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$550 billion disappeared in “electronic run on the banks”

Posted by Matthew Brett on February 12th 2009 at 7:47pm

(Info. Clearing House. Feb 9) At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a “tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars.” According to Kanjorski, this electronic transfer occurred over the period of an hour or two:

Matthew Brett

Matthew Brett is the Canadian Dimension weblog manager. The views expressed on this blog do not necessarily represent his own. Read more by Matthew Brett.

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