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Almost Armageddon: Markets Were 500 Trades From Meltdown
MICHAEL GRAY
NY Post
Sunday, Sept 21, 2008
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.
The panicked selling was directly linked to the seizing up of the credit markets – including a $52 billion constriction in commercial paper – and the rumors of additional money market funds “breaking the buck,” or dropping below $1 net asset value.
The Fed’s dramatic $105 billion liquidity injection on Thursday (pre-market) was just enough to keep key institutional accounts from following through on the sell orders and starting a stampede of cash that could have brought large tracts of the US economy to a halt.
While many depositors treat money market accounts as fancy savings accounts, they are different. Banks buy a variety of short-term debt, including commercial paper, with the assets. It is an important distinction because banks use the $1.7 trillion commercial-paper market to fund their credit card operations and car finance companies use it to move autos.
Without commercial paper, “factories would have to shut down, people would lose their jobs and there would be an effect on the real economy,” Paul Schott Stevens, of the Investment Company Institute, told the Wall Street Journal.
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37 Responses to “Almost Armageddon: Markets Were 500 Trades From Meltdown”
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September 21st, 2008 at 4:59 am
melt this………
http://www.youtube.com/watch?v=Vv3yuRdD2oE
September 21st, 2008 at 5:49 am
Thank you for the financial warnings on this website! It does appear that all is not well in the financial markets. Will the “cure” be worse than the problem itself? This is definitely something to pray about and hope that God will have mercy on us all and help us to make wise decisions in the days ahead. If the markets do collapse many of us, and perhaps all of us, will suffer in the resulting chaos. “Do what is right and fair; that pleases the LORD more than bringing Him sacrifices.” (Proverbs 21:3)
September 21st, 2008 at 6:36 am
This has nothing to do with God,this was done by man and man’s greed,his love of money.
And so it was said:The love of money is the root of all evil.
It serves us all right,too bad we all have to suffer for the greed of the few,but really,we are all guilty,because a lot of us prayed things would go better instead of doing something to change it.
If one thinks himself righteous,yet supports an unrighteous system,consciuosly or not by being a voracious consumer of goods that would have benefitted another who has less,he is unrighteous,unthingking,ignorant,GUILTY.
More people really need to find out what those scriptures stated before they were altered and re-interpreted,you would more than likely find out you have been living your life contrary to the writings.
The ONLY thing God did,or had to do,was grant you this life.
The rest is up to you.
September 21st, 2008 at 6:46 am
The U.S. economy is in a controlled COLLAPSE. Mainstream media has said that the U.S. is experiencing a slow motion “run” on the BANKING system. I am financially poor, my wife cant get hired even though she has a college degree, and I am making 15 cents below the federal minimum wage ( $ 6.85/hour) IN spite of the fact that i also have a degree from Ohio University (not Ohio State U.),but if i did have money, i would put all of it in silver coin/bullion and in usable “hard” items like generators,tools,fuel tanks, etc… stuff i could always sell later if the economy were to rebound. OCTOBER will be a watershed month in American history from what the pundits are saying. WITH everything going haywire, i just try to DRAW upon the little bit of faith i have left in humanity.kNOWledge can be such a burden, but truth is more important than feeling comfortable. BEFORE long ITS going to cost money TOO take a crap. i am outta here people, LATEr, Kshatriya.
September 21st, 2008 at 7:29 am
Ron and Ralph Fool’s Overture. History recalls how great the fall can be, while everybody’s sleeping the boats put out to sea. Borne on the wings of time, it seemed the answers were so easy to find. “Too late” the prophets cry, the island’s sinking let’s take to the sky. Called the man a fool, stripped him of his pride, everyone was laughing up until the day he died. And though the wound went deep, still he’s calling us out of our sleep.
Apocalypse Now
September 21st, 2008 at 8:10 am
In a way, I am actually looking forward to seeing all the people who think they are rich, being forced to succumb to a poorer standard of living.
Then I would like to see them try and stare down at me through their nose like they have been my whole life.
