Author Topic: The US economy was within 3 hours of imploding last September (Read 4066 times)

Human Snorenado · « **on:** February 10, 2009, 08:42:34 AM »

[youtube=560,345]_NMu1mFao3w[/youtube]

(fun starts at about 2:10 into the video)

That's US Rep. Paul Kanjorski, D-PA, who talks about his and other congressional leaders' meeting with Paulson and Bernanke. In a span of 2 hours on September 18th, 550 billion dollars was withdrawn from US money market accounts in and electronic run on the banks. If you'll remember, this is the day money market accounts were temporarily shut down and the FDIC insurance limit was doubled to $250k per account. By their best estimation, if these steps hadn't been taken, 5.5 trillion would have been drawn out of the US money market system causing the US economy to collapse, and within 24 hours probably taking down the world economy as well.

So we were about 3 hours from eating our children, pretty awesome.

Eel O'Brian · « **Reply #1 on:** February 10, 2009, 08:47:38 AM »

the thought that i might actually live to see fallout 3 played out in real life makes my balls tingle a little

does that make me evil

Bocsius · « **Reply #2 on:** February 10, 2009, 08:47:50 AM »

Oh well, maybe next time.

Kestastrophe · « **Reply #3 on:** February 10, 2009, 08:49:04 AM »

That's crazy. gold standard annihilated.

This makes the fact that the first bailout vote failed even more aggregious

Bocsius · « **Reply #4 on:** February 10, 2009, 08:51:41 AM »

So maybe McCain was right to suspend his campaign and ditch Letterman and head back to Washington with a stop by Katie Couric before he left. Time to call for a special election so that we can right the wrong we committed on November 4. I'm sure President Obama would agree.

Human Snorenado · « **Reply #5 on:** February 10, 2009, 08:54:23 AM »

Quote from: Eel O'Brian on February 10, 2009, 08:47:38 AM

the thought that i might actually live to see fallout 3 played out in real life makes my balls tingle a little

does that make me evil

Nah, it wouldn't be fun like Fallout 3- no super mutants, ghouls or Nuka Cola.

Eel O'Brian · « **Reply #6 on:** February 10, 2009, 09:10:39 AM »

yes but cannibalism

CajoleJuice · « **Reply #7 on:** February 10, 2009, 09:12:34 AM »

that's a shame

Barry Egan · « **Reply #8 on:** February 10, 2009, 09:26:31 AM »

Quote from: Eel O'Brian on February 10, 2009, 09:10:39 AM

yes but cannibalism

except we internet nerdlings would be the first in the stew.

Eel O'Brian · « **Reply #9 on:** February 10, 2009, 09:28:53 AM »

nuh-uh, i got guns

Human Snorenado · « **Reply #10 on:** February 10, 2009, 09:32:31 AM »

I got guns n' dogs, and a crosbow.

Barry Egan · « **Reply #11 on:** February 10, 2009, 09:33:58 AM »

Brehvolution · « **Reply #12 on:** February 10, 2009, 09:43:32 AM »

$550 billion in 2 hours? Sounds like a a planned event. But by who?

Bocsius · « **Reply #13 on:** February 10, 2009, 09:51:45 AM »

Quote from: Zero Hero on February 10, 2009, 09:43:32 AM

$550 billion in 2 hours? Sounds like a a planned event. But by who?

Regis & Oprah

Great Rumbler · « **Reply #14 on:** February 10, 2009, 09:54:11 AM »

Quote from: Zero Hero on February 10, 2009, 09:43:32 AM

$550 billion in 2 hours? Sounds like a a planned event. But by who?

That wasn't a planned event. Bill Gates and Warren Buffett just had lunch.

Bocsius · « **Reply #15 on:** February 10, 2009, 09:55:48 AM »

Quote from: Great Rumbler on February 10, 2009, 09:54:11 AM

That wasn't a planned event. Bill Gates and Warren Buffett just had lunch.

Must have been some lunch. Are you calling them fat?

