Why and Who Made the Run The Banks

Who was it that caused Paulson and Bernanki to run to Washington and beg for the $700 billion dollars? What triggered it and what institution had the run? Below are the links to the pieces I used to find out.

Wikipedias Subprime Crisis Time Line...Please note what happened between the end of July 2008 and early Sept. 2008
http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline

Frannie Mae Year Chart...Note the drop off on share prices, date that happened and number of shares http://finance.aol.com/quotes/federal-natl-mtg-assn/fnm-s/nys

As you can see there is a collation to what Kanjorski said and what the events of that time period and the drop in Fannie Mae stock price. No historical charts are available for Freddie Mac. If anyone has access to charts prior to Sept 7th, when they were taken over by the gov. please post them or email them to me.

Category:

News & Politics

Tags:

• News
• Run On the Bank
• Paulson
• Bernanki
• China
• Opinion
• Recession
• Depression
• Stimulus Package
• TARP money.

[OrfeoTreshula]

...Anyway, the US has been moving in, in a big way, to Central Asia. Taking the Turks traditional poppy fields in Afghanistan was just one in a recent series of moves by the US and the West that could easily have been seen by the entire matrix of the ancient Silk Road nations as an assault upon their "turf". Remember, that China, Iran, Afghanistan, Turkey, southern Russia, and a few others, all "silk road". We have been moving in hard and fast lately. Perhaps they want us out of their back yard?

[Boomer1949]

Your right and it's all about control of the natural resources in that area, or access to them. That all happened under Bush and it doesn't look like Obama will give up the ground that has been gained thus far. Of the countries you named, only two are actively resisting, Russia and Iran. Perhaps someone is thinking another good WW will help the world economy once again.

[U2Berror]

guarantee it with american land, i.e. roads and tolls, and resources like water

[Boomer1949]

That might put a crimp in our agreement with OPEC countries. See we promised them we would buy the majority of our oil from them, if they agreed to sell in only US dollars. They get to spend all those dollars here in the US buying, well just about anything they want. I'm sure China would not want to compete with OPEC at the moment.

[skibee50]

Where are you going to move?

[Boomer1949]

I'm not going anywhere skibee50. The deal we made with OPEC happened a long time ago. When we went off the gold standard, under Nixon I think. At any rate, China will come around to some kind of agreement, they are tied too tightly to the US not to.

[bsg005]

@Boomer1949 Chinese are more smarter than the Americans or even the OPEC nations. They're locking in supplies of oil, gas, metals and rare earths, in various parts of Africa, South America and Asia. They'll keep financing the American trade deficit until America becomes a smaller overall trading partner at which time it is easily expendable. But all the Hot Money that the Chinese holg, will go either into concessions of resources overseas or Capex inside China.

[LibertaerUeberAlles]

Time to end the "privately owned" Federal Reserve.

[mandatum]

Good job.  Maybe, maybe not. But sounds plausable.

[tj5555555]

Good logic and investigative research, thanks for a reasonable explaination. AC

[justjacqueline2004]

A little off topic,but European banks are now in the hole to the tune of £16Triilions or $25Trillions.Can you imagine the furore in Washington if your banks were similarly exposed,or are they through SWAPS?

[OrfeoTreshula]

Ouch, I hope not. Can we dare have WW in the classic sense with all these nukes floating about? It would have to take the form of a proliferation of low-intensity conflicts and proxy wars, almost the point of anarchy. Financial attacks, a plague or two, massively increased terrorism or oceanic piracy... I could see that. It would be ironic if just as we are coming to be most concerned about our own government, a serious global showdown developed. Ironic yes, and convenient. Just like WWII?

[skibee50]

They are for everyone that does not move

[U2Berror]

What do you think the FEMA camps are for! lol