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POPSPapers: Is Kanjorski Is Lying To Cover His Own Ass? Bush administration to do something to shore up the U.S. dollar. But none of this rang true—these were just more unfortunate “conspiracy theories” of the ilk that proliferates when the public is not promptly and properly informed by the media. I think the answer to your question is fairly straightforward. However, there are many other questions that are much more troubling. The answer is that there was a run on the money markets, generally, when a large Money Market (MM) mutual fund (Reserve Primary Fund) “broke the buck.” That is, this fund closed out the day with a less (by a few pennies) than $1-per-share net asset value for the fund. Therefore, people panicked and began withdrawing from many MM funds, just as they do from failing banks. This run was made by individuals and institutions. There is some $2.5 trillion estimated to be invested in these funds.
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POPSWas There An Electronic Run On The Banks? $224 billion in 7 days is a huge sum of money, but it’s nowhere near the $550 billion in an hour reported by Rep. Kanjorski. RealClearMarkets further reports the size of the total money market investment market: Assets of institutional money-market funds dropped by $173 billion to nearly $2.2 trillion over the seven days ended Wednesday, while assets in retail money-market funds grew by nearly $4.3 billion in the same period to $1.2 trillion, according to the Investment Company Institute. According to this report, the total of money market investments, including both retail (personal banking) and institutional (banking by pension funds and investment banks) markets, comes to $3.4 trillion — less than the $5½ trillion Kanjorski claims the Fed estimated was going to be lost. RealClearMarkets’ numbers are confirmed by the New York Times report from Sept 19, the Friday after the Thursday events Kanjorski describes.
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POPS"The Financial Crisis Was Deliberate, Planned, Staged" Okay, y’all, it’s real simple. Regardless of who is or isn’t conspiring what, Americans must demand to know, right now, who the fuck suddenly started withdrawing enough money from America’s banks to sink the world’s economy, that fateful Monday morning. The only thing open to question is “why”? No one disputes that it happened. At almost exactly 100 hours after the 7th anniversary after the September 11 attacks. Think about that. The bank run started just about exactly 100 hours after the 7th anniversary of the moment the first plane slammed into the World Trade Center on Septermber 11, 2001.
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POPS Titanic Economic Menace In the present challenging world economy, such follies, such self-inflicted burdens, have, recalling the words of Benjamin Franklin - “even a small hole can sink a big ship” - , morphed into the iceberg that could well help to hole H.M.S. Britannia below the water-line. Carl Mortished so tellingly reminds us: “... the flow of oil, food and raw materials will shift increasingly towards China and India, rather than towards America and Europe. Life will become more expensive and more difficult for Europeans.” Self-indulgent ‘Green’ trumpery can have no place in the real-world economic battles that lie ahead. This is no computer model, the political party which grasps this truth first, and is then straight and honest with the electorate about the limitations of ‘Green’ policies, will not only improve Britain’s position, but, in the longer run, could well hone its own competitive, political edge as the British public returns to basics.
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POPSWho Will Pay For The Politicians Promises? Because of onerous regulations, it has been 30-plus years since a new refinery has been built. Similar regulations also explain why the U.S. nuclear energy production is a fraction of what it might be. Congress' solution to our energy supply problems is not to relax supply restrictions, but to enact the Energy Independence and Security Act of 2007 that mandates that oil companies increase the amount of ethanol mixed with gasoline. Anyone with an ounce of brains would have realized that diverting crops from food to fuel use would raise the prices of a host of corn-related foods, such as corn-fed meat and dairy products. Wheat and soybeans prices have also risen as a result of fewer acres being planted in favor of corn. Congress' proposed "solutions" to the energy and food mess it has created include a windfall profits tax on oil companies, food stamps, etc. These measures will not solve the problem, but will create new problems.
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POPSToo "Complex"?: Part II: Thomas Sowell --all the while lamenting the lack of affordable housing. So long as politicians can get some people's votes by publicly feeling their pain when it comes to housing costs, and other people's votes by restricting the building of housing, they can have a winning coalition at election time, which is their bottom line. Moral melodrama is where it's at, politically. Too "Complex"? http://www.townhall.com/columnists/ThomasSowell/2008/05/13/too_complex
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