RIGHT BEFORE THE ELECTION OF PRESIDENT HUSSEIN: "A $550 Billion Electronic Run on the Banks"

This is un-frickin-believable. The financial crisis was deliberate, planned, staged. Who made the run? "Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know."

Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild  hat tip Cathy

Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.

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, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.

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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.

Kanjorski also explains why Paulson spent the bailout money differently than he originally proposed.

Some other gems from the recording:

It would have been the end of our economic and political system.

We would have had to spend 3 to 4 Trillion dollars to buy up all the toxic assets. But we didn't have that much we only had 700 Billion.

Without a banking system you don't have an economy.

We are no better off now than we were three months ago.

Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know.

More to think about. Somebody took a lot of money out of the banks.  A lot.

So where did it go?

Who to?

And who got it? When? And where?

 

Somebody knows. Those transactions have been investigated, and somebody knows. But they ain't talking, are they?

 

John Jay posits - there has to be a reason why:

--this hasn't been heretofore revealed

--why those who received the deposits haven't been identified

--why there is no explanation for their motives, and

--why this has just now been revealed.

 

The motive part is very interesting, isn't it?  Now, a person does no wrong, in and of itself, by taking his money from his accounts, perfectly legal, and absolutely unpreventable by any means other than the government shutting down or closing the market, as it did, to prevent/stop the run.

 

A run is a banker's term of art, and it is like a herd stampede, or panic, or a psychosis of a lot of people.

 

They say 4 or 5 trillion dollars could have been emptied out of the bank by the end of that business day.  Presumably, it could not have gone all to one entity, else that entity just could have gone back when the markets opened, and continued to withdraw funds.  So, if it were designed as action to induce a panic, it had to have been done in a way that the new would spread quickly, go "viral" as it were, to others holding funds or control over funds in similar banking institutions/markets.  So, the transaction had to be public, or at least traceable, because they had to be noticeable, and they had to instill a panic so that the run would continue, and people would be noticing what was happening and would move to preserve and protect what money they could access.

 

So, it wasn't silent.

 

It wasn't stealth.

 

Just the opposite.  It had to be noticed, to work, to induce the panic in the number of people required to induce the panic.

 

So, the people who do such things, who monitor who and where the orders come from, and who keep track of whose accounts the money is taken from, have to have been able to figure that out, and who was responsible.

 

Yet, they do not tell us.

 

Why?

 

They should be able to.

 

There is one more context.  People where really abuzz trying to stop this latest round of Obama legislation, and considerable heat was being brought to bear on this.

 

Obama & his minions choose this C-span broadcast/interview, complete with screaming put-upon lady, so that Rep. Kanjorsky (Democrat, Pennsylvania) can tell us all just how close we came to financial panic and collapse, no doubt to stir us to support for Obama.

 

Can there be any other reason for it.  Seems to me, you'd kinda want to keep a lid on it,just like everybody did.

 

Now, the other question that comes to my mind, is just when the Republicans went into the tank on the republic election.  It is too bad we don't have the collective memory to remember just when McCain officially threw in the towel, and whether it had any connection to this.  He most assuredly would have known.  Palin most assuredly would not have, in all likelihood.

 

The Wall Street boys knew.

 

The regulators, the Federal Reserve knew, and nary a boo, peep or squeak out of any of 'em, until now.

 

A Congress that can keep a secret?  Pretty unheard of in this day and age.  but, up til now .... .

 

So, why bust the news now?

And while I do not pretend to be on the inside of any of these nefarious machinations - it can't help but raise a red that the US treasury department, one week after nationalizing the banks, is giving seminars in Islamic finance and George Soros is buying our assets from the FDIC.

And WTF did Chuck Schumer know and when did he know it?

Look Who's Buying IndyMac Larry Johnson, American Thinker

The FDIC has just announced that a consortium of private equity and hedge fund firms would be buying IndyMac. IndyMac was an independent "bridge bank" spun off of Countrywide Mortgage in the late 90s.  IndyMac acted as a "bridge bank" to Fannie Mae and Freddie Mac.

