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To: RushingWater
Yep, must have happened - doing a little google -

On September 19, the U.S. Treasury announced the establishment of a temporary guarantee program to protect shareholders of money market mutual funds—and on September 29, officially opened the program to eligible money market funds.

Source

39 posted on 02/14/2009 1:34:53 PM PST by RushingWater (You say Obama - I say Ayers)
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To: RushingWater

Only a guess, but I left the stock market early and parked the money in the MMAccount at the brokerage house I deal with - it’s a safe haven and earns interest. The brokerage house wants to make money on my money so puts it somewhere - MMMFs- to get interest for a while. I decided along the Sept 18 timeline - along with the multitudes - I want my money NOW. The brokerage house puts in their call to pull back money they have invested in MMMFs and suddenly you have electronic trades pulling out millions of dollars. Not sinister but as evidence, my brokerage house took the shelter of the temporary guarantee program, and I think I’m glad they did.


45 posted on 02/14/2009 2:07:01 PM PST by pacpam (action=consequence and applies in all cases - friend of victory)
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