Rep. Paul Kanjorski C-Span tells us why there was a need for the TARP and why they could not tell what the "abyss" that they kept referring to.
Here is an excerpt from the video.
On Thursday at about 11:00 am, the federal reserve notead a tremendous draw down of money market account to the tune of $550 billion was drawn out in a matter of hour or two. The treasury opened it's window to help. They pumped $105 billion into system and quickly realized they could not stem the tide. We were having a electronic run on the bank.......
It would have been the end of our polictical system and economic system as we know it...."
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