Yes, in a way, I would like to see us all equalized.
September 21st, 2008 at 8:42 am
Let the banks and major corporations melt down, they’re irresponsibility has brought us to this point. They are the ones who have sunk our ship, and now they, who are the captains, don’t want to go down with the ship. They are more than willing to make we the people pay for they’re greed and mistakes and sink us. All involved with helping the FED should be strung up and hung for treason to the constitution and the american people. They will melt our economy down knowing that they will still assume the power over all of us because they have stollen all the assets, cash, and gold reserves and will leave we the people with nothing but the shirts on our backs in the end. The end game is total control of everything and everybody by a small group of illuminated individuals. It’s already too late to save this country from complete takeover, it has already happened. A second revolutionary war is the only way that we will get our country back from the money changers who have hijacked it, they are the TERRORISTS, the FEDERAL RESERVE and all agencies under they’re umbrella including the DEPARTMENT of HOMELAND SECURITY. They are using terror as a tool to achieve they’re means to an end, this is the very definition of a terrorist. These agencies will kill, maim, and bankrupt all into submission to they’re policies. Time for us all to wake the f*** up and jump the F*** up!!!!!!!
September 21st, 2008 at 9:36 am
There may be a higher INTELLIGENCE, but certainly not a heavenly father figure who will become involved in this. Also no JESUS CHRIST who is poised to return and save us from this fiasco. It is the people who THINK they are worthy to be GODS who are manipulating this whole situation. Until a greater number of individuals get rid of their silly beliefs and want to face REALITY, those who are in control and know the truth will will continue to prey upon those who are stuck in the system of beliefs. The only way this situation and others that are going on will change is when the people decide it is THEY who truly hold the POWER.
September 21st, 2008 at 10:05 am
Cheers to Rick A! If only there were more like him.
September 21st, 2008 at 10:07 am
What this article does not mention is that at a 5% drop trading curbs come in. At a 10% drop trading is stopped altogether. So you can’t have a quick 20%+ drop, precisely because they put these rules in effect after the last such occurrence in 1987.
September 21st, 2008 at 10:58 am
I get my news from you tube and before 6am from mainstream media as best I can. It is clear things are dire and we are in uncharted waters. A comparison has been made to what we experiencing to what happened in the economic collapse of the Soviet Union in 1989. I am not an economist but I am aware of the huge debt that our nation has accumulated and is growing larger and larger. I am aware of deflation and how the devaluation of our dollar is making our currency worthless. I am aware that the Federal Reserve is printing money like there is no tomorrow and pumping money into the markets and a sagging financial market on verge of collapse. I am aware that there is no safe haven for investors, and alot of people stand to loose their retirement savings. I am a conservative and patriotic veteran who is a spirit filled and born again believer. With all that said I a have conditioned myself to seek out truth and compare world events to bible prophecy. Its disconcerting and heartbreaking to know I am right in my beliefs of the spiritual darkness in high places. We are under judgement of God as a nation. Yet so many are so blind they cannot see it. They are not even aware of the blood on are nations hands as a result of false flag ops. Order Out of Chaos!!! We are saved by grace from the judgement for the sake alone of the believers who are diligently doing God’s will. While most are just now waking up to all the hypocricy of our government. It will take a significant economic crisis for many to wake up and by now it is likely too late without supernatural intervention. Under the umbrella of the “War on Terror” the average citizen has lost so much freedom and the government has become a behemoth instrument of illuminattist agenda. From Bohemian Grove I am certain that the global elite who are all connected at the hip through secret societies of Freemasonry plot and plan deceitful ways to carry out their plan for a Fascist New World Order Global Dictatorship, Cashless Society and the rise of Anti-Christ. Only now are question being raised about our Federal Reserve banking System which has been a house of cards since its inception in 1913. Our political leaders in both parties have far left or far right agendas to solve the crisis. Government bailouts of business is absurd especially without approval of Congress. Far Right Neoconservatism and Far Left Liberal agendas are working together in a Bipartisan attempt to overthrow our liberties and what the Constitution stands for. We the People have been lulled to sleep by the comforts provided by easy money. Now as our 401 K plans tank, our real estate values plummet, the cost of food, consumer goods, energy and fuel rises, as credit conditions tighten, as the burden on taxpayer becomes overwhelming, as policies are made by those who caused this mess playout. I will continue to be diligent.
