The massive tax cut like the one in the Bush years didn’t benefit workers for a very simple reason

[healthmyths]

So there never WAS a crisis but it was an invention of corporations, is that what you are saying? And that while the withdrawal of $0.5 Trillion was real, there
was NO need for it as it was an INVENTION by those evil corporations, stock managers, etc. Right?

So there never WAS a crisis

There was a crisis. Millions of mortgages defaulted.
Banks lost trillions. It was in all the papers.

And that while the withdrawal of $0.5 Trillion was real,

It wasn't. Kanjorski "heard that" from somebody. Never happened.

Maybe you need to check these out then!

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[22][23] On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds.[24] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[25] Similar measures were taken by authorities in other countries.[26] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[27][28]

Global financial crisis in September 2008 - Wikipedia

Each day, we will recap the events of the corresponding day in 2008, as the worst crisis in 80 years built to its terrible climax.
http://online.wsj.com/public/resources/documents/09182008tdich.pdf

Why do I need to check them out?

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.

^This is based on Kanjorski's silly claims.

The rest are facts that don't help his silly claims.

Because this is YOU!

View attachment 202601 View attachment 202599

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

 

[healthmyths]

You maybe right Toddsterpatriot!

All the links except the last one I put up refer back to Kanjorski's claims. And the above link depended on two anonymous sources!

This maybe that classic issue where all the MSM repeat the same story just because it fit their narrative...i.e. Bush was a dumb ass!

So I'm suspicious . Thanks Toddsterpatriot.

This also should be a lesson thereafter for all of us including those that are claiming so many stories about Trump's WH... i.e. this story...

Washington Post media critic defends use of anonymous sources amid Trump firestorm | CBC News

Four reporters, 30 anonymous sources
The Post's story, written by four reporters, said it had gathered "the private accounts of more than 30 officials at the White House,
the Justice Department, the FBI and on Capitol Hill, as well as Trump confidants and other senior Republicans,
[to] paint a conflicting narrative centred on the president's brewing personal animus toward Comey."

REALLY??? 30 officials in the WH??? REALLY???

 

[Toddsterpatriot]

So there never WAS a crisis

There was a crisis. Millions of mortgages defaulted.
Banks lost trillions. It was in all the papers.

And that while the withdrawal of $0.5 Trillion was real,

It wasn't. Kanjorski "heard that" from somebody. Never happened.

Maybe you need to check these out then!

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[22][23] On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds.[24] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[25] Similar measures were taken by authorities in other countries.[26] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[27][28]

Global financial crisis in September 2008 - Wikipedia

Each day, we will recap the events of the corresponding day in 2008, as the worst crisis in 80 years built to its terrible climax.
http://online.wsj.com/public/resources/documents/09182008tdich.pdf

Why do I need to check them out?

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.

^This is based on Kanjorski's silly claims.

The rest are facts that don't help his silly claims.

Because this is YOU!

View attachment 202601 View attachment 202599

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

 

[healthmyths]

Maybe you need to check these out then!

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[22][23] On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds.[24] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[25] Similar measures were taken by authorities in other countries.[26] Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[27][28]

Global financial crisis in September 2008 - Wikipedia

Each day, we will recap the events of the corresponding day in 2008, as the worst crisis in 80 years built to its terrible climax.
http://online.wsj.com/public/resources/documents/09182008tdich.pdf

Why do I need to check them out?

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.

^This is based on Kanjorski's silly claims.

The rest are facts that don't help his silly claims.

Because this is YOU!

View attachment 202601 View attachment 202599

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

 

[Toddsterpatriot]

Why do I need to check them out?

By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.

^This is based on Kanjorski's silly claims.

The rest are facts that don't help his silly claims.

Because this is YOU!

View attachment 202601 View attachment 202599

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

 

[healthmyths]

Because this is YOU!

