Chuck Schumer causes bank run?

IndyMac Bank was seized today by federal regulators. Federal regulators are good at that, seizing things I mean, since they’re not much good at anything else. The neocons at RedState seized on the idea recommended by John Reich, director of the Office of Thrift Supervision that Senator Chuck Schumer was to blame for spooking depositors into a run on the bank. Leave it to the phony conservative crowd, just a smidgen more economically intelligent than the progressives, that was cheering on the economic wonder of “war prosperity” under the Bush administration to take the word of a typical useless bureaucrat that takes offense to anybody being more spookier that he. Especially when he was trying to hide the spooky truth from the people. FDR Schumer may be an economic wrecking ball but I don’t think his letter can be blamed for the ultimate demise of IndyMac. Practically everybody who was paying attention knew this was coming for some time now. ShareThis