Rep. Kanjorski: $550 Billion Disappeared in “Electronic Run On the Banks”
February 9th, 2009It gets pretty good at about two minutes in. By pretty good, I mean, you might want to be wearing a diaper as you watch this.
I wonder where Henry Paulson has slithered off to now…
$550 billion drawn out by whom?
Someone should ask Hank.
There’s an interesting discussion of this phenomenon here:
http://www.tickerforum.org/cgi-ticker/akcs-www?post=81574
Kinda technical in places.
I’d have to go back and check my records, but I think I was one of those who non-electronically, pulled several thousands out of the banking system around that time. Maybe this was when the movie IOUSA debued. I don’t know. Could be similar to the situation on 10-Sept-01 when Rumsfeld announced that $3 trillion was missing from the Pentagon ( I have my suspicions that a large amount of the missing funds were spent on the operations of tne next day, but that’s just me, thinkin, thinkin, thinkin.)My friend told me yesterday she has a banking client with over a million in cash – basically stuffed in a mattress. I don’t think we should worry so much why the money evaporated, rather what set the panic off. Sure wasn’t trust in Hank. That’s for sure. That numbnut is most likely in country somewhere without extradition rights? Hank? Can you hear me now?
Bank panics are not new and historically there have been runs on banks for good reasons and also no reasons. These days a group of financial pigmen have broken the world financial system and now there are plenty of very compelling reasons for you to panic. Being the first to leave the burning theater is much safer.
What happened to Hank Paulsen:
http://www.webcomicsnation.com/exodik/ldoc/series.php?view=single&ID=139810