Free Markets, Free People
Can Someone Explain This To Me?
Supposedly, this video explains what took place behind closed doors with Hank Paulson and members of Congress to include Rep Kanjorski which caused them to throw $700 billion at Paulson.
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 occurred over the period of an hour or two.
Has anyone heard this story previously? If so, has there been any explanation of the “tremendous draw-down” offered?
If true, this seems like it may have been something other than a “bubble” which precipitated this crisis. I’m not normally a conspiracy buff, but this seems more than a little odd.