An Electronic Run On United States Banks

Federal Reserve Board Chairman Ben Bernanke (C) is greeted by committee chairman Rep. Barney Frank (L) and Rep. Paul Kanjorski (R)

Someone attempted to end the world economic system as we know it according to Democrat Representative Paul Kanjorski of Pennsylvania. According to Kanjorski $550 Billion Disappeared in an "Electronic Run On the Banks." (see story)

At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains that on September 15, 2008 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.(see video)

"On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.

Money was being removed electronically.

The treasury tried to help with $150 Billion.

But could not stem the tide.

It was an electronic run on the banks

The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and collapsed and within 24 hours the world economy."

Up until now we have be lead to believe that it was the collapse of the housing credit market that was the cause of the world-wide economic crisis.

If Rep. Kanjorski, a Democrat, allegations are true why doesn’t President Obama tell the American people the truth about how we got into this mess instead of blaming the Bush administration and Republicans for the economic crisis?

And finally if Rep. Kanjorski’s allegations are true then giving more money to banks under a Democrat stimulus package is not the answer if someone is able to electronically withdraw billions to trillions of dollars virtually undetected and apparently immune from capture.