Last summer, as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency.
This event, coupled with the Lehman Brothers collapse in September, marked the beginning of the current economic meltdown and provided the ammunition for massive government intervention in the private market.
Sept. 6, 2008: Fannie Mae begins its downward spiral, which will end with a crash in November. This crash was avoidable, as the problems with Fannie Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the Senate Banking Committee introduced legislation to address the problem. Democrats, led by Barney Frank, killed the reform efforts.
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours.
This seminal event marked the ascendancy of Obama’s candidacy, and eventually resulted in his election as president.
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Obama continues to stoke the fears of imminent crisis, actually using the word ‘crisis’ a total of 26 times in one speech.
Enter George Soros. The infamous one-worlder, billionaire George Soros adds his voice to the media doomsayers by opining that the world financial system has effectively disintegrated, adding that there is yet no prospect of near-term resolution to the crisis.
Soros said the turbulence is more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
He may be right. The series of ‘inadvertent errors’, deliberate obstruction, political shenanigans, behind the scenes manipulation of the money markets and non-stop calls for immediate infusions of taxpayer cash have brought the U.S. to its knees.
With one voice, politicians, economists and ‘experts’ agree by unspoken consensus that government is the only solution. No one points out the fact that every single step taken so far by the government has exacerbated the problem, effectively bringing America one step closer to centralized government control. Which, coincidentally, Obama favors.
I am not an economist. But I will challenge any expert to dispute the fact that if President Obama took to the airwaves tomorrow and announced the Bush tax cuts would be extended and a capital gains tax cut was under consideration, the markets would immediately turn around.
That no-one is proposing this common sense solution is alarming. That no free market solutions are even under consideration is more alarming. That no-one is questioning who was responsible for the Sept. 15 run on money market accounts, or why the media was silent on it, lends credence to the possibility that our current economic crisis might not have been the result of a series of random events.
The economic meltdown is undoubtedly responsible for Obama becoming president. It is also responsible for the current consideration of socialistic solutions, if not outright socialism. Without a doubt, this crisis has strengthened the Democratic party. Yet to connect the dots and suggest that this crisis isn’t a result of capitalsm gone bad risks branding this author with the title of paranoid conspiracist.
Color me paranoid. Was this current crisis manufactured? I don’t know. Does the possibility exist? You decide.
* Six months later, Jan 2, 2009, a seven-member group of investors agreed to buy the remnants of failed lender IndyMac for $13.9 billion. Other investors included a fund controlled by billionaire George Soros’ Fund Management.
You make a strong case
hdbiker Monday, February 23rd at 8:42AM EST (link)Slamming the economy has always worked for the democrats. It’s right up there with their time tested litany of class warfare. They will leave truth and reasoning behind to elevate themselves into power. These preachers of gloom and doom, along with their slobbering MSM, now have a President who will lead the charge in spending us into oblivion!
What they are failing to realize is, we are watching, we are not stupid and we will come for them…………..
For evil to succeed, good men need do nothing.
Evil can never be conquered by running from it.
I'm not much of a conspricy person
sdan Monday, February 23rd at 8:47AM EST (link)but when I heard about the run on the banks my radar went off. Especially since there is still no report of who started the run. Does anyone know if this is even being investigated? I also find it interesting that this run was not widely reported at all.
Those tax cuts were proposed by the Republicans and they got shot down.
It will never be investigated and those who
Achance Monday, February 23rd at 11:27AM EST (link)assert that both the banking “collapse” and the oil price spike were manipulations will always be dismissed as lunatic conspiracy theorists. It doesn’t take many hedge funds, union pension funds, endowments, etc. to be in on it to do a devestating run on a bank or to move $550 Billion dollars. As Francis talks about so much, the whole thing moves as an unthinking herd, so all it would take is some notable ones to start doing it and the rest of the herd would follow.
As I said back when it was going on, the World doesn’t work this way. See: http://www.redstate.com/achance/2009/01/09/the-fundamentals-are-sound/
and: http://www.redstate.com/achance/2008/11/22/did-we-lose-a-war-while-i-wasnt-looking/
I believe that we just witnessed a coup d’etat and are in the middle of a communist revolution but I’d be hppy just to be a lunatic conspiracy theorist.
In Vino Veritas
June 26th 2008
djemi Monday, February 23rd at 11:55AM EST (link)A day that will live in infamie.
You are not alone in your belief that
“Democrat Chuck Schumer leaked a memo questioning the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led to its failure”
I have said to the wife more than once that it’s Chuckies fault that all of this started. You take the key stone out of the arch and it will cave in on itself. I’m not saying that IndyMac bank was that key stone but come on.
“If I can’t shoot rabbits,then I can’t shoot fascist”
“With age, comes Wisdom, but only if you are paying Attention, son” my ‘Old Man’
RS Help files (h/t JLenardDetroit) Grassroots in Michigan
Moes Strategy
The Sept 15 story
lilnev Monday, February 23rd at 1:01PM EST (link)Kanjorski just pulled numbers out of his you-know-where. See Felix Salmon:
http://www.portfolio.com/views/blogs/market-movers/2009/02/11/kanjorski-and-the-money-market-funds-the-facts
I think you are right on.
Praying Monday, February 23rd at 8:23PM EST (link)I never took the time to lay out the sequence of events and facts as clearly as Nancy has, but I have had this “gut feeling” since the event in mid September that propelled Obama to the lead. I have always had a keen sense of “discernment” - the ability to tell right from wrong, good from bad, and Chuck Schumer, Chris Dodd, George Soros, and Obama all cause the same gut-wrenching grip of fear in my heart. They are NOT good people, and they are NOT interested in promoting the good of America. To be honest I think they are ALL working to destroy it. I don’t care if anyone calls me a paranoid conspiracy theorist or not - I’m afraid it won’t matter because no one will ever honestly investigate this (at least not while any of these people are living). There is only one person who is evil enough, and who has enough money and connections to the financial world to pull this off, and it totally fits his profile as a radical left wing nut case, and that is George Soros. People like that desire absolute power, and we know that absolute power corrupts absolutely. So, for what it’s worth, I’m in pretty much total agreement with the arguments laid out in the above posting. Thank you for taking the time to put all the dots out there, where they are quite easy to connect.
P.S.too bad the picture didn’t post!
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