We know it's the end of the world as we know

I want to emphasize that I generally do not read dailykos - I have standards. I was led to the following quote by a link that I have since lost so I'm left, here, holding a faded mimeograph from the A-list blogosphere. Sigh.

According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. In a span of 2 hours, $550 billion was drawn out of money market accounts in an electronic run on the banks.
Rep. Kanjorski: "It would have been the end of our economic system and our political system as we know it."

That's a bit dramatic. Is this guy for real? Where might one hear confirmation? Well, one could in fact watch the original at C-Span. The Leader of the GOP seemed to enjoy it, while the elite liberal media has totally ignored the Kanjorski meme. Did Paulson and Bernanke go to Congress to scare the bejezus out of - say, what committee was that, anyway?

Capital Markets, Insurance, and Government Sponsored Enterprises
Led by Chairman Paul E. Kanjorski (PA), the subcommittee reviews laws and programs related to the U.S. capital markets, the securities industry, the insurance industry generally (except for health care), and government-sponsored enterprises, such as Fannie Mae and Freddie Mac. It also oversees the Securities and Exchange Commission and self-regulatory organizations, such as the New York Stock Exchange and the NASD, that police the securities markets.

Kanjorski sounds like the go-to guy when there's a run on the capital markets. Do we have a nutbar in charge of that subcommittee or is he telling a mostly straight story, lightly embellished for TeeVee, that's pretty much getting ignored? What's the third option?