View attachment 202601 View attachment 202599

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

I saw that also and agree the MMFs were down as you said.
I can't explain why Democrat Kanjorski's efforts to provide another MAJOR event in GWB's presidency like the below events that EVERYONE agree occurred.
I'll have to drop that event from the below list of events that NO president has ever faced CUMULATIVELY in their presidency.
Yes I agree many have had recessions, stock market collapses, attacks on the USA, worst weather... but NOT ONE president had all the below events..(save the 9/18/08)!

 

[Toddsterpatriot]

Still looking for proof? LOL!

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

I saw that also and agree the MMFs were down as you said.
I can't explain why Democrat Kanjorski's efforts to provide another MAJOR event in GWB's presidency like the below events that EVERYONE agree occurred.
I'll have to drop that event from the below list of events that NO president has ever faced CUMULATIVELY in their presidency.
Yes I agree many have had recessions, stock market collapses, attacks on the USA, worst weather... but NOT ONE president had all the below events..(save the 9/18/08)!
View attachment 202885

A more detailed takedown of Kanjorski's meme.


With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts.

This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline.

On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial investment in Lehman debt -- saw $10 billion of withdrawals that day. The following day, September 16, it saw another $10 billion of withdrawals; on September 17, when withdrawals had reached a total of about $40 billion, it announced that redemptions would take "as long as seven days"; as we all know, that was massively overoptimistic.

The news from The Reserve was gruesome, and total withdrawals from money-market funds reached $104 billion that day, according to Crane Data. Another data provider, ICI, says that as of the close of business on the 17th, money-market funds had a total of $3,549.3 billion, which was a fall of just $30.3 billion from their level a week previously.

The following day, September 18, was bad but not quite as bad, with withdrawals of $57 billion, according to Crane Data. By the 24th, according to ICI, the total was $3,456.2 billion -- a drop of another $93.1 billion from the 17th.

https://seekingalpha.com/article/120220-kanjorski-and-the-money-market-funds-the-facts

Toro

 

[healthmyths]

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level – a 22 percent decline! – while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
https://nypost.com/2008/09/21/almost-armageddon/

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

I saw that also and agree the MMFs were down as you said.
I can't explain why Democrat Kanjorski's efforts to provide another MAJOR event in GWB's presidency like the below events that EVERYONE agree occurred.
I'll have to drop that event from the below list of events that NO president has ever faced CUMULATIVELY in their presidency.
Yes I agree many have had recessions, stock market collapses, attacks on the USA, worst weather... but NOT ONE president had all the below events..(save the 9/18/08)!
View attachment 202885

A more detailed takedown of Kanjorski's meme.


With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts.

This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline.

On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial investment in Lehman debt -- saw $10 billion of withdrawals that day. The following day, September 16, it saw another $10 billion of withdrawals; on September 17, when withdrawals had reached a total of about $40 billion, it announced that redemptions would take "as long as seven days"; as we all know, that was massively overoptimistic.

The news from The Reserve was gruesome, and total withdrawals from money-market funds reached $104 billion that day, according to Crane Data. Another data provider, ICI, says that as of the close of business on the 17th, money-market funds had a total of $3,549.3 billion, which was a fall of just $30.3 billion from their level a week previously.

The following day, September 18, was bad but not quite as bad, with withdrawals of $57 billion, according to Crane Data. By the 24th, according to ICI, the total was $3,456.2 billion -- a drop of another $93.1 billion from the 17th.

https://seekingalpha.com/article/120220-kanjorski-and-the-money-market-funds-the-facts

Toro

So being a Democrat it appears the objective was to cast the Bush administration in as bad as light given the housing bubble bust.

 

[Toddsterpatriot]

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

I saw that also and agree the MMFs were down as you said.
I can't explain why Democrat Kanjorski's efforts to provide another MAJOR event in GWB's presidency like the below events that EVERYONE agree occurred.
I'll have to drop that event from the below list of events that NO president has ever faced CUMULATIVELY in their presidency.
Yes I agree many have had recessions, stock market collapses, attacks on the USA, worst weather... but NOT ONE president had all the below events..(save the 9/18/08)!
View attachment 202885

A more detailed takedown of Kanjorski's meme.


With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts.

This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline.

