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Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
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 occured over the period of an hour or two.
VIEW VIDEO AT:
http://www.youtube.com/watch?v=_NMu1mFao3w