$550 Billion Dollar Bank Run!

[Docfeelgood]

http://www.youtube.com/watch?v=-xKPcyvlfnc

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.

If this is true it would explain a few things.

[The Mad Monk]

I heard about this. Who pulled the trigger?

[Berzerker]

the collapse of Lehman I heard, that started a run on money market accounts

[Elok]

Y'know, if you have the $ sign you don't need to say dollars too. It's repetitively redundant.

...just my neurosis talking. Carry on.

[Thue]

Perhaps he is talking about square dollars?

[Darius871]

http://www.youtube.com/watch?v=-xKPcyvlfnc

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.

If this is true it would explain a few things.

Can you condense all of your next-great-depression crap to one thread please?

[Kuciwalker]

Perhaps he is talking about square dollars?

Do vending machines accept those?

[The Mad Monk]

Can you condense all of your next-great-depression crap to one thread please?

Why? So it can be buried under more crap?

[DanS]

I thought this was old news? Yes, the money market collapse was what freaked everybody out. The money markets are how corporate America funds its short-term money needs. If those markets cease to function, everybody is out of a job within a month or two.

[One_more_turn]

9/18 was the run on money market fund;

10/6 - 10/10 was a general run on European banks;

10/24 was a run on emerging Asian banks;

11/20 was the run on Citibank;

1/15 was the run on Bank of America.


We are witnessing history in the making. If we survive this round and some youngster whines about market going down 20% in distant future, we will be able to proudly claim that we made it through the Great Crash of 2008.

The only time I felt panic was on Sept 29, because if the Congress had refused to pass the TARP, confidence in banks would have been gone and a general run on ALL banks would have ensued.