On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial investment in Lehman debt -- saw $10 billion of withdrawals that day. The following day, September 16, it saw another $10 billion of withdrawals; on September 17, when withdrawals had reached a total of about $40 billion, it announced that redemptions would take "as long as seven days"; as we all know, that was massively overoptimistic.

The news from The Reserve was gruesome, and total withdrawals from money-market funds reached $104 billion that day, according to Crane Data. Another data provider, ICI, says that as of the close of business on the 17th, money-market funds had a total of $3,549.3 billion, which was a fall of just $30.3 billion from their level a week previously.

The following day, September 18, was bad but not quite as bad, with withdrawals of $57 billion, according to Crane Data. By the 24th, according to ICI, the total was $3,456.2 billion -- a drop of another $93.1 billion from the 17th.

https://seekingalpha.com/article/120220-kanjorski-and-the-money-market-funds-the-facts

Toro

So being a Democrat it appears the objective was to cast the Bush administration in as bad as light given the housing bubble bust.

I don't think Kanjorski's problem was that he was a democrat, it's that he took an inaccurate article and embellished it and he was wrong. Nothing to do with Bush, just everybody was in a panic.

 

[francoHFW]

Do you liberals keep lying about this because your salaries were low enough in the Bush years that you received little or no benefit from the Bush tax cuts? Is that the problem?

Well, let me tell you: My annual salary in the Bush years was right around $70K-$76K, and I saw a big difference in my take-home pay thanks to the Bush tax cuts.

Did you notice the 2008 corrupt GOP World depression? How about your state and local taxes and fees skyrocketing to make up 4 lower federal aid, super dupe? State and local taxes and fees are much higher 4 the non rich and that has happened the last 35 years of GOP give away to the rich and cuts in services for the rest... Great job scumbag GOP and silly dupes like you.... The rich paying the same percentage as the middle class gives us this ungodly unequal mess, brainwashed functional morons..

The 2008 recession had nothing to do with the Bush tax cuts, but with federal interference in the housing and home loan industries and with the suicidal Sarbanes-Oxley mark-to-market rule (which was quietly ditched under Obama).

The Bush tax cuts *did* pay for themselves. Federal revenue *increased* after the Bush tax cuts--for four years in a row. The problem was that Congress went on a spending spree.

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

 

[Toddsterpatriot]

Do you liberals keep lying about this because your salaries were low enough in the Bush years that you received little or no benefit from the Bush tax cuts? Is that the problem?

Well, let me tell you: My annual salary in the Bush years was right around $70K-$76K, and I saw a big difference in my take-home pay thanks to the Bush tax cuts.

Did you notice the 2008 corrupt GOP World depression? How about your state and local taxes and fees skyrocketing to make up 4 lower federal aid, super dupe? State and local taxes and fees are much higher 4 the non rich and that has happened the last 35 years of GOP give away to the rich and cuts in services for the rest... Great job scumbag GOP and silly dupes like you.... The rich paying the same percentage as the middle class gives us this ungodly unequal mess, brainwashed functional morons..

The 2008 recession had nothing to do with the Bush tax cuts, but with federal interference in the housing and home loan industries and with the suicidal Sarbanes-Oxley mark-to-market rule (which was quietly ditched under Obama).

The Bush tax cuts *did* pay for themselves. Federal revenue *increased* after the Bush tax cuts--for four years in a row. The problem was that Congress went on a spending spree.

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

 

[francoHFW]

The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Bullshit.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity

Well, first the Treasury, at that point, had no authorization to inject money.
And I've seen no proof that the Fed, at that point, had done anything to help money market funds.

I think this article was the source for Kanjorski.