September 21st, 2008 at 11:19 am
When it all goes ‘tits up’. money will not save you. You need a gun, plenty of ammo, a sharp ‘bowie knife’ and big balls…….
September 21st, 2008 at 11:25 am
Damn clever these Chinese.
September 21st, 2008 at 12:03 pm
Even if you don’t want drilling in pristine areas of our country, surely even Nancy Pelosi and her ‘progressive’ friends can see the need to quit sending all our currency overseas! Every dollar we send to Alaska, or other places is still here at home and where it needs to be!
September 21st, 2008 at 12:24 pm
Can you say “Ron Paul?”
September 21st, 2008 at 12:43 pm
does anyone have any idea about how it would sweep round the globe? im assuming london shuts down its stock exchange if usa delcares busto?!! as russia has done
September 21st, 2008 at 2:29 pm
I think the American people NEED a depression so they can experience what Native Americans, most Africans, most South Americans, most Eastern Europeans/Russians, and most Asians have to go through on a daily basis. The American people have been waaay too comfy for waaay too long. Sometimes, extreme poverty can be a real character-builder.
September 21st, 2008 at 2:57 pm
You can keep wishing but possession is 9/10th of the law. Want to make your broker scream in agony? Make him deliver the actual stock certificates. You get that paper every month showing the alleged value of what you think you own. Well this web site will straighten you out.
You Stu__d SHEEP. BAAAAAAAAA!
http://ming.tv/flemming2.php/_.....000923.htm
September 21st, 2008 at 3:18 pm
We don’t NEED a depression. We NEED to get off our lazy assess and DO something NOW! There isn’t a fix to what has happened.. it was a scam. We’ve been scammed out of our bennefits by the elite. It’s a crime! We should be outraged as working Americans! The elite don’t give a crap and the welfare people don’t give one crap.. but I have bills and a family and responsibilities each and every day and this is going to affect OUR ENTIRE LIFE!! This isn’t a joke.. the spin docs can’t unwind this crap. Multi-Media isn’t going to report what’s really happening! I have a family to take care of.. I don’t care about our belongings or money.. those are just THINGS!! I am worried as an American citizen that I am not going to be able to provide for my family and pay my bills and get food for us to eat or gas for me to go to work to be able to do these things. This isn’t a dream .. this is real! It’s all absolutly verifiable. We need to have a leader NOW.. we need a leader for the people to uphold our constitutional values and overthrow these traders who have taken our means away from us. This isn’t going away.. this is one more thing in a long chain of things that has already happened and it’s one of the last pegs in the chain of things that are going to be the end of OUR free society. We absolutly must have a person to lead us out of this and I am calling for this person to step up and lead us to go wherever we must go and to do whatever they ask and die if need be to ensure this country is safe from the government who is trying to enslave us as you read this! Numbers wont feed my family.. the proof is in the pudding folks.
September 21st, 2008 at 3:32 pm
Don’t worry, this is just the start. The REAL crash is yet to come, possibly next week
================
http://gawker.com/5050016/how-.....all-street
September 21st, 2008 at 4:24 pm
LOL all these “IT ALMOST HAPPENED” or “IT WAS SO CLOSE!” How many near misses over a period of a year? The reason why no one listens to “troofers” is because nothing they preach ever comes to fruition.
Get off the conspirical high horse and take responsibility for your own life and stop blaming an “Illuminati.”
losers.
September 21st, 2008 at 5:28 pm
what DID HAPPEN WITH INFOWARS?
