticism over Bear Stearns,” says Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee.

Paulson pushed Lehman’s CEO Dick Fuld to find a buyer for his ailing company. But no company would buy Lehman unless the government offered a deal similar to the one Bear Stearns had received. Paulson refused, and Lehman Brothers declared bankruptcy.

FRONTLINE then chronicles the disaster that followed. Within 24 hours, the stock market crashed, and credit markets around the world froze. “We’re no longer talking about mortgages,” says economist Gertler. “We’re talking about car loans, loans to small businesses, commercial paper borrowing by large banks. This is like a disease spreading.”

“I think that the secretary of the Treasury could not fully comprehend what that linkage was and the extent to which this would materialize into problems,” says former Lehman board member Henry Kaufman.

Paulson was thunderstruck. “This is the utter nightmare of an economic policy-maker,” Nobel Prize-winning economist Paul Krugman tells FRONTLINE. “You may have just made the decision that destroyed the world. Absolutely terrifying moment.”

In response, Paulson and Bernanke would propose—and Congress would eventually pass—a $700 billion bailout plan. FRONTLINE goes inside the deliberations surrounding the passage of the legislation and examines its unsuccessful implementation.

“Many Americans still don’t understand what has happened to the economy,” FRONTLINE producer/director Michael Kirk says. “How did it all go so bad so quickly? Who is responsible? How effective has the response from Washington and Wall Street been? Those are the questions at the heart of Inside the Meltdown.”

Inside the Meltdown is a FRONTLINE co-production with Kirk Documentary Group, Ltd. The writer, producer and director is Michael Kirk. The producer and reporter is Jim Gilmore. FRONTLINE is produced by WGBH Boston and is broadcast nationwide on PBS. Funding for FRONTLINE is provided through the support of PBS viewers. Major funding for FRONTLINE is provided by The John D. and Catherine T. MacArthur Foundation. Additional funding is provided by the Park Foundation. FRONTLINE is closed-captioned for deaf and hard-of-hearing viewers and described for people who are blind or visually impaired by the Media Access Group at WGBH. FRONTLINE is a registered trademark of WGBH Educational Foundation. The executive producer of FRONTLINE is David Fanning.

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#38) On July 06, 2009 at 3:14 PM, riyanjason (< 20) wrote:

We conservatives have long believed most of the Dems to be closet socialists in disguise, but they are beginning to get bolder. Between Hillary Clinton's constant harping on nationalizing health care, and her race to protectionist policies with Barack Obama, website hosting it seems our gilded (gelded?) class has entered a new age of economic idiocy.

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#39) On July 19, 2009 at 7:31 AM, lemojhon (< 20) wrote:


but i think that drop is almost impossible cuz pet name A: the suspension needed would be like 15 inches and even that might get bottomed out and also the landing is not steep enough so the shock itself is going to throw u over ur handles so its hard if anyone can land that i will be soo amazed and if they can do it on a HT i will give them 1000000 dollars including hedge planting

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#40) On July 24, 2010 at 6:22 AM, tommy96 (< 20) wrote:



Growth processes are the basis of ecological modelling. In 1961, the meteorologist E. L. Lorenz used greatly simplified weather forecast equations to cissp show that tiny errors in initial conditions could make forecasts outside of a certain time period impossible (deterministic chaos). This chaotic behaviour was also found in models of basic growth processes. For example, the equation developed by cisco certification Verhulst in 1845 (the discrete version of which is today known as logistic growth, or growth with limited food), CISA    also produces chaotic behaviour. An interesting offshoot from this discovery is the development of check point certifications  wonderful two-dimensional computer art.

 

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