Immediately after the policy meeting, a smaller group of Fed offiicals convenes and determines to rescue the American International Group, an insurance company that has become a central player in the housing finance system. The initial investment is $85 billion. Fed’s $85 Billion Loan Rescues Insurer »
Sept. 18
The Fed announces a big expansion of its swap lines with the European Central Bank as well as the central banks of Switzerland, Japan, Canada and England, at 3 a.m., timed to beat the opening of European markets. Later in the day, Mr. Bernanke goes to Capitol Hill to back the administration's plan to bail out the domestic financial industry. He warns that the economy is on the verge of collapsing into a second Great Depression. Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis »

The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
Hoping to shore up confidence with a show of financial shock and awe, the Federal Reserve stunned investors before dawn on Thursday by announcing a plan to provide $180 billion to financial markets through lending programs operated by the European Central Bank and the central banks of Canada, Japan, Britain and Switzerland.
Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
Sept. 21
The Federal Reserve Board authorizes the two surviving major investment banks, Goldman Sachs and Morgan Stanley, to become bank holding companies, ending an era in American finance. Shift for Goldman and Morgan Marks the End of an Era »

The Fed’s Actions in 2008: What the Transcripts Reveal

By Tami Luhby, CNNMoney.com senior writer
September 29, 2008: 6:00 PM ET

The rapid exodus from money funds began after The Reserve Fund announced on Sept. 16 that shares in its primary fund fell to 97 cents due to losses incurred when Lehman Brothers declared bankruptcy.

The total held in money funds, which had hit a record high of $3.535 trillion on Sept. 9, plummeted to $3.288 trillion 10 days later, when the government plan was unveiled.

Since then, investors have slowly returned to the securities, which held a total of $3.348 trillion as of Monday. Until the recent crisis, money funds have been considered as safe as cash. Unlike bank accounts, however, money funds are not FDIC-insured.

Run ends on money market funds - Sep. 29, 2008

$3.535 trillion down (Sep 9th) to $3.288 trillion (Sep 19th) was only $247 billion over 10 days.
Not $500 billion in 2 hours.

I saw that also and agree the MMFs were down as you said.
I can't explain why Democrat Kanjorski's efforts to provide another MAJOR event in GWB's presidency like the below events that EVERYONE agree occurred.
I'll have to drop that event from the below list of events that NO president has ever faced CUMULATIVELY in their presidency.
Yes I agree many have had recessions, stock market collapses, attacks on the USA, worst weather... but NOT ONE president had all the below events..(save the 9/18/08)!
View attachment 202885

A more detailed takedown of Kanjorski's meme.


With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts.

This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline.

On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial investment in Lehman debt -- saw $10 billion of withdrawals that day. The following day, September 16, it saw another $10 billion of withdrawals; on September 17, when withdrawals had reached a total of about $40 billion, it announced that redemptions would take "as long as seven days"; as we all know, that was massively overoptimistic.

The news from The Reserve was gruesome, and total withdrawals from money-market funds reached $104 billion that day, according to Crane Data. Another data provider, ICI, says that as of the close of business on the 17th, money-market funds had a total of $3,549.3 billion, which was a fall of just $30.3 billion from their level a week previously.

The following day, September 18, was bad but not quite as bad, with withdrawals of $57 billion, according to Crane Data. By the 24th, according to ICI, the total was $3,456.2 billion -- a drop of another $93.1 billion from the 17th.

https://seekingalpha.com/article/120220-kanjorski-and-the-money-market-funds-the-facts

Toro

So being a Democrat it appears the objective was to cast the Bush administration in as bad as light given the housing bubble bust.

Every time the GOP has eight years they destroy the economy with crappie regulation, regulators, and cronyism. C 1929 1989 and 2008. D u h. And they're probably doing it again right now...

 

[francoHFW]

Do you liberals keep lying about this because your salaries were low enough in the Bush years that you received little or no benefit from the Bush tax cuts? Is that the problem?

Well, let me tell you: My annual salary in the Bush years was right around $70K-$76K, and I saw a big difference in my take-home pay thanks to the Bush tax cuts.

Did you notice the 2008 corrupt GOP World depression? How about your state and local taxes and fees skyrocketing to make up 4 lower federal aid, super dupe? State and local taxes and fees are much higher 4 the non rich and that has happened the last 35 years of GOP give away to the rich and cuts in services for the rest... Great job scumbag GOP and silly dupes like you.... The rich paying the same percentage as the middle class gives us this ungodly unequal mess, brainwashed functional morons..

