Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks" "It would have been the end of our system

Submitted by Quest-News-Serv... on Wed, 02/11/2009 - 20:19.

http://www.boingboing.net:80/2009/02/09/rep-kanjorski-550-bi.html

click

Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
Posted by Mark Frauenfelder, February 9, 2009 2:58 PM | permalink

The Capital Markets Subcommittee Chair, Rep. Paul Kanjorski of Pennsylvania, tells C-Span how the world economy almost collapsed in a matter of hours.
(video)
At 2 minutes, 20 seconds into this C-Span video clip, Kanjorski reports on 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 occured over the period of an hour or two.
Kanjorski: "The Treasury opened its window to help. They pumped a hundred and five billion dollars into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened. If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed."
"It would have been the end of our political system and our economic systems as we know it."

ANTI-SPECIESISM:
SPECIESISM:
1. A PREJUDICE OF ATTITUDE OF BIAS TOWARD THE INTERESTS OF MEMEBERS OF ONE'S OWN SPECIES
AND AGAINIST THOSE OF MEMBERS OF OTHER SPECIES.
2. A WORD USED TO DESCRIBE THE WIDESPREAD DISCRIMINATION THAT IS PRACTICED
BY HOMO SAPIENS AGANIST THE OTHER SPECIES.
SAVE OTHER-OUR SPECIES
SOS-FRE
FROM RESEARCH EXPERIMENT
QUEST, MINISTRIES, GUY TEMPELTON BLACK, PASTOR, and YOGI YOGA BEAR, SERVICE K-9 (guy's partner)
753 BRAYTON AVE., CLEVELAND, OHIO 44113-4604 USA, V:216.861.7368, F:216.861.7368
UNITED STATES ARMED FORCES VETERAN (VOLUNTEER) PEACE, ANTI-WAR, DEFENSIVE
faith based non-profit corporation no. 389646, 501(c)(3), SINCE 1965,
questministry [at] att [dot] net
ADVOCATING FOR A NATIONAL WAR DOGS MEMORIAL http://www.nationalwardogsmonument.org
DONATE TO QUEST
 
"When I despair, I remember that all through history the way of truth and love has always won. There have been tyrants and murderers, and for a time they seem invincible, but in the end, they always fall — think of it, always." - Mahatma Gandhi

 

http://www.disclosureproject.com  TRUTH  -  EXTRA-TERRESTRIAL

 

( categories: )