New York Democrat Charles  Shumer precipitated the fall of IndyMac in May of 2008 by releasing "inside" information that the mortgage company was in dire financial straits. This disclosure created the initial "bank run" that is credited by many economists as the initial trigger that prompted the current mortgage crisis. The FDIC took over the operations of IndyMac in late summer of 2008.

So much for history. George Soros is in on the deal to buy IndyMac from the FDIC. Soros has a long history of making loads of money by first creating a financial crisis and then stepping in to grab up the bargains. Perhaps the most famous example of this tactic is "Black Wednesday," when Soros nearly sunk the entire economy of Great Britain through currency speculation.

George Soros has helped bankroll the campaigns of the Democrats in Congress who created this mess. Now, it appears, he is cashing in on his investment.

UPDATE: see Drudge headline: European Banks Sitting on 24 Trillion Toxic Assets

Comments

[Mish in California]

This is un-frickin-believable...you said it!!
what is going on here in AMERICA???
I am growing more scared every day!

We have to do something as a nation..while we still have time...

[brityank]

Thank you, FDR and RMN - both of them killed the Dollar and made sure we solely rely on the 'Full Faith and Credit' of the mis-named Federal Reserve Bank!

[Mongol in the Mountains]

Sounds like george soros.

He has money and a Lap Dog named Obama that he just put through obedience school!

[Ron Brown]

For the first time in my adult life, I feel I am standing on Jello. -Full Faith and Credit my A--.

[jj]

pamela:

it is an enormous sum of money he is talking about, some 4 trillion dollars.

we all must keep in mind, however, as a matter of very important context, that the economy of this great nation possesses a gross domestic product of nearly 14 trillion dollars @ year. that is 14 million million dollars in new wealth, new wealth, each year.

that is, every year, this nation produces another 14 trillion dollars of wealth, ... , in goods, services and product. if we have to, and we most assuredly have to, even 4 trillion dollars can be paid back.

it is a tremendous burden. but, we all had our fun, and now we all have to pay for it. it makes no difference if our fun was had responsibly or not, it is now time to pay the piper.

we can do it, is we keep a steady hand on the tiller, and if we keep cool heads, and if we do not panic. if we loose our heads, if we panic, ... , then all is lost. as benjamin franklin once said in another context, we must all hang together, or we shall most assuredly all hang separately.

john jay
milton freewater, oregon usa

[Logical American]

Time to find out who your real friends are. Can we get enough people together to sucede from the Union? It is becoming obvious that one party wants to enslave the whole US for now and all generations.

[Josef K]

Posted by: Mongol | Wednesday, February 11, 2009 at 01:03 AM

My thoughts exactly. Either Soros to help Obama as McCain-Palin was getting a good lead or some group of countries who wanted to cripple the US at a time when that country was about to be bombed like Syria was for the same reason Syria was.

If any of you needed the answer, you're either new here or naive. The answer is Iran-North Korea-Russia. Especially as Russia under Tsar Vladimir Putin was at the time smarting from the Georgia (nation-state) war of 2008 & scared of a Cold Warrior coming back and saying things like, "We are all Georgians now".

[Pamela Geller]

Arab Sovereign funds .........

[Kathy from Kansas]

I've been saying ever since September that this was all just too well-timed to NOT be the doing of Obama's buddy George Soros. Soros has always reminded me of Potter in "It's a Wonderful Life." What was it George Bailey said? That Potter was like a spider, just sitting there spinning his webs, pulling the threads, getting his jollies off of watching the whole world revolve around HIM.

Soros has long been open about his desire to "burst the bubble of American supremacy." And he's been very forthright about his belief that the most effective way to bring about social change is to provoke an economic crisis. Soros-watchers saw all this coming. Like any successful criminal, Soros had the means, the motive and the opportunity. He was simply NOT going to suffer a replay of the 2004 election, where he spent $25 million to put John Kerry in the White House and didn't get the desired result.

