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The World Very Nearly Ended
misbehavin
Registered User regular
Registered User regular
On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.
If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.
http://www.examiner.com/x-243-Progressive-Politics-Examiner~topic82430-Rep-Kanjorski
Man, hasn't the last 14 months just been the best!
misbehavin on
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but nope
People tend to get a little irrational and weird when they're faced with the prospect of losing all their money.
Well why don't we just remove our economic heads from the US's economic backside, and instead insert economic fingers up a variety of economic backsides.
Everybody else better be smart and leave their money in there, but FUCK if i'm not going to yank out all my cash and shove it into my boxer-briefs!
Because you really don't know anything about economics.
maybe we should redistribute the wealth too
communist
yeah right, good luck with that. how will the world operate without american products like truck nutz and singing fish and shamwows and snuggies, man.
I'm not sure on the process either, but I assume it would be a complicated process. That being said I think it would be worth the time.
oh waaaa communism waaaa
Communism rules USSR fo lyfe
So...
The Police prevented people from accessing their own money?
That sounds astonishingly unethical...
Never seen the world end before.
Why couldn't that Jewish guy just give the little kid his pennies back?!
unfortunately it was probably the only thing they could have done
sketchyblargh / Steam! / Tumblr Prime
banks actually have a right to delay your withdrawal by 30 days if it's a large amount, they just never exercise that right save for times like bank runs.
Well, that was the whole point. Remember, in September there were articles and rumors that, if banks failed, the FDIC insurance wouldn't cover enough deposits to make it worthwhile for people, and everyone panicked.
Basically, this right here is the reason the Fed "randomly" bumped the FDIC coverage to 250K without warning.
but, yo-your money's not hear... it's-it's in Joe's house, a-a-and Fred's house!
comedy aside, if the bank decides to close its doors because of an unsubstantiated rumor, they have a right to ask the police to come keep people from busting down the doors.
http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html#
To have two stories, worded so similarly, only with the country and date different, I think someone's making shit up.
My thought would be the Daily Mail, but I could be wrong.
Can you imagine wiping up spilled liquids with more than one cloth, unprotected against harsh drafts, in a stone-silent, nutless house?
I love how that was just a reminder. "Hey. Everyone. Your shit is still insured. The FDIC isn't going anywhere."
Ah, see, I misunderstood the original statement. I pictured it more as a "the bank was open, but they weren't allowing people to close accounts" sort of thing. If the bank is closed, then, yes, they have a right to ask the police to protect their property.
And I actually didn't know that banks had a right to hold withdrawals... Interesting...
Horay!
Seriously it's fucking cold there
who is also gay
how progressive!
except she only got the job because nobody else wanted it
Not sure what's up with the Daily Mail, but the video attached to the main article is genuine. It's real.
Or be a good, retarded, rich CEO and keep your money there and maybe put more in because I said so. Can't be any worse than what you'd do by yourself.
Just like barack obama!
sort of
Just because the guy went on TV and actually said it doesn't mean it really went down like that.
surprised he didn't blame zionists