Daily Kos: State of the Nation: US was 3 hrs away from economic collapse: "According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. In a span of 2 hours, $550 billion was drawn out of money market accounts in an electronic run on the banks.
Rep. Kanjorski: 'It would have been the end of our economic system and our political system as we know it.'
Kanjorski's bombshell begins to detonate at roughly 2:10 into the video."
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This C-SPAN interview with Kanjorski is absolutely astounding. I'd like to know just how a gigantic run on the banks of this nation occurred. Who started it?
2 comments:
Well, I guess nothing Rep. Kanjorski says should surprise anyone. "Astounding," if you believe him. I have a difficult time believing any elected official who has allowed the horrors of some CID's to continue, in his own district, and do absolutel nothing! Mr. Kanjorski is well aware of what many of these boards and their associates have done in the way of fraudulent activities, terrorizing, lying, harassment, illegal, unjust foreclosures and especially, the targeting of vulnerable populations, to steal. What has he done? NOTHING THAT I AM AWARE OF!
ps. He has known all this for a very long time, but, I guess it is not his job, either, to do anything.
Indeed an astounding account that I hadn't heard of until now. But when one considers some money market funds were in danger of "breaking the buck" -- falling below the $1 per share valuation floor -- last September, that fact alone could trigger a tidal wave of withdrawals.
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