There's a very good article from American Thinker--published nearly a year ago: very prescient.
http://www.americanthinker.com/2008/02/george_soros_and_the_alchemy_o.html

[CHOI]

WHY aren't they TRACING the Electronic RUN TO DETERMINE WHERE IT CAME FROM, and GO AFTER OUR MONEY?

After that,IF Foreign Powers Have Committed an ECONOMIC ATTACK on us,.......WE MUST HIT BACK HARD!

Whatever and Whomever DID THIS to us,MUST PAY THE PRICE!

The ONE Thing NOT To Do is say "OH,Well".

[flyingsongster]

Pamela,
I was reading a news source several months back when it occurred, and the movement came from the Middle East and London. I wish I could recall where I read it...If you recall, Cramer had speculated that the problem in September could have been economic terrorism. I might have read it on the "Daily Reckoning" site where the members talk..As you know we owe money to England, Middle East, China and Japan, not necessarily in that order. It is apparent, that China and Japan would not start a run on our banks because their economies would not have benefited. From there it is easy to put 2 and 2 together. It is just what you think.
Soros also singlehandedly took down the Pound...
Russia would not have done it because Russia has been suffering as a result of the same event. It would not have been some of the more notable players in England, because England is also on the verge of collapse. So Soros, and the Saudi's and the tracked funds that moved that day, is where the answer lies. There was a another country mentioned...

heck I will see if I can find it. and get back with you...

[flyingsongster]

Here is a quote from an article regarding economic terrorism written in October..

http://www.nationalterroralert.com/updates/2008/10/16/economic-terrorism-is-the-stock-market-being-manipulated/

It is most likely that the shortselling described below triggered the run on the banks. Given Soros theory of reflexivity, this type of prior action would have done the trick, since the money run would have been too big for even him to handle.
So we have what I said. The Middle East and London.

The following is excerpted from that article, referencing the musings of Mr. Besecker:

“He [Joe Besecker] raised an intriguing issue: None of the many hedgies he knew were pressing their bets recently. The bear raids on the banks and brokers were NOT a case of piling on by US based hedge funds. And from what he was seeing and hearing about in terms of order flow, the vast majority of the financial short selling the past week or so were being done overseas. It appears that the lion’s share of shorting was coming out of overseas bourses such as London and Dubai.It may not be a coincidence that the financial short selling ban is both here and in London.

[josh hadov]

Soros is mostly retired. Not sure if he has that kind of money anymore in his fund, which is populated by Americans, who might be distraught had he done this.

The only source and only lack of conscious is arab oil money, whether Saudi or Dubai, or like wise. Maybe they knew about the bad mortgage debt. Maybe they wanted to prove to Bush that they own America.

At a minimum, the so called honest and open Obama, who must know about this, has said nothing.

And there is going to be major inflation, as the us prints trillions of dollars.

To bad Obama's first loyalty is to Islam, and not the US.

By the time he is through, America will look like England or Holland, gun control, hate speech laws, a special place for Muslims, control of the Health Industry, subjugated to the UN, subjugated to International organizations and agreements, etc. ad nauseum.

Goodby America, been nice knowing you.

[tazzerman2000]

I'd been saying this for MONTHS!! Really.. Just ask ANY of my friends. The timing of EVERYTHING was very suspicious to me AND I had even gone so far as to speculate about where Soros was in all of this..

It's ALL just to fucking convienient.

I'm NOT one for big concpiracy theories but EVERYTHING I've seen and/or read has pointed to this whole econommic meltdown being orchestrated but SOMEBODY somwhere.

[dailywarren]

That's it. The $550B is the keystone. Find out who withdrew it and it's the story of the century. And YOU'RE breaking it!!!
Way to go. We've been waiting for this.

[arianne]

when I heard about the electronic runs on the banks on the cable news over the summer, I thought it was a well planed and created hoax , I believed that the funds would be put back at the opportune time to reinforce the Messiah image. We shall see .so happy this has finally been brought to face the light of day.

