[Jotapay]

This has been reported before on two separate occasions. We were about 3-6 hours away from reset.

[crude_intentions]

$this->bbcode_second_pass_quote('', 'I')t would have been the end of our economic system and our political system as we know it.

[Tanada]

At this point I am ready to say F-it get it over with already. All this living on the edge stuff is crazy.

[Tyler_JC]

Sounds like an example of successful government/federal reserve policy to me.

They found a problem, figured out a solution, and fixed the problem.

I give a gold star to the Fed (for that particular afternoon, at least).

[dinopello]

$this->bbcode_second_pass_quote('Tanada', 'A')t this point I am ready to say F-it get it over with already.

[manu]

I guess they thought the camps weren't quite ready. In a few months expect the worst.

[idiom]

$this->bbcode_second_pass_quote('dinopello', '')$this->bbcode_second_pass_quote('Tanada', 'A')t this point I am ready to say F-it get it over with already.

[ReverseEngineer]

So does this mean all Money Market accounts are now Frozen? People can't withdraw funds from their money market accounts? This I would think would play havoc with many Retirees ability to pay bills, my mom for instance has all her money in money market accounts.

Who was making all these massive electronic withdrawals? I can't imagine millions of people all at the same time decided to withdraw their money, so it has to be some big institutions in control of those funds. Who are they? If they are Banksters currently receiving Bailouts, why not just fire them? Hasn't the Goobermint bought up enough Stock now of these banks to change the management?

Reverse Engineer

Reverse Engineer

[Snowrunner]

$this->bbcode_second_pass_quote('Tyler_JC', 'T')hey found a problem, figured out a solution, and fixed the problem.

[dinopello]

$this->bbcode_second_pass_quote('idiom', 'U')m one could set off a bomb in a Mall. Not nessecary to kill anyone, just destroy any remaining consumer confidence.

[Dreamtwister]

$this->bbcode_second_pass_quote('ReverseEngineer', 'W')ho was making all these massive electronic withdrawals?

[ReverseEngineer]

$this->bbcode_second_pass_quote('Dreamtwister', '')$this->bbcode_second_pass_quote('ReverseEngineer', 'W')ho was making all these massive electronic withdrawals?

[Tanada]

It will end up being a UN currency backed again by the 'full faith and credit' of the UN instead of something real. Whomever the UN designates as the new central bank will have exponentially more power over world monetary exchanges. The UN currency, sall it the Terra for convenience, will have a set exchange rate and everyone will be 'requested' to exchange all their pounds/euro's/dollars/peso's/lira/rubels/yen for the UN currency electronically in the new central bank computers. All circulating currency will dissipear and everyone will be using electronic tracking cards (debit cards) until they start just tattooing your ID number on the back of your right hand, or your forehead.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Tanada', 'I')t will end up being a UN currency backed again by the 'full faith and credit' of the UN instead of something real. Whomever the UN designates as the new central bank will have exponentially more power over world monetary exchanges. The UN currency, sall it the Terra for convenience, will have a set exchange rate and everyone will be 'requested' to exchange all their pounds/euro's/dollars/peso's/lira/rubels/yen for the UN currency electronically in the new central bank computers. All circulating currency will dissipear and everyone will be using electronic tracking cards (debit cards) until they start just tattooing your ID number on the back of your right hand, or your forehead.

[patience]

RE,
Yeah, timing is everything in this matter, huh? Just like being a speculating daytrader, only we are ALL daytraders now, whether we like it or not, or if we even know it. Brings to mind something I read in the WSJ back in the 1970's, regarding a cab driver in Chile (?) giving his passenger tips on how to stay up with the rampant inflation there at the time. EVERYBODY becomes a speculator, in self defense.

The speed of the near-meltdown in the OP is mind boggling. If one is not already prepared to deal with it, you have no hope of getting to the bank in time, and buying whatever to dodge the bullet. You just HAVE TO be out of range ahead of time.

It would behoove everyone here to get up off their complacent backsides and DO SOMETHING about their personal finances NOW. Is there any reasonable excuse to NOT do so?

As regards what to do, there are many choices, but most devolve to securing the basic needs for you and yours.

[pedalling_faster]

the incident that Rep. Kanjorski referred to occurred on Thursday Sept. 18, 2008.

that was the day markets fell what seemed like a huge amount, 800 points on the Dow.

the $700 billion project that came to be known as 'TARP' was announced the next day.

