As a precursor, I readily admit that my knowledge of the Federal Reserve and the financial system in this country is very limited. In fact, you could fill a thimble with this knowledge and still have room to spare.
Being a tea party activist, I spend many a sleepless night worrying about the direction we are heading as a nation and about the very real possibility of Obama being re-elected in 2012. Not because I’m a racist that takes issue with the color of his skin and certainly not because I’m a terrorist interested only in destruction. In fact, were I an actual terrorist, I’d find favor in an Obama presidency, taking comfort in the preferred treatment that could be expected from Eric Holder and his Dept. of Justice.
I stress over another four years of Obama in the White House because we have a President who’s beset with a far left ideology of social justice and wealth redistribution that he could not abandon if he wanted to because it’s part of the makeup of who he is. And in his quest to advance that philosophy, he’s using the federal government to undermine the free market and move us further away from the principals upon which this nation was founded.
Lately, as I lie awake staring at the ceiling, I keep having a recurring thought. As you may recall, back during the 2008 presidential election, just prior to the economic collapse, John McCain was riding a wave of enthusiasm since bringing Sarah Palin on board as his choice for V.P. and was slightly ahead of Obama in most polls.
After the collapse, in part due to McCain’s misguided actions, and in part because an economic downturn always reflects poorly on the incumbent party occupying the White House at the time, in this case, Republican George Bush, there was a significant swing in the polls with McCain falling well behind Obama and never recovering.
It is fair to say that the collapse of 2008 was very fortuitous for Obama and the Progressive Left.
Looking at what happened during the collapse in 2008, we have to consider what Rep. Paul Kanjorski of Pennsylvania said about what the Federal Reserve told members of Congress;
“I was there when the Secretary (Treasury) and the Chairman of the Federal Reserve came in during those days and talked to members of Congress about what was going on. Here’s the facts and we don’t even talk about these things;
On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the US to the tune of $550 Billion dollars in a matter of an hour or two.
Money was being removed electronically.
The treasury tried to help with $105 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon, $5.5 Trillion would have been withdrawn from the money markets system in the U.S. and would have collapsed the entire U.S. economy and within 24 hours, the world economy.”
An electronic run on the banks, a tremendous draw down of money market accounts… yet, there was never an investigation as to who was behind this action. Sure, we now know that the “toxic assets” from subprime mortgages played a major role, but who was making this run on the banks?
Is it even possible that a single individual or entity could have such an impact? As stated by many of the experts, the entire world economy was at risk. Armageddon. Do you think there’s a vested interest in knowing the answers to these questions?
As for the 2012 presidential election, we all know “it’s the economy, stupid”! With our current economic struggles that show no signs of relenting significantly before November 2012, Obama will have a struggle on his hands to win re-election.
Sure, he still has the national media and the entertainment industry firmly entrenched in his camp, but American voters always vote with their wallet/purse and without a strong resurgence in the economy, he could be in real trouble.
So it’s fair to ask if some entity was able to manipulate the markets in a negative manner back in 2008 to affect a presidential election, and those responsible never identified, is it possible that the markets can be manipulated in a positive manner by that same entity to affect the outcome of the 2012 presidential election?
Or am I so far off base that I should stick to writing about the tea party jihad in America?
Cross Posted at Florida Political Press