Congressman Kanjorski: The September Surprise

Here’s a YouTube clip of Congressman Paul Kanjorski speculating that our current fiscal crisis was triggered on September 18, 2008 with an electronic run on the banks. According to Kanjorski, some entity rapidly began withdrawing money markets out of the financial system at the tune of $550 Billion! (2:22 into the clip)

https://www.youtube.com/watch?v=_NMu1mFao3w

Leading into his response, you can hear the anger and unrest in a woman caller’s voice. Expect a lot more of this as the market continues to melt, people lose jobs, hyperinflation begins to creep into the picture and gun/ammo sales skyrocket.


Comments

  1. Republican does not mean Conservative says

    Ah yes…Kanjorski. I remember watching Chris Wallace’s special on dirty earmarking. Kanjorski had one of the worst earmarks on the program. He was allocating millions for a company that employed his family members. When someone went to investigate, they discovered it was just a front and that the company didn’t actually do anything. When questioned, Kanjorski said something to the effect of, ‘Is it so wrong that I want to look out for my family?” Unbelievable. Does anyone else remember that?

  2. So who was pulling $500 Billion out of the system?

  3. Yeah, it was me. Sorry about that.

  4. An October Surprise (or September in this case) is the only way Democrats win elections. They don’t win on the merits.

    I hear ACORN will registering a lot of dead people and Rahm Emmanuel, the new director of the census, will be certifying them as legit.

  5. nightcrawler says

    DSW,

    It wasn’t a single entity but rather institutional investors (Putnam, Bank of New York Mellon etc) looking for fund liquidity in an uncertain moment. Basically Money Markets represent the “safest” investment. You should never lose your principle investment. So the unit value should not drop below $1.00. For each dollar you put in, you should expect a the very least, your dollar back. What happened that day was that due to Lehman Bros. default of debt to these funds, they technically didn’t have the assets to cover the $1.00 unit price. Institutional funds fearing a customer revolt, got spooked and wanted to cash out before things got really ugly. In a self fulfilling prophesy, the unit values went down further as more money was pulled out. Bank Panic on a large scale if you will.

    The biggest issue facing the country is the deflation of the housing markets thereby making more assets toxic and therefore necessitating more bailout money.

    We are all witness to history. Stay tuned..

  6. If you believe this guy, you might be interested in some ocean front property in Arizona. Pass the Kool Aid.

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