FlameOfCallandor · « **Reply #16 on:** February 10, 2009, 09:58:11 AM »

Quote from: Kestastrophe on February 10, 2009, 08:49:04 AM

That's crazy. gold standard annihilated.

If anything it reinforces the gold standard since every dollar withdrawn would have to have gold to physically represent it.

Eel O'Brian · « **Reply #17 on:** February 10, 2009, 10:03:40 AM »

i guess typing the words "gold standard" here is the equivalent of saying beetlejuice three times

Great Rumbler · « **Reply #18 on:** February 10, 2009, 10:06:41 AM »

Quote from: Bocsius on February 10, 2009, 09:55:48 AM

Quote from: Great Rumbler on February 10, 2009, 09:54:11 AM
That wasn't a planned event. Bill Gates and Warren Buffett just had lunch.

Must have been some lunch. Are you calling them fat?

Bill Gates had a steak made out of 24 carat gold and Warren Buffett had a latte made out of liquid diamonds. Plus, I hear that they tip really well.

Kestastrophe · « **Reply #19 on:** February 10, 2009, 10:17:08 AM »

Quote from: FlameOfCallandor on February 10, 2009, 09:58:11 AM

Quote from: Kestastrophe on February 10, 2009, 08:49:04 AM
That's crazy. gold standard annihilated.

If anything it reinforces the gold standard since every dollar withdrawn would have to have gold to physically represent it.

the inflexibility of the gold standard would have caused the economy to collapse much sooner. In addition, tying a currency to a physical good essentially nullifies monetary policy. It favors currency stabilization, which I will admit is an admirable goal, in favor of sacrificing flexibility and monetary policy, as well as eliminating regular business cycles and natural inflation.

*sorry if I hijacked your thread TCC

DJ_Tet · « **Reply #20 on:** February 10, 2009, 10:20:09 AM »

Quote from: Zero Hero on February 10, 2009, 09:43:32 AM

$550 billion in 2 hours? Sounds like a a planned event. But by who?

Himu · « **Reply #21 on:** February 10, 2009, 10:32:49 AM »

That is scary shit

Eric P · « **Reply #22 on:** February 10, 2009, 10:36:40 AM »

Quote from: DJ_Tet on February 10, 2009, 10:20:09 AM

Quote from: Zero Hero on February 10, 2009, 09:43:32 AM
$550 billion in 2 hours? Sounds like a a planned event. But by who?

(Image removed from quote.)

speaking of, last night, Foxnews.com had an article about experts warning that Bin Laden's next target would be forests, causing forest fires and calling it "forest jihad"

Bocsius · « **Reply #23 on:** February 10, 2009, 10:41:59 AM »

So joining the ranks of dirty infidels are rabbits, deer, and insects.

Human Snorenado · « **Reply #24 on:** February 10, 2009, 12:13:48 PM »

Quote from: Kestastrophe on February 10, 2009, 10:17:08 AM

Quote from: FlameOfCallandor on February 10, 2009, 09:58:11 AM
Quote from: Kestastrophe on February 10, 2009, 08:49:04 AM
That's crazy. gold standard annihilated.

If anything it reinforces the gold standard since every dollar withdrawn would have to have gold to physically represent it.

the inflexibility of the gold standard would have caused the economy to collapse much sooner. In addition, tying a currency to a physical good essentially nullifies monetary policy. It favors currency stabilization, which I will admit is an admirable goal, in favor of sacrificing flexibility and monetary policy, as well as eliminating regular business cycles and natural inflation.

*sorry if I hijacked your thread TCC

Not at all, I'll always throw down for some FoC/libertopian pwnage.

huckleberry · « **Reply #25 on:** February 10, 2009, 12:14:47 PM »

Quote from: Eel O'Brian on February 10, 2009, 10:03:40 AM

i guess typing the words "gold standard" here is the equivalent of saying beetlejuice three times

Thanks Eel..you just made my day.

