Senator Chuck Schumer (D-NY) caused the collapse of IndyMac Bank by publicizing a letter he wrote to regulators predicting the collapse of the bank. According to The $4 Billion Senator in the Wall Street Journal online: Mr. Schumer now argues that OTS was asleep at the switch, and that blaming him is like blaming “the fire on the guy who called 911.” In fact, it’s blaming the guy who poured on the gasoline. Very few banks, if any, would remain standing for long in the current tense financial environment after a Senator, in effect, told its depositors to run for the exits. In the 1930s, such tipsters were derided as rumormongers and often faced indictment for encouraging depositors to stampede banks. Only last week, the Securities and Exchange Commission announced an investigation into the role of rumor-peddlers in the run on Bear Stearns. We somehow doubt that Mr. Schumer will receive similar SEC scrutiny for his very similar role in bringing about a liquidity crisis at IndyMac. But he may be more deserving.
He certainly is more deserving. Not only is Senator Schumer not remorseful for his reckless behavior he is actually proud of himself. The Democrats are actively doing everything they possibly can to destroy the US economy. Do the American people understand this? Could it possibly be true that the American people are going to give even more power to this destructive group than they already have? It’s time for people to wake up.
Observations from a conservative in a blue state. With a little help from my friends!
