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$550 Billion Disappeared in "Electronic Run On the Banks"

1 decade 5 years 8 months 4 weeks ago

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.

(another perfect candidate for our missing economics channel)