500 ERROR?
PLEASE FIND OUT TK
September 21st, 2008 at 5:31 pm
a temporary delay, it’s still coming !!!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=P8fgAS0w9Q8
September 21st, 2008 at 5:50 pm
jesus? christians are the ones doing THIS to our country.
so before you get all high and mighty, oh thou sheep, why don’t YOU repent, get off your high horse and abandon your blasphemous false god.
it is people like YOU who are the problem, NOT the solution.
when you’re all gone (in about 100-200 years) we’ll not only have our world and our country back, but we will also rid ourselves of most of the causes of genocide, war, famine, greed and the unmitigated barbarism that was propounded by that idiot Constantine.
babylon? HA! YOUR CHURCHES ARE THE BABYLON that is taking us headlong down the road to fascism!
GROW UP!
September 21st, 2008 at 6:08 pm
Jens,
just who do you have in mind?
The one candidate with the balls and the plan to address this is no longer a candidate.
Obama has stated he would back the Treasury dept to do what ever necessary, which means printing more worth-less and less dollars.
No Jens,if anyone is gonna have to die to change things, it is “we the people”that will do it!
Fortunately the shadow govt. has failed to enact a “gun ban” depriveing the people of our 2nd amendment right to take up arms.
Those in Govt. that have sworn to protect U.S. from enemies, both foriegn and domestic and are failing to do so, need to be removed from office “poste haste”
Make no mistake, when the “shit hits the fan” those at the top will get ” shit faced first”
September 21st, 2008 at 6:11 pm
I’m going to buy some more GLD calls and laugh my ass off as the melt-down continues. The real question now is how long it takes for economic turmoil to manifest itself in social unrest.
Those Halliburton detention camps may be needed sooner than you think.
http://uspolitics.tribe.net/th.....dbb0e19400
September 21st, 2008 at 6:14 pm
Hahahaha…. YES! I’ve been waiting for this for 3 years now. The current Administration will deny that it knew the possibility of this happening, and Congress will try it too, and already have. Statesmen have addressed Congress for 3 years that regulation had to be done or this bubble would burst, concernign the Housing, Derivatives, and Hedge Funds. A Blowout Scenario! So bring it on! I want the shit to hit the fan! The voice of the people will not be heard, so be it. I am sick and fucking tired of trying to wake people up. I want these Corparate Fascists scared to death, when MILLIONS of Americans get ready for some old fashioned hanging……..
September 21st, 2008 at 6:26 pm
Let me get this straight, the universe was chaos right? Now billions and billions of years later, it works out to the point where me and my father ‘the drunk’ living in a trailer in the outskirts of Dancer, Texas.
September 21st, 2008 at 6:33 pm
Luke,
your one of the idiots that has no common sense,and is blind in one eye and can’t see out of the other!
What kind of insecurity and disbelief brings you to a web site where one would expect to find the kind of people you rail about?
Surely you have some doubt or you wouldn’t be here in the first place.
Murder was commited on 911, yet there is no on going criminal investigation why?
The crime scene was never secured and the evidence was all disposed of. Why?
Luke, you could be sitting on your toilett and get bit in the ass by a Python, and you wouldn’t believe it possible?
When the Chinese begin shipping all the imports to Mexico so Mexican truckers can haul it throughout the country and Canada thus breaking the Teamsters and the Longshoreman Unions,would you believe U.S. in trouble then?
No, you still believe that 500 Billion Dollars in Gold is melted and buried under the twin towers right?
Conspiracy? You bet your life it was, and as a matter of fact you disbelievers are betting your life that it didn’t happen that way!
Well, bad bet fella.
Hitler was a savior idots believed in too! Oh! that never happened did it?
September 21st, 2008 at 6:46 pm
There’s no excuse for allowing the collapse of the U.S. economy to happen.
No amnesty, no pardons.
Pursue the Bush administration beyond January 20 until they are brought to justice.
