Actually no, our economy is about $14.5 trillion dollars in annual GDP. We OWE $53 trillion, and that is about to have another $10 trillion tacked onto it.
The hit of $500B in 2 hours was like erasing the .5 off that number. It was not insignificant, and moreover, it wasn't about to stop until they put the breaks on it. They expected based on the pace of the computerized withdrawals that about $5 trillion would disappear if they didn't halt it. How does that happen---i.e., who does it, and why? That's the question. - Bob > -----Original Message----- > From: [email protected] [mailto:[email protected]] On > Behalf Of Nicholas Geti > Sent: Wednesday, February 11, 2009 10:24 AM > To: ProFox Email List > Subject: Re: [OT] USA was 3 hrs away from Economic, Political Collapse > in September 2008 > > You have got to be kidding. $500B is not significant enough to do that. > The > total of just our house mortgages is $10Trillion. Our economy is around > $50 > Trillion. This actually is another reason why the so-called bailout > bill in > our Congress is not going to do much except add to our national debt > for > future generations to deal with. > > Our politicians are trying to keep up the wages of our citizens just > where > they have been for the past five years. It is not going to happen. The > only > way to cure the 30 to 1 ratio of lending by our "prudent" banking > system is > through a recession where everybody has to take a hit. The quicker it > happens the quicker we can get on with rebuilding our economy. Bush, > et al, > has already borrowed trillions. I don't see how Obamo spending that > much > again in a matter of months is going to jump start the economy. > > > ----- Original Message ----- > From: "Jean Laeremans" <[email protected]> > To: "ProFox Email List" <[email protected]> > Sent: Wednesday, February 11, 2009 5:24 AM > Subject: [OT] USA was 3 hrs away from Economic, Political Collapse in > September 2008 > > > > According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of > > 2008, the United States of America came just three hours away from > the > > collapse of the entire economy. In a span of 2 hours, $550 billion > was > > drawn out of money market accounts in an electronic run on the banks. > > > > Rep. Kanjorski: "It would have been the end of our economic system > and > > our political system as we know it." > > > > > > http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/695504 > > > > > > A+ > > jml > > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
