Rep. Paul Kanjorski (D) PA, 11th District, Capital Markets Subcommittee Chair

The Liberty Voice Transcript Service
C-SPAN January 27, 2009

“I was there when the Secretary [Paulson] and the Chairman of the Federal Reserve came and talked with members of Congress about what was going on. … Here’s the facts. We don’t even talk about these things. … On Thursday [9/18] at about 11 o’clock in the morning, the Federal Reserve noticed the tremendous drawdown of money market accounts in the United States to the tune of $550 billion was being drawn out in a matter of an hour or two. … We were having an electronic run on the banks. They decided to close down the money accounts and announce a guarantee of $250,000 per account [to reduce panic]. If they had not done that, their estimation was that by 2 o’clock that afternoon, $5.5 trillion would have been drawn out of the money market system which would have collapsed the entire US economy, and within 24 hours the world economy would have collapsed. It would have been the end of our economic and political system as we know it.”

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