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[edit] Claim of $5.5 trillion bank run
69.38.102.250 (talk • contribs • info • WHOIS) inserted the following text into Bank run #Recent incidents, citing a Youtube video:
- "On 11 September 2008, there as an attempted bank run of $5.5 Trillion that would have collapsed the US and World economy within 24 hours. The Federal Reserve Bank printed $105 Billion in money to try to overcome the bank run. They couldn’t, so at 11AM they froze all accounts at a $250k withdraw limit. Before it was over, $550 Billion had been electronically withdrawn from money market accounts in the United States. Four days later on September 15th, Henry Paulson and Ben Bernanke asked congress for $700 Billion to bailout the banks.."
After this was removed, similar text was soon added by Gcjblack (talk · contribs), a new single-purpose account, and then again by 69.129.196.249 (talk • contribs • info • WHOIS).
This text is does not have a reliable source. A Youtube video is not reliable. Please don't keep trying to add it with unreliable sources: we need a reliable source for extraordinary claims such as this one. Please see WP:RS for what constitutes a reliable source.
Also, please bear in mind the WP:SOCK rules for editing from multiple accounts and IP addresses. Eubulides (talk) 07:52, 10 February 2009 (UTC)
Why is a Youtube video not a reliable source if it shows a US representative reporting this incident? (if you're referring to this one: http://www.youtube.com/watch?v=_NMu1mFao3w) Unless you suspect the video is forged. Of course Rep. Kanjorski could be wrong, so it should be stated with some massive disclaimer around it. Either way, I agree that this is dubious, because it is not mentioned in a single reputable news source. I contacted factcheck.org about it. Here's the mail I sent:
Hi there, This one has got me puzzled for hours, so perhaps you can help: There's an interview with Rep. Kanjorski from February on Youtube titled '$550 Billion Disappeared in "Electronic Run On the Banks'. http://www.youtube.com/watch?v=_NMu1mFao3w In this video Rep. Kanjorski explains that in September there was an electronic bank run where $550 billion was withdrawn in a matter of hours and the FED had to jump to the rescue to prevent the global economy from collapsing. Not a single reputable news source mentions this bank run, nor does any reputable new source mention the interview. Given that he is describing a near miss Armageddon, this is strange. I've scanned trough some of the comments on Youtube and other sites, but I can't find anything useful. Some people come up with the usual Jewish conspiracies, and others suggest that some foreign country is behind it. Nobody debunks the story. This particular bank run is not mentioned on the Wikipedia article on Bank Runs either: http://en.wikipedia.org/wiki/Bank_run Furthermore, half a trillion dollar is a lot of money even for the USA so this could hardly be a civilian bank run; who were pulling this money? What are the facts here? Did this (electronic) bank run actually take place? Was it indeed $550 billion dollars, or orders of magnitude less? If it did happen as described, why was it not picked up by any reputable news sources? Cheers, Sjors
Perhaps a new page about "Suspected Bank Runs" would be a solution? :-)
Sjors (talk) 15:13, 22 March 2009 (UTC)
- It might be plausible to add it as an example to Rumor #Rumor as Political Communication Strategy (2006) :-). Eubulides (talk) 15:38, 22 March 2009 (UTC)
[edit] auto-archiver
Establishing. Comments here.--Gregalton (talk) 21:41, 2 March 2009 (UTC)
[edit] Alleged wave of "bank runs" not backed by source, wrong citation
The article claims "contained a wave of bank runs and bank nationalizations". The source cited speaks of "a wave of bank nationalisations". It does not speak of bank runs. There has been no "wave of bank runs".
217.226.57.86 (talk) 08:10, 20 April 2009 (UTC)
- Thanks, fixed. The source says this about bank runs: "As noted, the crisis was centred on a series of market liquidity failures, which, as detailed in Davis (2008), are comparable to a bank run on a liquid market that changes liquid securities to illiquid loans, following a shock that makes asset holders and traders uncertain of the value of the underlying assets." Eubulides (talk) 08:21, 20 April 2009 (UTC)