The 2008 recession had nothing to do with the Bush tax cuts, but with federal interference in the housing and home loan industries and with the suicidal Sarbanes-Oxley mark-to-market rule (which was quietly ditched under Obama).

The Bush tax cuts *did* pay for themselves. Federal revenue *increased* after the Bush tax cuts--for four years in a row. The problem was that Congress went on a spending spree.

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

 

[Toddsterpatriot]

Did you notice the 2008 corrupt GOP World depression? How about your state and local taxes and fees skyrocketing to make up 4 lower federal aid, super dupe? State and local taxes and fees are much higher 4 the non rich and that has happened the last 35 years of GOP give away to the rich and cuts in services for the rest... Great job scumbag GOP and silly dupes like you.... The rich paying the same percentage as the middle class gives us this ungodly unequal mess, brainwashed functional morons..

The 2008 recession had nothing to do with the Bush tax cuts, but with federal interference in the housing and home loan industries and with the suicidal Sarbanes-Oxley mark-to-market rule (which was quietly ditched under Obama).

The Bush tax cuts *did* pay for themselves. Federal revenue *increased* after the Bush tax cuts--for four years in a row. The problem was that Congress went on a spending spree.

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

the problem was Private financial institutions that took over the market

Is that why Fannie and Freddie lost hundreds of billions and required a massive government bailout?
Because they stopped buying crap?

If you say it like that, your idiocy is hard to ignore.

 

[francoHFW]

The 2008 recession had nothing to do with the Bush tax cuts, but with federal interference in the housing and home loan industries and with the suicidal Sarbanes-Oxley mark-to-market rule (which was quietly ditched under Obama).

The Bush tax cuts *did* pay for themselves. Federal revenue *increased* after the Bush tax cuts--for four years in a row. The problem was that Congress went on a spending spree.

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

the problem was Private financial institutions that took over the market

Is that why Fannie and Freddie lost hundreds of billions and required a massive government bailout?
Because they stopped buying crap?

If you say it like that, your idiocy is hard to ignore.

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration, dumbass. Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004. Don't be so damn stupid

 

[Toddsterpatriot]

Right and here are the FACTS to back you UP!
Receipts dropped due to the reasons outlined and with the tax cuts ACTUALLY increased.
And as far as the housing bubble-caused recession... Here is what the LEADING democrat during GWB said was the cause!
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Barney Frank admits truth about Fannie


View attachment 202249

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

the problem was Private financial institutions that took over the market

Is that why Fannie and Freddie lost hundreds of billions and required a massive government bailout?
Because they stopped buying crap?

If you say it like that, your idiocy is hard to ignore.

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration, dumbass. Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004. Don't be so damn stupid

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration,

Exactly!

In fact, The New York Times reported (in 1991) that the GSEs literally wrote much of the bill that required HUD to establish three explicit affordable housing goals for the GSEs.

Soon after, Fannie partnered with President Bill Clinton in what should be the textbook case for why it is so important to keep government officials out of the private sector. Clinton’s 1994 National Partners in Homeownership, a private–public cooperative, arbitrarily set a goal of raising the U.S. homeownership rate from 64 percent to 70 percent by 2000.

To complete its part of the deal, Fannie Mae announced its Trillion Dollar Commitment, a program that earmarked $1 trillion for affordable housing between 1994 and 2000.

Government Policies Caused The Financial Crisis And Made the Recession Worse

His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007.

By 2000, Fannie was offering no-downpayment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans. Fannie and Freddie were by far the largest part of this effort, but the FHA, Federal Home Loan Banks, Veterans Administration and other agencies--all under congressional and HUD pressure--followed suit. This continued through the 1990s and 2000s until the housing bubble--created by all this government-backed spending--collapsed in 2007. As a result, in 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks,

Hey, Barney Frank: The Government Did Cause the Housing Crisis - The Atlantic

Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004.

And yet, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie...

 

[francoHFW]

Actually, super dupe, in real life Fannie and Freddie lost two-thirds of the market 2 your GOP private lending institutions in two years, and your bushy Regulators were in bed with them all the way, just like the oil regulators with BP Etc.

