merrie says: $224 billion in 7 days is a huge sum of money, but it’s nowhere near the $550 billion in an hour reported by Rep. Kanjorski. RealClearMarkets further reports the size of the total money market investment market: Assets of institutional money-market funds dropped by $173 billion to nearly $2.2 trillion over the seven days ended Wednesday, while assets in retail money-market funds grew by nearly $4.3 billion in the same period to $1.2 trillion, according to the Investment Company Institute. According to this report, the total of money market investments, including both retail (personal banking) and institutional (banking by pension funds and investment banks) markets, comes to $3.4 trillion — less than the $5½ trillion Kanjorski claims the Fed estimated was going to be lost. RealClearMarkets’ numbers are confirmed by the New York Times report from Sept 19, the Friday after the Thursday events Kanjorski describes. . . . Beyond that, the run was apparently primarily among institutional investors, and primarily aimed at money market mutual funds, which means the total market size was only about $2.2 trillion, less than half the size of the loss Kanjorski reported. Salon.com notes the discrepancy, and notes as well that Rep. Kanjorski is one of the Democrats from the House who voted against the House’s version of the recent stimulus bill. Meanwhile, Sweetness and Light actually believes the run on the banks was the result of a Democratic plot, and asks “Does anyone know what Mr. Soros was doing that day?” [url=http://sweetness-light.com/archive/550b-lost-in-electronic-run-on-banks]$550B Lost In Ele... |
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