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Monday, February 16, 2009
Rep. Paul Kanjorski (D) Pennsylvania (Capital Markets Subcommittee Chairman) speaks on C-SPAN's Washington Journal (Feb. 7, 2009) of the reasons for the $700 billion emergency package passed last year, and the current need for the newest economic package passed (but not yet signed by our 'resting' Barack Obama).
You'll have to watch this; begins with a frantic Democrat caller screeching about needing more government help (reminiscent of the crowd of losers at Ft. Myers last week begging BHO to restore their sight and cure their leprosies..a partial transcript follows. Click the image to view the video.
"Here's the facts..and we don't even talk about these things.
"On Thursday [September 15, 2008] at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous draw down of... money market accounts in the United States, to the tune of $550 billion dollars..was being drawn out in the matter of an hour or two.
"The treasury opened up it's window to help; it pumped $105 billion into the system and quickly realized they could not stem the tide...we were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic out there..and that's what actually happened.
"If they had not done that, their estimation was that by 2 o'clock that afternoon five and a half trillion dollars [$550 billion] would have been drawn out of the money market system of the United States; would've collapsed the entire economy of the United States, and within 24 hours the world economy would've collapsed.
"Now we talked at that time what about what would happened if that happened.
"It would've been the end of our economic system and our political system as we know it. And that's why, when they made the point we had to act quickly and do the things quickly, we did."
...
"We're really no better off today than we were three months ago..."
...
"Someone threw us in the middle of the Atlantic Ocean without a life raft..and we're trying to determine what's the closest shore and whether there's any chance in the world to swim that far."
"We. Don't. Know."
And they did act quickly, saving the U.S. economy (and government) from imminent collapse. President George Bush signed the first stimulus package; there were no "Republican" platform earmarks or pork rinds in that package, at least not any to the extent we see...now, in our current 'stimulus' package.
Segue to our current (We WON!-Obama; we two!-Biden) Administration..
..... "We are gonna build an army of Democratic patronage jobs.... gonna completely freeze up the Republicans forever and ever..."
We go from that first $700 billion emergency fix brought about by an electronic run on our banking system (catalyzed by...who, or what?) quickly passed during George Bush's waning months, to a Democrat-led fear-based 'stimulus' bill (a run to the left's candy store) led by a President who rushed it's passage (don't look under the hood! it's all good!); a bill he then stuffs into his shirt pocket while taking a holiday.
And in the end? “We’re screwed.”
h/t 1
; h/t 2
You'll have to watch this; begins with a frantic Democrat caller screeching about needing more government help (reminiscent of the crowd of losers at Ft. Myers last week begging BHO to restore their sight and cure their leprosies..a partial transcript follows. Click the image to view the video.
"Here's the facts..and we don't even talk about these things.
"On Thursday [September 15, 2008] at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous draw down of... money market accounts in the United States, to the tune of $550 billion dollars..was being drawn out in the matter of an hour or two.
"The treasury opened up it's window to help; it pumped $105 billion into the system and quickly realized they could not stem the tide...we were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic out there..and that's what actually happened.
"If they had not done that, their estimation was that by 2 o'clock that afternoon five and a half trillion dollars [$550 billion] would have been drawn out of the money market system of the United States; would've collapsed the entire economy of the United States, and within 24 hours the world economy would've collapsed.
"Now we talked at that time what about what would happened if that happened.
"It would've been the end of our economic system and our political system as we know it. And that's why, when they made the point we had to act quickly and do the things quickly, we did."
...
"We're really no better off today than we were three months ago..."
...
"Someone threw us in the middle of the Atlantic Ocean without a life raft..and we're trying to determine what's the closest shore and whether there's any chance in the world to swim that far."
"We. Don't. Know."
And they did act quickly, saving the U.S. economy (and government) from imminent collapse. President George Bush signed the first stimulus package; there were no "Republican" platform earmarks or pork rinds in that package, at least not any to the extent we see...now, in our current 'stimulus' package.
Segue to our current (We WON!-Obama; we two!-Biden) Administration..
..... "We are gonna build an army of Democratic patronage jobs.... gonna completely freeze up the Republicans forever and ever..."
We go from that first $700 billion emergency fix brought about by an electronic run on our banking system (catalyzed by...who, or what?) quickly passed during George Bush's waning months, to a Democrat-led fear-based 'stimulus' bill (a run to the left's candy store) led by a President who rushed it's passage (don't look under the hood! it's all good!); a bill he then stuffs into his shirt pocket while taking a holiday.
And in the end? “We’re screwed.”
h/t 1
; h/t 2
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