FREE AMERICA
REVOLUTIONARY (DIRECT) DEMOCRACY
September 21st, 2008 at 6:47 pm
Haven’t seen many on here lately…
September 21st, 2008 at 7:42 pm
And then… well, we don’t exactly know what happened. Some scientists think that great droughts and earthquakes turned the whole world into a gigantic dustbowl. In any case, the dinosaurs were wiped out.
how did you survive that? maybe you just hid in a cave… or in a bunker 12 miles underground
September 22nd, 2008 at 1:39 am
Has anyone ever thought what a dolphin or a chimpanzee thinks of a fax machine or a computer? Do you think they have the slightest idea what it is?
What am I talking about? What if we are not the ‘highest form’ of life on this planet? What if there IS another species with a much higher level of intellect than ours, that is running the show here on Earth? What if, they are so advanced, they can make themselves appear like regular human beings but are so intelligent that they have the ability to dominate the power structures with very little resistance? After all, we can fool an animal – if just momentarily – by dressing up as one of their kind. Why wouldn’t a higher species be able to do it permanently in such a way as to make it undetectable? Consider what you or I can accomplish in comparison to the next higher life form on earth (dolphin or chimp) and then consider what a higher form could accomplish.
Why do the same people continue to roam the halls of government and maintain vast fortunes for decades and centuries without being ousted or falling broke? No matter what they do, they always make money or always get into positions of power. We all know they are crooked and evil yet we never manage to get rid of them. Maybe this higher species knows we will put up minimal resistance. Don’t you think they OWN all major new technologies? After all, if a chimpanzee – who is, obviously, genetically VERY close to human beings – cannot fathom most of the things that humans create and do, why would we suspect that we would fathom anything a higher form of species would do. We can train a chimp. Why can’t we be trained? If things are suppose to be random among our species, why is it we never seem to get ahead of these old power structures?
Maybe it’s because this higher form of life knows our limitations and uses them against us. Just as we can train a tiger to, un-instintcually, jump through a ring of fire, a higher form of life may be able to train us to deny ourselves our freedom from chains and misery.
We all know that corruption has gone on for eons without eradication. Once in a while we rebel, like a tiger or circus elephant, but we’ve never managed to overcome it. Maybe they came from another planet. Or maybe it’s because some of us have evolved into this higher, corrupt, form and some have not. And those of us who have not continue to be supressed by those who have. Ever notice how these ‘people’ continue to stress only breeding within certain circles? And it isn’t always money that dictates who with whom (although most of them would have money by a result of their dominant genetic structure), but bloodline.
Just a thought. I could be deluded though.
September 22nd, 2008 at 3:19 am
Everyone asks “how could this happen”, But I rememberat the end of 06 and hearing on the news that a lot of morgages were going to change at the beginning of 07. So here I am at work say “watch what happen now with people having to pay almost double a month for morgages”. A year and a half ago a high school drop out could see the writing on the wall.
NOW…, back in the 70,s my father told us “I won,t see it in my lifetime, but you will see it in yours, that mankind will wage war over water” and look were we are today….the writings on the wall
September 22nd, 2008 at 3:45 am
Antichrist…. next
September 22nd, 2008 at 5:35 am
ever thought about this? The NWO guys have already brought their assets in the safe zone, and is wanting the market to collapse, so THEY can safe the day/you, feed you, give you water, heat and electricity, and all you have to give in return is your freedom…
September 22nd, 2008 at 5:48 pm
@J commenter #34
I agree with you.
I believe in the possibility of a higher life form living together simultaneouly with us, but hidden right in front of our eyes.
I believe the more advanced humans are telepathic, and can communicate at super fast speeds with just their thoughts.
People born without telepathic abilities receive a regular “slave education”, but those with the “gift”, receive an entirely different education that is much more advanced.
They grow up with entirely diffrent culture, a world within a world.
They probably also have photographic memories with near total recall as well.
I just can’t see any other reason how seemingly fairly intelligent people can never get ahead either, so I have arrived at similar conclusions as your own.
Maybe I am part of a “sub-species” of human, so intellectually limited, that I will never be able to compete with the elites.
I have heard that flouride destroys the “pineal” gland, and that the pineal gland is associated with esp abilities.
Who knows what our potential would be if we hadn’t been poisoned since birth.
I don’t care if I sound crazy either.