How close our financial system came to collapse on September 18th, 2008.

[Swing low, sweet chariot. Comin' for to carry me home.]

http://www.liveleak.com/view?i=ca2_1234032281

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The Treasury taking quick action to guarentee money market funds on losses up to $50 billion arguably saved our financial system from a devastating collapse that day.

No wonder Paulson looked like a wreck that day.

yep, they "broke the buck"...we were a couple of days away from not being able to withdraw money from ATM's.

[Swing low, sweet chariot. Comin' for to carry me home.]

This rumor has been thrown out numerous times in numerous media outlets, but I've found it to not hold much water.  I do suspect that Paulson used it as a fear threat for TARP passage.

you've got the whole thing backwards...they broke the buck at 97 cents...which means people in money market funds could only get 97 cents back for every dollar...which is why there was a run on money market accounts...and since money markets fund corporate paper, the economy came to a screeching halt...which is why Paulson went to Congress.

there was no conspiracy among media outlets.