Over the weekend I came across an enlightening video over at Live Leak:
In the video, Rep. Kanjorski discusses the happenings surrounding the Lehman bankruptcy and the Reserve Funds breaking the buck. He tells us that back in mid-September over $500 billion was withdrawn from money market fund in an hour’s time and that $5 trillion would have vanished had the Fed not acted to “stem the tide.”
Who withdrew the funds? Where did the money go? From which institutions? Why are we just hearing about this now? Don’t we, the taxpayers ultimately footing the bill, deserve answers to these questions?