Cheebs · « **Reply #26 on:** February 10, 2009, 12:15:18 PM »

wtf..does FoC just sit around all day hoping for someone to say "gold standard"? He doesn't post for weeks but always magically appears soon as that is said. It is fucking creepy.

Phoenix Dark · « **Reply #27 on:** February 10, 2009, 12:16:30 PM »

infowars

although it does sound suspicious

Crushed · « **Reply #28 on:** February 10, 2009, 12:26:17 PM »

Quote from: Eric P on February 10, 2009, 10:36:40 AM

(Image removed from quote.)

"forest jihad"

Kestastrophe · « **Reply #29 on:** February 10, 2009, 12:41:02 PM »

Quote from: Phoenix Dark on February 10, 2009, 12:16:30 PM

infowars

although it does sound suspicious

that's how bank runs work, through the wisdom of crowds. However, since it has already been shown that several big players have more or less manipulated stock prices of competitors during this time through the credit default swap market, I would not completely write off some collusive behavior or manipulation.

Great Rumbler · « **Reply #30 on:** February 10, 2009, 01:04:41 PM »

Quote from: Eric P on February 10, 2009, 10:36:40 AM

Quote from: DJ_Tet on February 10, 2009, 10:20:09 AM
Quote from: Zero Hero on February 10, 2009, 09:43:32 AM
$550 billion in 2 hours? Sounds like a a planned event. But by who?

(Image removed from quote.)

speaking of, last night, Foxnews.com had an article about experts warning that Bin Laden's next target would be forests, causing forest fires and calling it "forest jihad"

(Image removed from quote.)

You know, it's funny. These people they go to sleep, they think everything's fine, everything's good. They wake up the next day...and they're on fire.

ToxicAdam · « **Reply #31 on:** February 10, 2009, 02:55:18 PM »

October 10th was the day Britain almost broke. Good to see we are leading the way once again.

USA USA

Eric P · « **Reply #32 on:** February 10, 2009, 03:13:41 PM »

http://www.cnbc.com/id/15840232?video=1027496846&play=1

Human Snorenado · « **Reply #33 on:** February 10, 2009, 03:40:02 PM »

I have to say that I'm pretty unimpressed with Geithner's plan. Just nationalize the banks already, you're going to have to do it. I guess it's not politically feasible unless we're looking at another economic implosion, which might give you 2 or 3 Republican votes. 2010 can't come fast enough, they should get to 60 then.

ToxicAdam · « **Reply #34 on:** February 10, 2009, 03:56:06 PM »

Voinovich's seat (Ohio R senator) will definitely go blue in 2010. Probably Lee Fisher - http://en.wikipedia.org/wiki/Lee_Fisher

Human Snorenado · « **Reply #35 on:** February 10, 2009, 04:05:44 PM »

Quote from: ToxicAdam on February 10, 2009, 03:56:06 PM

Voinovich's seat (Ohio R senator) will definitely go blue in 2010. Probably Lee Fisher - http://en.wikipedia.org/wiki/Lee_Fisher

I'm expecting Florida and NH to go blue as well, and possibly Missouri. Although MO is tricky, always close elections out there- Carnahan/Ashcroft, McCaskill, 2008 general.

ferrarimanf355 · « **Reply #36 on:** February 10, 2009, 04:17:30 PM »

Quote from: Zero Hero on February 10, 2009, 09:43:32 AM

$550 billion in 2 hours? Sounds like a a planned event. But by who?

Must... not... quote... avatar...

siamesedreamer · « **Reply #37 on:** February 10, 2009, 04:22:38 PM »

You're not impressed with Geithner's plan to create a plan?

Just be patient. Check back with him in a few weeks.

