American Thinker, Barney Frank, Bill Gertz, chuck Schumer, Economy, Fannie Mae, Freddie Mac, George Soros, IndyMac, John McCain, Nancy Morgan, Obama, Pentagon Report, Sen. Chris Dodd, Washington Times
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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.
“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?
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