[jodyo]

Pamela,

Go to warroom.com and listen to the 2nd hour of today's show (2/11.) Jim Quinn played a clip of Kanjorski, assuming that a group of people all withdrew their money from Money Market a/c's, accounting for the electronic run that was described.

He received two phone calls shortly after playing the clip. The first was from a woman in OH who had funds stolen from a large Money Market a/c on 9/18 used for paying bills for a contracting co. The second call came from a doctor's wife in upstate NY who used a Money Market a/c for paying taxes and other bills associated with her husband's practice. There was $ 100,000 stolen on 9/18 from her a/c.

Both these a/c's were frozen and neither of these people have yet had their funds returned in full.

[dlc]

Could be it's time to drop both non-representing parties and empower the Constitutional America party! There would have to be a overthrow to do that.

This money draw out, was said to possible include other countries, which would make sense. Those "illuminati", Bilderberg Group or the other names that stand for the "secret society" are digging their prongs in deeper ~ could it be Soros is just a 'go to man' for them?

The real goal: World domination - awaiting their soiled prince of the air.

[ivantheyidfrombradford]

Correction to flyingsongster. The financial short selling ban in the UK was lifted mid-Jan by the FSA (Financial Services Authority) Gordon McStalin Brown's pet financial regulation authority. Many observer's were puzzled by this decision. It was immediately followed by a sharp fall in share prices at Barclays Bank, one of the bank's that has said it doesn't need Govt money to carry on trading. Barclays is a competently run bank, announced £6Billion profits this week.

[Is it me?]

This is starting to look all too familiar.
Gordon Brown *didn't see the economic melt down coming* (yeah, right!)
Then there was an article quoting Soros' partner Jim Rogers saying warned investors they should dump the pound.
http://www.dailymail.co.uk/news/article-1123304/sterlings-finished-says-Soros-partner-pound-plunges-new-low.html
If they get rid of sterling and the dollar, what are they going to use for currency.
This all stinks to high heaven. It's a ploy to get everything into the hands of government (like Stalin). Take note of what has been going on in Britain. You're next.
He's only been in less than a month, can't you impeach him yet? He's a danger to you.
Good Luck

[barrypopik]

No surprisse here. I told Atlas at the time that I believed the market was being manipulated by some major players/countries. George W. Bush did us a disservice by keeping quiet about the attack. Evenutally, someone will talk. But it's too late.

[Brooks]

This caper had to be a conspiracy. The congressman presents it as if it were a software program gone wild.

I smell Hungarian goulash. Naw, even Soros couldn't pull that off. An attack such as this could even be interpreted as a crime and election tampering if done by an American citizen.

Someone knows the answer and we must now find out who!

[seeteufel]

Stop dreaming! Forget Soros, he does not have anywhere nearly that amount of money.
Russia is almost broke, the rouble has hit the bottom. Iran does not have enough cash to pay its fuel imports, England is as broke as Russia and the only hope the gulf Arabs have of holding on to their wealth is to hold on to the dollar for dear life. There was only one group in the world last September who had access to that amount of cash and that was your good friend, the American banker. The net result was that they got an immediate unlimited injection of cash without any questions asked. If it ever does come out in public all they have to say is that they were acting on instruction from their "clients".

[flyingsongster]

I believe we had movement from more than just Dubai...London...So figured I would just say it here...

Pamela--here is one more article which names Lawrence Summers, Geithner et al. It describes what happened in Korea. What is happening here has happened before around the world, and the same players are there. Again Goldman Sachs and the major banks. What needs to be added to the “speculation” of who was behind the economic collapse? One needs to include certain key figures within our own government. In all probability, the final answer will be this.

