Listen to Rep. Kanjorski first:

The problem is, Rep. Kanjorski’s numbers don’t make sense. He says the money market accounts lost around $550 billion in an hour on Thursday “around Sept 15″ (the Thursday was actually Sept 18). At around the 1:08 mark, Rep Kanjorski says that if the Fed had not closed down trading, they estimate that $5½ trillion would have been drawn out of the money market system by 2 PM.

These numbers are far larger than anything reported in the newspapers from the following days, and larger than the known value of money market investments overall. For example, we have this report from RealClearMarkets from Sept 19:

Industry watcher iMoneyNet said investors pulled $224 billion from money-market funds in the seven-day period ended Thursday. On Wednesday alone, about $89 billion was taken out, and another $56 billion was withdrawn on Thursday, said iMoneyNet Managing Editor Connie Bugbee.