Federal officials aren’t supposed to cause bank runs. In fact, much of the New Deal bank regulatory apparatus was set up for the purpose of eliminating such panics. When FDR was hit with a massive set of bank runs shortly after taking office, he gave an address in order to calm terrified depositors, assuring them that the banks would reopen shortly, and that everything would be fine. But Chuck Schumer is no FDR. He doesn’t stop bank runs; he starts them. Or, at least, has started one. The collapse of Indymac bank, the second largest bank failure in American history, began with a letter from the office of Senator Charles Schumer on June 27. He questioned the viability of the bank. When a senior senator who is in a number of influential posts regarding oversight of bank regulators directly attacks the confidence of a depository institution, it matters. Not surprisingly, the director of the Office of Thrift Supervision concluded that the collapse of the bank immediately following the Senator’s comments has not a coincidence. Director Reich concluded that Senator Schumer had ‘given the bank a heart attack’.
Why? Why would a federal official with enormous power, destroy an institution on which tens of thousands of depositors (not all of whom are insured) and employees depend? Why would a New York Senator attack a Pasadena bank, acting as some sort of amateur, self-appointed, long-distance bank examiner?
Perhaps this might help answer the question: Indymac has been under attack from the hard left. The Center for Responsible Lending issued an attack on Indymac within a few days of Schumer’s letter. CRL is part of a small army of left of center ‘research’ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers.
A suspicious person might think that a network of lefty attack groups proficient in bank bashing and frequently funded by trial lawyers and short-sellers, coordinated their activities with a law firm on the hunt and a Senator who works closely with the network.
http://www.cnbc.com/id/25654303Comments :
Between the PIAPS and Sweaty Schmucky Shoomer, I don't know who is the more dangerous piece of effluent to be sent to Washington by the State of New York.
I'd compare him to a sleazy mob lawyer, but I'd hate to besmirch the reputation of sleazy mob lawyers.
.............................
Why would Chuckie ''the Cheese'' Schumer cause a bank run? Because he is an arrogant ignoramous who thinks his personal power should be second to none and wants to preen before the cameras. Add this to his conspiracy with Wilson and Plame against the White House as two things which need an investigation.
..........................
Have you read the article? I didn't know about this until I read it here:
Perhaps this might help answer the question: Indymac has been under attack from the hard left. The Center for Responsible Lending issued an attack on Indymac within a few days of Schumer’s letter. CRL is part of a small army of left of center ‘research’ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers.
And there is more.
..................................
That makes sense, Schumer was a member of the maxist Congressional Progressive Caucus before moving to the senate.
.......................
Now Obambi can go out and rail against Big Oil, Big Finance, Big Everything. He'll tell us that we need to replace those Big's with Big Government, Big Taxes, and Big Brother. The Obambi Orgasm Festival (DNC convention) will have young girls swooning, mothers crying, and men clutching their emasculated chests clinging to every Hope and Change.
........................................