1. The short selling was engineered by London, Dubai and US large investment firms in collusion with the Secretary of Treasury and the Federal Reserve and Geithner of New York.
2. Through these stock market manipulations– Wealth was transferred from American and other stockholders into a
“private fund”. This is still happening. Some people have lost over 80% if not all of their investments in 401K’s. etc.
3. The bailout, was based on the perception of the public of
an economic collapse. The money literally “taken” from stockholders, was the money that was “loaned” to the banks–which was basically a redistribution of wealth. This first redistribution, was to the same firms which colluded in the
ruse.
4. Obama has maintained the same players who “started the fire in other countries” to “put out the fire in ours”.
5. The continued degeneration of the market has been engineered to redistribute “real wealth” into government programs.
6. Obama’s prior meetings with Goldman Sachs, Summers et al, shows that he was already in the loop and scheduled to be the President.
7. The US, does not have the “real debt” that is being mentioned because trillions have literally been “stolen” from small investors.
8. Larger investors went into gold, not long ago. I don’t have a prediction here. Gold will also probably fall..because a lot of smaller people are using it for the last “hedge” but it is unreliable==yet better than stocks, for now.

http://www.globalresearch.ca/index.php?context=va&aid=10860

[reliapundit - the astute blogger]

the cia did it.

to elect obama.

[kobi]

brother can you spare a mortgage prime?

[ender]

the RNC ended on Sept 4th. after the weekend McCain/Palin pulled ahead in the polls (about 9/8-9/10). Then on 9/15, monday morning they hit. McCain, puts his campaign on hold and heads to DC later to work on the bailout.

Obambi says "I'm busy, call me if you need me". looks like he was busy counting his money.

of course it could all just be a coincidence. right?

[pythagoras]

Jihadist infiltrators in America and the worldwide banking system almost certainly were the ones who had a hand in this illicit electronic drawdown of bank funds.

Ousamah bin Laden himself in 1998 ordered Muslims to "plunder American money whenever and wherever they find it." Some Muslims may well have used electronic technology to attack the US economy to comply with "God's order" to kill the Americans and "plunder their money whenever and wherever they find it."

ps--the CIA knows better than to do something like this. They want to get their money for their work. If the US runs out of money they don't get paid. This could NOT have been done by an American other than perhaps members of the enemy fifth column that has existed on US soil for a number of years now.

Oh. And don't call Obama--no one needs HIM.

[IndieJones]

There is a documentary on YouTube called
THE MONEY MASTERS. It's in 22 parts. It explains the history of the international banks that control everything. It explains the creation of the FEDERAL RESERVE and the private interests who own it....the crash of 1929 and who was behind it....it explains why one of the
International Banking Families would spend 20 million dollars to defeat the Czar of Russia ( big profits in communism/socialism).
This documentary is very relative to what is happening now.
Of special interest is: part 14 at the 5:12 mark....and part 15.( each part is 10 minutes long).

http://www.youtube.com/watch?v=D2ZkRWj0fEY

[IndieJones]

Oops. This is the link for chapter 14.
Watch at the 5:12 mark.
http://www.youtube.com/watch?v=681l4uxoKeg&feature=related

[Mark]

Here's a video from Fox News on September 15:
http://redirx.com/?sq4o

I think that explains the bank run.

[JCL154]

I would bet on Soros, he already said he wanted to buy the US. Looks like he has a lot of our politicians already. Also, I am extremely disapointed with Bush, he should have told us. It might have saved us from The one, but probably not, too much white guilt in the population.

Pamela great story, thank you!

[Don B.]

What about the stories a few weeks back about the world bank being hacked and someone had full access to all their files? It happened several times over several months and didn't make any news untill some time later when they got rid of their IT protection provider from India. I also recall an article on american thinker or some place that said sorros wanted stuart smalley in minnisota because the incumbent republican messed with his billionaire UN money laundering friends when he sat on some oversight committee or something like that. The layers of deception in the global hedgefund markets leave most questions unanwered.....Some one is playing monopoly on a global scale and showed our goverment that they own us big time.....

[Don B.]

If I remember right one of those articles about the minnisota repulicans also stated that Sorros wanted an old UN buddie of his appointed the new head of the world bank and he was the one the rep from minnisota outed in his investigation. I suppose he figured BHO would come in handy to push americas influance to tip the scale in favor of this mans appointment. The UN is a house of snakes and crooks. Has been for years....