Kanjorski doesn't say who was withdrawing money at the the rate of $550 billion per "hour or 2".

in a separate published report, i heard that there were enough sell orders on the stock martket that day to lower the Dow about 20%, had they all been executed.

this was the same week one of the big 5 investment banks collapsed. also, the week before Thursday, Sept. 25, when is was announced that JPMorgan Chase had acquired WaMu for about $2 billion.

question -
* so was it a large foreign country/ sovereign wealth fund dumping dollars ? or just a whole bunch of people pulling their money out of the stock market ? or both ?

yesterday - Thurs. Feb. 5 - BofA fell below $20 billion market cap. As did Citigroup. BofA mysteriously re-bounded back up to about $24 billion, Citi is still below $20.

http://finance.yahoo.com/q?s=BAC
http://finance.yahoo.com/q?s=C

BofA is at least twice the size of WaMu. WaMu fell to about an $8 billion market cap in April 2008, then it's market cap was $4 billion the week of Sept. 18.

6 months ago - in September 2008 - both these banks were comparatively healthy-looking.

now, how do the states respond ?

from
http://www.pressdemocrat.com/article/20 ... 1&tc=yahoo

"“I hate this. It’s embarrassing,” said Huffman, D-San Rafael. “I’m going to do everything I can to work through this and hopefully support some long-term reforms so that this doesn’t happen every time we have an economic downturn.”

Huffman said he is among the few lawmakers calling for a constitutional convention to address systemic problems.

He said he’ll introduce legislation that would allow voters to enact local revenue-generating measures with 55 percent of the vote, as opposed to the two-thirds now required, and another that would require mediation whenever lawmakers and the governor fail to reach a budget deal by June 15."

and what might those local 'revenue-generating measures' be ?

[Cid_Yama]

The federal government on Friday stepped in to bolster the teetering $3 trillion money-market mutual fund industry and stem a wave of withdrawals that resembled a Depression-era run on the banks — sparked largely by panicked institutional clients rather than individual investors in what are normally considered to be the safest of investments.
link

link

[Hermes]

Cid:

First of all thank you for posting this material.

Unfortunately though you are not using the QUOTE function and thereby not making it clear that these are not your words, but rather a complete regurgitation of the materials you are linking to.

When you refuse to do this it means that the readers cannot read the articles in proper context. They believe that what you're posting is first of all COMING FROM YOU and therefore that it can be debated with you, which is of course false. Second they will believe that since you're theoretically saying it right now that any dates or other chronological references will be based on your posting time (ex: when the article said "Thursday" it's implied that Feb 5th is referred to). (Thanks to pedalling_faster for helping to illustrate this).

Third, on a more personal note, it continues to undermine your trustworthiness as you have been asked to use the QUOTE function but have ignored that request. Many others on the board who post useful articles are willing to put the extra 20 seconds or so into making it clear that they're quoting a source... but you don't.

Why would it be that you seek to make it appear that these texts are yours? Could it be related to your seeking the elusive title of "Poster of the Year" perhaps? It would be interesting to see what your fans think of you if you made it clear that the majority of your text IS NOT YOUR OWN.

[Hermes]

$this->bbcode_second_pass_quote('cbxer55', ' ')
BTW, on that poster of the year poll, CID is not in first place, nor second. Smallpoxgirl is in first by a wide margin, followed by Dantespeak. I am quite sure CID does not care about that. Could be wrong on that though.
Take his posts for what they are, hijacked material. And treat them accordingly.

[Cid_Yama]

I see the global warming deniers are now over here attacking me.

Good luck with that. Everyone knows my style of posting, and I have no intention of changing it. You can stuff it up your angus.

As for your attempts to ascribe devious egotistical motives for the way I post, You're an idiot.

I could give a rat's ass.

Oh, and by the way, posting with a link, isn't 'hijacking' anything. It's called 'providing documentation'. It's highly recommended as it shows people you are not just 'talking out your angus' and credits the source.

What a bunch of losers. Whaaaa! mommy please stop Cid Yama. He hurts my feeling and he's a bad person. He won't let us tell our lies or get away with our nonsense. He keeps telling everyone the truth and <b>providing documentation</b>! Whaaaaa!