Right after 9/11, the Fed (very quietly) pumped billions into Wall Street

Looking at 9/11 in the Context of the Wall Street Bailout of 2008

By Pam Martens: September 8, 2016

This Sunday will mark the 15th anniversary of the 9/11 tragedy – one of those seminal events in human memory that is seared forever on the brain. Because of the emotional toll 9/11 took on the human psyche — watching U.S. commercial airline planes converted to killing machines on U.S. soil — America’s collective memory of exactly what happened on 9/11 has more to do with repetitive TV clips of the Twin Towers collapsing and a rush to war than specific details of the actions of those pulling the monetary levers on Wall Street.

The day’s events were so bizarre and triggered such cognitive dissonance that millions of Americans did not realize for years that a third World Trade Center skyscraper had collapsed in lower Manhattan that day. World Trade Center Building 7, a 47-story skyscraper not hit by a plane, collapsed at 5:20 p.m. on 9/11 in an almost identical fashion as World Trade Centers One and Two had collapsed in the morning. The organization, Architects and Engineers for 9/11 Truth, which consists of more than 2,000 licensed architects and engineers, do not believe the official version of how these buildings collapsed and have signed a petition calling for a new, independent investigation of 9/11 by a body with full subpoena power.

This is the first time we are writing about 9/11 in any detail. Our small town of Garden City, Long Island, New York, where we lived at the time, was heavily impacted. The memories are painful. Long Island as a whole experienced almost 500 deaths out of the almost 3,000 who died on 9/11. Our next door neighbor, a wonderful husband and father to two young sons, lost his life that day. We stood by a colleague at work watching the news unfold on TV on the morning of 9/11 and painfully remember his dash to race home to his family. His brother worked for Cantor Fitzgerald, a Wall Street firm that lost 658 of its 960 employees that day, including his young brother.

What has been lost in the emotional toll of that day is the reality that the massive bailout by the Federal Reserve of Wall Street in 2008, had its test run on 9/11. We know a great deal about the $13 trillion that the Fed secretly infused into Wall Street banks and foreign banks in cumulative loans from 2007 through 2010 because Bloomberg News battled in court for years to unleash the information from the iron grip of the Fed. The public knows much less about the massive Fed bailout during 9/11 and Fed Chair Alan Greenspan, according to a transcript from a teleconference after 9/11, demanded that those in the know at the Fed coordinate any public comments with the Fed before making them.

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