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06:37 AM
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What was TARP REALLY About???? It stopped the largest act of Economic Terrorism the world's ever seen.
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[quote:telling it straight:MV8yMDQ3MjExXzM0NDEwNjc4XzI3NjkwQ0M=] [quote:Anonymous Coward 27384624:MV8yMDQ3MjExXzM0Mzk5NDI1XzUyNDlGOEE5] OP moranstein is a moran. The US is the number one economic terrorist on earth. The melt down was caused when Asia started selling its US bonds because they KNEW that our system is nothing but smoke and mirrors and the Rothschilds had recently been swindling Asians out of lots more gold. So, they merely acted to help themselves. Serves the US right for melting dow. US caused it. I was actually watching the currency markets when the huge bond liquidations happened. FED had to print 1.5 trillion or so in a 2 days. rofl. [/quote] Exactly my point, AC. Most people however don't know a thing about the run on our currency. It will happen again. [/quote]
Original Message
Most people mistakenly think that Wall Street companies started going bankrupt and Bush bailed out his buddies.
The reality is that we were victims of an act of 'economic terrorism.' A country or countries decided to hit the sell button and created a $550 Billion run on our money markets.
This $550 BILLION run instantly and completely froze the credit markets sending companies into instant insolvency. GE had to borrow $3 billion from Buffet just to have working capital to cover expenses like payroll.
Without TARP, the entire U.S. economy would've crashed within 24 and the world economy within 48 hours.
Don't believe me? Listen to
DEMOCRAT
Congressman Paul Kanjorski tell a Span caller what happened. At about 2:15 he talks specifically about how in ONE HOUR we were experiencing a bank run that would've taken us---and the world---down.
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