NotThe1 Posted January 3, 2009 #1 Share Posted January 3, 2009 'Financial 9/11' struck over $6.9 trillion from US economy during 2008 Government bailouts total over $8.5 trillion, nearing a rivalry with US GDP financial911economydollar Financial 9/11 struck over $6.9 trillion from US economy during 20082008 is over, and we have survived it. Though for some of us, just barely. 2008 saw the greatest financial losses in generations, as $6.9 trillion poured from investors’ coffers in the worst series of cascading disasters since the Great Depression. The resulting panic was met with equally drastic action by the US Treasury and Federal Reserve bank. As pillars of the US economy toppled, the Fed government created an additional $8.5 trillion in currency liquidity and began handing out massive, low interest loans in hopes of stopping a chain reaction of failures. This massive economic bloodletting threatens to rival the United States’ GDP: a now-seemingly hapless $14 trillion. James Bianco, president of Chicago-based Bianco Research Inc., told the Toronto Globe and Mail: “No one understands these numbers, and I include the Treasury Secretary [Henry Paulson] and the chairman of the Federal Reserve [ben Bernanke].” Increasingly, in 2008 the US is being said to have suffered a “financial 9/11.” Many blame the Republican party, namely the Bush administration, for letting it go this far. http://mintdollar.com/financial-911-struck...my-during-2008/ Link to comment Share on other sites More sharing options...
MasterPo Posted January 3, 2009 #2 Share Posted January 3, 2009 It does make you wonder.... If I put on my Conspiracy Theory hat, terrorist leaders have always said that the U.S. is far more vulnerable to a financial crisis than to a physcial attack. Link to comment Share on other sites More sharing options...
Pseudo Intellectual Posted January 3, 2009 #3 Share Posted January 3, 2009 I blame Frank and Paulson. Link to comment Share on other sites More sharing options...
Tiggs Posted January 3, 2009 #4 Share Posted January 3, 2009 If I put on my Conspiracy Theory hat, terrorist leaders have always said that the U.S. is far more vulnerable to a financial crisis than to a physcial attack. It's pretty much their primary goal. "We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah" - Osama Bin Laden, Nov 2004. Link to comment Share on other sites More sharing options...
MasterPo Posted January 3, 2009 #5 Share Posted January 3, 2009 It's pretty much their primary goal. "We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah" - Osama Bin Laden, Nov 2004. There's a difference between causing us to spend money fighting them verses doing things to undermine our financial system. The former approach is obvious, the latter is why I said "conspiracy" because while I'm sure they would want to I don't see how they could so much affect the very institutions. OTOH, I did hear several people on Fox news say many of the stocks of American banks, insurance companies and investment houses had been heavily shorted in the weeks and months prior to the fall from overseas accounts.... Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now