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Nancy Morgan at American Thinker has a different take on the timing of our economic crisis, its cause, and its intended outcome. Was this “a very high stakes poker game with the prize being the White House?“, one reader asked. Consider this:
In the summer of 2008 as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency.
Now, a full two years later, the Pentagon has issued a report on the series of events that led to the 2008 economic crash. Bill Gertz writes in the Washington Times:
“Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system
“There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,” the report says.
Notable for its absence is any suggestion that the economic events that arguably catapulted Obama into the White House may have originated in our own political system.
Consider: The economic house of cards started tumbling on June 26, 2008, when Senator Chuck Schumer leaked a memo questioning the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led to its failure. Federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank’s failure. “The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York.”
As I wrote in February of 2009 this event, coupled with the Lehman Brothers collapse in September, marked the beginning of the current economic meltdown and provided the environment that enabled Barack Obama to focus on the economy instead of his position on Iraq – and, not incidentally, resulted in his election as President.
For the last two years, the media has neglected to connect the dots regarding the strange gyrations in our financial markets that started in the summer of 2008. After Schumer caused the run on IndyMac in June, the government moved in:
July 12, 2008: The federal government takes control of the $32 billion IndyMac Bank. *
* Six months later, Jan 2, 2009, a seven-member group of investors agreed to buy the remnants of failed lender IndyMac for $13.9 billion. Other investors included a fund controlled by billionaire George Soros’ Fund Management.
Sept. 6, 2008: Fannie Mae begins its downward spiral, which will end with a crash in November. This crash was avoidable, as the problems with Fannie Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the Senate Banking Committee introduced legislation to address the problem. Democrats, led by Barney Frank, killed the reform efforts.
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours.
This seminal event marked the ascendancy of Obama’s candidacy, and arguably resulted in his election as president.
Fast forward to February of 2009:
The markets reacted to Obama’s proposal to bail-out mortgages and Senator Christopher Dodd’s talk of nationalizing banks by reaching 11-year lows.
Obama continues to stoke the fears of imminent crisis, actually using the word ‘crisis’ a total of 26 times in one speech.
Enter George Soros. The infamous one-worlder, billionaire George Soros adds his voice to the media doomsayers by opining that the world financial system has effectively disintegrated, adding that there is yet no prospect of near-term resolution to the crisis.*
The series of ‘inadvertent errors’, deliberate obstruction, political shenanigans, behind the scenes manipulation of the money markets and non-stop calls for immediate infusions of taxpayer cash brought the U.S. to its knees by February 2009. And continues to this day.
The newly issued Pentagon report, along with the media and our elected officials, seem intent on not connecting the dots, considering only foreign enemies as the possible cause of the financial meltdown:
Suspects include financial enemies in Middle Eastern states, Islamic terrorists, hostile members of the Chinese military, or government and organized crime groups in Russia, Venezuela or Iran. Chinese military officials.
This author believes there is enough information to at least consider that this crisis was manufactured for political gain. Right here at home.
***
A reader left this comment:
Although I live in NC, originally I’m from NY and I know what a cockroach Schumer is. I thought at the time that his leaking of the financial report on Indy Mac was just too correctly timed.
Before the 2008 election I knew what a dangerous and devious man Soros was and is. I couldn’t understand how it was that our political leaders couldn’t see this and take action. Eventually I began to realize that they’re all together in a little clique that thinks it know better than we.
I think that as more information comes out, we will realize that enemies from without, such as Soros, the nations of China, Russia and others, along with those here within; our media, the bureaucracy and the Democrat party, aided by the useful idiots in the Republican party, caused and fed our collapse for their own ends.
The question remains, will enough people wake up to fight back and save America or will we look back in sorrow at what we lost?
More comments to this article can be read at American Thinker.
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I don’t know if you remember BOA big CEO than was KEN LEWIS put out a memo that they would allow people to open accounts and that they would not need SS#. I went right to my bank here in Mesa, and ask the girls that I bank with if this bank is associated with Bank of America in any way,I told them I would pull out all our money, this was I believe early 2007
there is a lot of sites with all kinds of info. Also need to goggle 2007 Nov miami bookfair c-span Soros they have cut out some of his orginal quotes.
example
Petition Takes Issue With Bank Of America
Tuesday, Feb 27, 2007 – 10:38 PM
RALEIGH, N.C. — Bank of America recently announced a plan to allow people to open credit card accounts without Social Security numbers.
A local activist is leading a national coalition and says the program favors undocumented immigrants.
By not requiring a Social Security number to get the credit card, a Raleigh-based activist says one of the nation’s largest banks is encouraging undocumented immigrants to apply.
But Bank of America says the practice is nothing new and it’s not aimed at undocumented immigrants.
Bank of America is considered the largest commercial bank in the country.
And William Gheen takes issue with one of Bank of America’s most recent pilot programs.
“Over 100 organizations have engaged in a boycott nationally against Bank of America for their decision to give credit cards and as well as mortgages and accounts to illegal aliens in America,” said Gheen, the boycott organizer.
He says more than 19,000 people have signed his Online petition on his Web site aimed at boycotting Bank of America.
And he’s encouraging people to drop their accounts, or switch their mortgages to show their opposition to the banks program.
“We feel this is aiding and abetting, inducing and encouraging illegal aliens to enter and remain inside the United States,” Gheen said.
James Mahoney of Bank of America says this program is nothing new, and it is not targeted at illegal immigrants.
Issuing a credit card without a Social Security number has been a business practice by banks for years.
“Credit cards have been offered on a secured basis to customers who have checking accounts for many years at Bank of America and many other banks, so this is really not new,” Mahoney said.
Many banks even offer home mortgages to people without Social Security numbers, under certain restrictions.
The pilot program offered by Bank of America is available to Los Angeles customers.
It offers special incentives for a secured credit card.
Customers have to have a checking history with the bank and have to make a deposit for the card.
Bank of America says it’s a new program they do not plan on discontinuing.
not being a total conspiracy theorist, I am very suspicious of everything barry soetoro does, especially knowing his background. the intent of this individual is to destroy the one country that has given him everything he ever needed, including a mother. the lessons he learned from his biological father and then the communist partner his mother was involved in, while living in Indonesia, have come to fruition, because…he is the, allegedly, most powerful political leader on the face of this planet. barry soetoro was bred to be a communist, not a communist sympathizer, by, first, his mother and then by the men in her life.
Had all those banks not gotten bailed out we would still be recovering,but we have had how many stimulus’ that take money out of the economy ? Maybe the stimulus money is in the same place all those unmatched socks are ?