"Rep. Paul Kanjorski: A Run on Money Markets - Vast Drawdowns (Video)
Representative Paul Kanjorski (D-PA) begins to answer the question of why, out of the blue one morning, we found we needed to stave off a economic crises of monumental proportions."
The Capital Markets Subcommittee Chair, Rep. Paul Kanjorski of Pennsylvania, tells C-Span how the world economy almost collapsed in a matter of hours. 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 occurred over the period of an hour or two See video:Maggie's Notebook: Rep. Paul Kanjorski: A Run on Money Markets - Vast Drawdowns (Video):
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