Global Economy

[Guest]

<b>link</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Congressman Kanjorski is the Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. This is the original C-SPAN broadcast that took place on Thursday, January 27, 2009. The entire video is 32 minutes.

Congressman Kanjorski explains how 550 billion dollars were drained from money market accounts in the United States during September 2008 in<span style='color:red'> one hour</span>.<!--QuoteEnd--><!--QuoteEEnd-->

Transcript - link
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->“On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of<span style='color:red'> $550 Billion dollars in a matter of an hour or two.</span>

<b>Money was being removed electronically.</b>

<b>The treasury tried to help with $150 Billion.</b>

But could not stem the tide.

It was an electronic run on the banks

The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and collapsed and within 24 hours the world economy.”
<!--QuoteEnd--><!--QuoteEEnd-->