Sept. 18, 2008, Almost the End of the World

['chell]

Anyone else catch Rush's piece on this today? I found this link also

http://zerohedge.blogspot.com/2009/0...at-2pm-on.html

Just looked back, this is the same day I closed my money market account and they told me they didn't have any hundred dollar bills...now I know why.

Thoughts?

[mmmmpsi]

What an absolute crock of shit. His dates are wrong.. His numbers are off.. Another politician trying to save his own ass and saying "I told ya so" ugh

[mmmmpsi]

By "their" [read Treasury's] estimation, had they not shut it down and issued the guarantee, money market withdrawls would have reached $5.5 trillion by two 'o'clock that afternoon!! He then indicates Treasury's assessment that the run not only would have destroyed the U.S. economy immediately, but would have collapsed the world economy within 24 hours.



If that's true.. Why didn't the selloff just continue the next morning?? 250,000 is a drop in the bucket when we're talking about trillions..

[Vteckidd]

cause very few people have more than $250,000 in the bank.

I think its exaggerated, but there def is some truth to it. There was a massive withdraw after Countrywide failed, and after lehman Bro collapsed. People got nervous and there was a massive electronic run on banks.

Was it as bad as he said it was, who knows

[SL65AMG]

the run on the banks is what caused the Great Depression in the 20's and 30's. it could have happened again.


what makes you think this statement made by this guy isnt true?(mmmpsi) because CNN didnt tell you????