Its scary to think that funds moved around the world by hedge funds and foreign governments can be withdrawn from the US system and collapse the economy in days. Pimco's Bill Gross refers to it as the "shadow banking system" on his website. In September 2008, UK Northern Rock Bank, Washington Mutual, Hong Kong-based Bank of East Asia all had a run on the bank resulting in the collapse of the first two.
Representative Paul Kanjorski:
http://www.youtube.com/watch?v=-xKPcyvlfnc
Bill Parish:
http://www.youtube.com/watch?v=WshxmT3Fawo
Sunday, February 1, 2009
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