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POPSWas There An Electronic Run On The Banks? $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.
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