[Logical American]

I have on my computer a very long blog page back in Sept where money managers were talking about hedge funds and roles of the Ford and Rockerfeller Foundations and their selection of the closet communist Barack Obama's mom. There is a family photo of his mother, she has the communist youth league initials on her dress. They discussed how Ann had been trained in the foundations and how little Barack was the chosen one, but had to avoid being tagged as trained by the Communist apparachic.

Basically, the hedge fund managers are calling the shots and right now we are witnessing the bold theft of money and wealth from the US taxpayer who is helpless to resist. What can you call it? Government theft.

The only solution is to replace dishonest government with honest government. Isn't it amazing, how it always keeps coming down to have a moral upright character?

The US citizenry needs to realize the crimes being perpetrated against them, then unite and decide how to fix this problem.

But first of all, we need to find out who is trustworthy.

[rrgg]

LAST JULY, some Russian minister made a statement that the US will experience a crisis of its existence. That's quite a prediction.

[Polymath]

Logical American, can you post the blog about which you speak? Or give the URL? Something?
Please.

[Van der Leun]

Salmon @ Portfolio.com makes the case that this is not at all what it seems:

"Kanjorski and the Money Market Funds: The Facts

With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts.

http://www.portfolio.com/views/blogs/market-movers/2009/02/11/kanjorski-and-the-money-market-funds-the-facts

[We]

If you saw "Face The Nation" after the election you would have seen-heard Colin Powell talking about Obama and you would have heard him make this statement"There's going to be a crisis in Jan. that he'll have to deal with that we don't know about yet..."

Now how could he say that if he didn't already know?? Same with J.Biden ...

They created this whole thing,planned it and are executing it and we're going to pay for it..

Here's a article that struck truths to me.

"Barack Obama and the Strategy of Manufactured Crisis"

url: http://www.oilforimmigration.org/facts/?p=602

" America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again.

Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama’s connections to his radical mentors — Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others. David Horowitz and his Discover the Networks.org have also contributed a wealth of information and have noted Obama’s radical connections since the beginning.

Yet, no one to my knowledge has yet connected all the dots between Barack Obama and the Radical Left. When seen together, the influences on Obama’s life comprise a who’s who of the radical leftist movement, and it becomes painfully apparent that not only is Obama a willing participant in that movement, he has spent most of his adult life deeply immersed in it.

But even this doesn’t fully describe the extreme nature of this candidate. He can be tied directly to a malevolent overarching strategy that has motivated many, if not all, of the most destructive radical leftist organizations in the United States since the 1960s...."

The Cloward-Piven Strategy of Orchestrated Crisis:

"In an earlier post, I noted the liberal record of unmitigated legislative disasters, the latest of which is now being played out in the financial markets before our eyes. Before the 1994 Republican takeover, Democrats had sixty years of virtually unbroken power in Congress - with substantial majorities most of the time. Can a group of smart people, studying issue after issue for years on end, with virtually unlimited resources at their command, not come up with a single policy that works? Why are they chronically incapable?.."

Read The Rest Of This Articlle Here-
The Betrayal

"Barack Obama and the Strategy of Manufactured Crisis"

url: http://www.oilforimmigration.org/facts/?p=602

[Tomas Estrada-Palma]

I tried to warn you about these things but the bankers said I was a kook.

[SnoDad]

There is a good update on this. They even have a link to the full congressional research report that substantiates this - http://www.capitalismgonewild.com/2009/02/update-rep-kanjorski-on-550-billion.html

[DeepThroat]

Believe me, I'd love to pin this on Soros and/or Obama and a deep conspiracy but it wasn't. It happened because The Reserve Primary Fund in New York, which had $65 billion in assets "broke the buck." The first time in ever happened in history (MM funds are managed to have a stable share price of $1). As a result money poured out of MM funds into Treasuries at a historic rate. It drove the return negative which meant basically people were paying the government to hold their money to keep it safe. Here is an article from the time: http://latimesblogs.latimes.com/money_co/2008/09/the-credit-cris.html. There are plenty of them from around the time to show what I am saying is correct. I know because I watched it happen.