If you watch C-span, you might have seen or heard the buzz around Congressman Paul Kanjorski’s interview by the Washington Journal. Kanjorski, a democrat, became rattled by an angry caller, when a woman complained about the bailout. The exchange led Kanjorski to disclose incredible details that have been omitted by current popular media outlets.  

Surprisingly, Kanjorski, who is the Chairman of the House Capitol Markets Subcommittee, admitted during the interview that the current economic problems were the result of an “electronic run on the banks.” What ensued was the hemorrhaging of $550 billion in just a few hours.  Kanjorski elucidated further by adding that on September 15, 2008, Treasury Secretary Henry Paulson and Chairman of the Federal Reserve Ben Shalom Bernanke testified before Congress that on the previous Thursday, September 11, 2008 an “electronic run” on the U.S. banking system took place between the hours of 9:00 and 11:00 am. As a result, the Treasury opened up its vault to help manage the situation, and pumped $105 billion in the system. However, they quickly realized that they could not stem the tide, due to the electronic run on the banks. Consequently, the Treasury reportedly decided to terminate the operation, close down the money market accounts, and announced a guarantee of $250,000 per account to reduce investor fears and panic. Kanjorski also indicated that if the government had not taken action, “by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the U.S. This would have collapsed the entire economy of the United States, and within 24 hours the world economy would have also collapsed.” The evaporation of 5.5 trillion dollars would have resulted in the elimination of 90% of America’s liquidity.

With this in mind, why did the government keep the run secret from the public? Why also were some congressmen, like Brad Sherman, threatened by the Bush administration with martial law if the banking bailout bill wasn’t signed? Who created the international panic that led to the electronic run on the banks? Ironically, the time frame of this monetary bleeding took place between 9:00 and 11:00 am on September 11, 2008, which coincides with the time frame of the terror attacks on 09-11-2001.  

Albert Einstein stated once that insanity is doing the same thing over and over again and expecting a different result. Clearly, the new administration continues to build on Bush’s established history of deceit and secrecy.  


References:

1.   $550 Billion Dollar Bank Run - Collapse of the Entire World Economy In 24 hours- C-Span, Washington Journal: http://www.youtube.com/watch?v=-xKPcyvlfnc

2.   Was Financial Collapse an orchestrated event? American Free Press, March 2-9, 2009, Issue 9/10.