HybridTalk's Thought provoking Blog

Democrat Senator Charles Schumer responsible for the run on the IndyMac Bank.

http://latimesblogs.latimes.com/laland/2008/07/fe
ds-cite-schum.html

An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.

Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision: "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.

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How is this possible? I thought Bush was responsible for all the failures in our country. The LA Times reports (as do others) that the blame is on Democrat Chuck Schumer.

Can we expect more of this from the Democrat run congress with the approval rating of 9 when they take the White House?