Remember that initial response to the mid-September financial crisis? It looked for all the world to be a coordinated "attack" on our financial system and our reaction stemmed a panic, according to one Congressman:
If they had not done that, their estimation was that by two o'clock that afternoon, $5-1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it. We're really no better off today than we were three months because we had a decrease in the equity positions of banks because other assets are going sour by the moment.
Was it really that bad? Was this really deliberate? If so, by who?
I have to disagree that we are really no better off today. At least today we know we've been rocked, so the emotional shock of that first event was spent. If it was deliberate we absorbed the surprise attack without collapsing. If it was deliberate.
What I'd like to know is whether this is a real story with a basis in fact. If it isn't, what was that US representative talking about? If it is a real story, shouldn't our press with all their expert reporters and fact checkers have mentioned this just a bit more? I know they were plenty busy in Alaska poring over hospital birth records and all that, but surely not all of the 4th estate was so occupied.
Just what the heck happened in September 2008? Was it financial or political?
