Panic and the Economy

I'll just let this CSPAN video speak for itself but back in September of 2008 their was in fact a run on the banks here in the States and the Treasury shut down the electronic transfer of funds after pumping in $105 Billion to the banks when they found it happening. $550 Billion was drained out of money market accounts in one hours time and if the draw continued it would have collapsed the world economy. If they did nothing it could have amounted to $5.5 Trillion being drained out of our banking system that would have caused panic all around the world. Check out the video and what Rep. Paul Kanjorski has to say...

Video Link



I'm wondering if the Treasury investigated why there was a run on the banks electronically in such a short time span? That was the first question in my mind! Is the Congress investigating this. If they are not, then why not? If they are, then what did they find out? Or is this Congressional member full of crap? Or could the world as we know it really have ended on September 18, 2008? Two plus weeks before the election of President Obama and on George W. Bush watch, makes you wonder doesn't it?

As always, we follow the money and not the messenger... Thank you Memeorandum for the news tip!

Papamoka