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

the problem was Private financial institutions that took over the market

Is that why Fannie and Freddie lost hundreds of billions and required a massive government bailout?
Because they stopped buying crap?

If you say it like that, your idiocy is hard to ignore.

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration, dumbass. Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004. Don't be so damn stupid

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration,

Exactly!

In fact, The New York Times reported (in 1991) that the GSEs literally wrote much of the bill that required HUD to establish three explicit affordable housing goals for the GSEs.

Soon after, Fannie partnered with President Bill Clinton in what should be the textbook case for why it is so important to keep government officials out of the private sector. Clinton’s 1994 National Partners in Homeownership, a private–public cooperative, arbitrarily set a goal of raising the U.S. homeownership rate from 64 percent to 70 percent by 2000.

To complete its part of the deal, Fannie Mae announced its Trillion Dollar Commitment, a program that earmarked $1 trillion for affordable housing between 1994 and 2000.

Government Policies Caused The Financial Crisis And Made the Recession Worse

His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007.

By 2000, Fannie was offering no-downpayment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans. Fannie and Freddie were by far the largest part of this effort, but the FHA, Federal Home Loan Banks, Veterans Administration and other agencies--all under congressional and HUD pressure--followed suit. This continued through the 1990s and 2000s until the housing bubble--created by all this government-backed spending--collapsed in 2007. As a result, in 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks,

Hey, Barney Frank: The Government Did Cause the Housing Crisis - The Atlantic

Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004.

And yet, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie...

Blah blah blah... Democrats made it possible for worthy minorities to get mortgages in redlined areas. W Bush's cronyism made it possible for anyone breathing to get a toxic mortgage... Cut the crap, super duper.

 

[Toddsterpatriot]

Fannie and Freddie lost two-thirds of the market

And yet, they still held more than $1 trillion worth of crap.
And still lost hundreds of billions of dollars.

three-quarters of the problem was Private financial institutions that took over the market and sold pure crap around the world. Great job! The GOP tried to screw Fannie and Freddie since its Inception....

the problem was Private financial institutions that took over the market

Is that why Fannie and Freddie lost hundreds of billions and required a massive government bailout?
Because they stopped buying crap?

If you say it like that, your idiocy is hard to ignore.

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration, dumbass. Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004. Don't be so damn stupid

Fannie and Freddie were late to this corrupt GOP real estate market, pushed into it by the Bush Administration,

Exactly!

In fact, The New York Times reported (in 1991) that the GSEs literally wrote much of the bill that required HUD to establish three explicit affordable housing goals for the GSEs.

Soon after, Fannie partnered with President Bill Clinton in what should be the textbook case for why it is so important to keep government officials out of the private sector. Clinton’s 1994 National Partners in Homeownership, a private–public cooperative, arbitrarily set a goal of raising the U.S. homeownership rate from 64 percent to 70 percent by 2000.

To complete its part of the deal, Fannie Mae announced its Trillion Dollar Commitment, a program that earmarked $1 trillion for affordable housing between 1994 and 2000.

Government Policies Caused The Financial Crisis And Made the Recession Worse

His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007.

By 2000, Fannie was offering no-downpayment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans. Fannie and Freddie were by far the largest part of this effort, but the FHA, Federal Home Loan Banks, Veterans Administration and other agencies--all under congressional and HUD pressure--followed suit. This continued through the 1990s and 2000s until the housing bubble--created by all this government-backed spending--collapsed in 2007. As a result, in 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks,

Hey, Barney Frank: The Government Did Cause the Housing Crisis - The Atlantic

Fannie and Freddie had three quarters of the market before 2003 and 25% after 2004.

And yet, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie...

Blah blah blah... Democrats made it possible for worthy minorities to get mortgages in redlined areas. W Bush's cronyism made it possible for anyone breathing to get a toxic mortgage... Cut the crap, super duper.

Democrats made it possible for worthy minorities to get mortgages in redlined areas

And trillions for the unworthy of all races.

Congrats!!