Wednesday, Feb 11, 2009
Tremendous draw-down of money market accounts in the United States
Information Clearing House: Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
Video
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.
Posted by troy @ 05:02 AM (476 views) Add Comment
2 Comments
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1. Crunchy said...
Gold trading @ around $920.
I wonder where the money is going?
2. This comment has been removed as it was found to be in breach of our Blog Policies.