Congressman Kanjorski discussing "the world economy would have collapsed"

Here is the link (wait out the irate caller, the good stuff comes at about 2:20 in the video): http://www.youtube.com/watch?v=_NMu1mFao3w

The text of the comments:

On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous
draw-down of money market accounts in the U.S., to the tune of $550 billion was
being drawn out in the matter of an hour or two. The Treasury opened up its
window to help and pumped a $105 billion in the system and quickly realized that
they could not stem the tide. We were having an electronic run on the banks.
They decided to close the operation, close down the money accounts and announce
a guarantee of $250,000 per account so there wouldn't be further panic out
there.If they had not done that, their estimation is that by 2pm that afternoon,
$5.5 trillion would have been drawn out of the money market system of the U.S.,
would have collapsed the entire economy of the U.S., and within 24 hours the
world economy would have collapsed. It would have been the end of our economic
system and our political system as we know it.

We are no better off today than we were 3 months ago because we have a decrease in the equity positions of banks because other assets are going sour by the moment.