According to Rep. Kanjorski (D-PA) during this interview on C-Span, there was a run on US Money Market Funds starting at around 11:00 a.m. on September 18th, 2008, in which during a two hour period $550 Billion dollars simply disappeared. Reports have surfaced of individuals who lost $100,000 from their money market accounts. Bloggers are abuzz over this story, and conspiracy theories abound. Immediately after this event, President Bush held a news conference with Hank Paulson at his side, in which he stated that our country was in the midst of a financial emergency. Money market accounts were frozen, and the FDIC upped the insurance from $100,000 to $250,000 per account. And then TARP was born.
Copy and paste this into your browser, and pay attention to Rep. Kanjorski's words at about the 2:20 minute point.
What does it mean? Is this guy another gaffe prone Biden clone, who just spouts off nonsense to hear himself talk? Or did something really happen to the markets that day that nobody is talking about? Were US financial institutions hacked into, or was there a concerted effort by certain individuals and governments, such as George Soros or Saudi Arabia to deliberately tank our economy and create the October Surprise (even though it was September) that often throws a wrench into the outcome Presidential elections? Certainly Obama benefited from the economic collapse with a Republican in charge, and the narrative of the race went from one of excitement about the new face from Alaska, terror, Iraq, and an economy with a minor cold, to ECONOMY! ECONOMY! ECONOMY!
I am not an economist or a financial wizard, and I'm certainly not privy to the goings on of the powers-that-be behind closed doors. So I don't know what to make of this. Perhaps it will debunked as conspiracy theory hoo-hah, and the babbling of a crazy old Pennsylvania Congressman. But in this strange new Land of Obama, I am becoming more skeptical of government with each passing day, and there is very little that would surprise me anymore.