Tuesday, February 10, 2009

"Within 24 hours the world economy would have collapsed"

We all dodged a bullet on this one. Can I just say: HOLY FREAKING CRAP.

The Capital Markets Subcommittee Chair, Rep. Paul Kanjorski of Pennsylvania, tells C-Span how the world economy almost collapsed in a matter of hours.
At 2 minutes, 20 seconds into this C-Span video clip, Kanjorski reports on a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Kanjorski: "The Treasury opened its window to help. They pumped a hundred and five billion dollars into 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 and there. And that's what actually happened. If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed."

"It would have been the end of our political system and our economic systems as we know it."
We are not safe, people. Never think that you are safe.

Taken verbatim from BoingBoing, because I have no shame.

1 comment:

Anonymous said...

Occasionally laser surgery will be used in order
to deal with the problem. As a word of caution you
should also never try to manually remove the warts yourself, as that can lead to the virus spreading.
Extended hair can cause your physique pimples to get worse if you do not wash
it typically, and make confident that it is genuinely cleanse.

Stop by my web page :: how to Get Rid of warts around Fingernails