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Rep. Kanjorski: $550 Billion Electric Run on Banks
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by Roy C | February 10, 2009 at 07:33 pm
294 views | 5 Recommendations | 3 comments
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Rep_ Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
sourced by Roy C
This is a video making the rounds of the Internet. Taken from C-Span, Rep. Kanjorski explains what happened to create the panic that created the mindset that got the congress to pass the first, apparently useless TARP bill.
Essentially, we were having an electronic run on the banks, and that without intervention in 24 hours the end of our economic system would have the nightmarish reality.
UK said that they didn't have enough money to buy all the assets so Paulson switched strategies, and invested in the banks.
Still the economy is still falling. Other assets have been souring in the meantime. He explains that we need to inform the panicy public as to what the reality is and let them understand in detail what is going on.
"We don't know"- last words from the interview.
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Roy C
Vancouver, Washington, United States
Most RecentMost Recommended Comments (3)
at 12:03 on February 11th, 2009
Frightening to listen to. This is very serious. What do we do about it?
"We don't know" he said. He is, very unfortunately, absolutely right.
And that's precisely why it's so frightening....
at 19:27 on February 11th, 2009
Good report.I think they have no ideas of what to do.
at 19:43 on February 11th, 2009
And our new Sec of the Treas, this "genius" who cheated on his income tax, has already revealed his lack of command of the situation in his first news conference which Obama had promised us "would be terrific', as if this were all a faculty meeting at a college.