Human Snorenado · « **Reply #38 on:** February 10, 2009, 04:38:01 PM »

Honestly, I think that Obama's tendency towards caution could be what dooms him... if he's gonna be doomed, which I'm not sure. He's tended towards boring, safe centrists for people he's listening to. He could have put ONE genuinely progressive economist in his cabinet or on his economic board, but instead went with Geithner and Summers, who for all intents and purposes are the same person, just one is less abrasive. Krugman may not be "tempermentally suited" to government service (read: he would call the other side idiots when they're being idiots instead of "the distinguished gentleman" or whatever) but Stiglitz was out there, Roubini was out there and Galbraith was out there. These are big problems that call for big solutions, not half-assed "plans to make a plan" and ineffective stimulus packages that are probably too small by half and too focused on ineffective tax cuts.

recursivelyenumerable · « **Reply #39 on:** February 10, 2009, 05:11:26 PM »

Quote

I'm expecting Florida and NH to go blue as well, and possibly Missouri. Although MO is tricky, always close elections out there- Carnahan/Ashcroft, McCaskill, 2008 general.

i'm proud my vote helped a dead guy beat Ashcroft

siamesedreamer · « **Reply #40 on:** February 10, 2009, 07:38:07 PM »

Agreed with Roubini. Maybe he'll still bring him on.

ToxicAdam · « **Reply #41 on:** February 10, 2009, 07:53:40 PM »

It's been a typical Democrat presidency so far. Pissed off conservatives, pissed off gays and pissed off socialists.

brawndolicious · « **Reply #42 on:** February 10, 2009, 07:56:09 PM »

Quote from: ToxicAdam on February 10, 2009, 07:53:40 PM

It's been a typical Democrat presidency so far. Pissed off conservatives, pissed off gays and pissed off socialists.

I'm in two of those groups.

Madrun Badrun · « **Reply #43 on:** February 10, 2009, 07:57:08 PM »

you're a gay conservative?

Human Snorenado · « **Reply #44 on:** February 10, 2009, 07:57:26 PM »

Quote from: ToxicAdam on February 10, 2009, 07:53:40 PM

It's been a typical Democrat presidency so far. Pissed off conservatives, pissed off gays and pissed off socialists.

Yet Andrew Sullivan loves him, go figure.

brawndolicious · « **Reply #45 on:** February 10, 2009, 07:59:58 PM »

Quote from: Father_Mike on February 10, 2009, 07:57:08 PM

you're a gay conservative?

gay for socialism.

Human Snorenado · « **Reply #46 on:** February 10, 2009, 08:01:28 PM »

Quote from: siamesedreamer on February 10, 2009, 07:38:07 PM

Agreed with Roubini. Maybe he'll still bring him on.

You'd want him listening to someone who says we HAVE to nationalize the banks? I mean, I'm all about it but you?

Madrun Badrun · « **Reply #47 on:** February 10, 2009, 08:02:39 PM »

Quote from: am nintenho on February 10, 2009, 07:59:58 PM

Quote from: Father_Mike on February 10, 2009, 07:57:08 PM
you're a gay conservative?
gay for socialism.

we have lots of gay socialists in canada too.

siamesedreamer · « **Reply #48 on:** February 10, 2009, 09:40:44 PM »

Quote from: The Card Cheat on February 10, 2009, 08:01:28 PM

Quote from: siamesedreamer on February 10, 2009, 07:38:07 PM
Agreed with Roubini. Maybe he'll still bring him on.

You'd want him listening to someone who says we HAVE to nationalize the banks? I mean, I'm all about it but you?

He has been right with just about everything so far. No sense in ignoring him now.

Van Cruncheon · « **Reply #49 on:** February 10, 2009, 10:03:28 PM »

since when have republicans ever trusted experts!

this is a new day

Human Snorenado · « **Reply #50 on:** February 10, 2009, 10:04:25 PM »

smug emoticon is smug

Brehvolution · « **Reply #51 on:** February 11, 2009, 11:32:19 AM »

http://money.cnn.com/news/specials/storysupplement/ceopay/

Eric P · « **Reply #52 on:** February 11, 2009, 11:35:03 AM »

i knew i should have gone into business at college instead of "nothing"

News:

Author Topic: The US economy was within 3 hours of imploding last September (Read 4066 times)