Wednesday, February 11, 2009

Who was behind it?

Late last September there was a run on mutual funds that specialize in money market investments. Over $500,000,000,000 was electronically drained from these funds in about an hour. The Federal Reserve Bank closed those accounts, when it saw that it could not stem the flow of money out of the funds. The Fed announced that all accounts would be insured up to $250,000. It took the Fed about two hours to act. If it would have gone on all day, our economy, and the world's might have collapsed.

Who was behind this electronic run on these funds? George Soros? China? Someone who wanted Obama to win the election?

2 comments:

notesfromagrumpyoldman said...

You should give credit to the Republican Senator who made these remarks...

But you are right to ask questions since this incident almost collapsed our economy and brought Paulson and Bernake going to Bush and Congress and asking for a bailout. The Fed never really investigated who was behind it, or if they had, never made the results public. Maybe that will change under the new administration? Let's ask...

Terri Wagner said...

Yeah yiquan let's ask and while we're at it stock up on daily necessities...it's gonna be a very bumpy ride.