MSM blaming Sen. Schumer for "run on IndyMac"- what's this?

[npincus]

I missed this one... what does Schumer have to do w/IndyMac's failure?

[mwb970]

1. He's a Dem. /nt

[npincus]

2. there must be more to it than that... how did he cause a "run" on the bank?

That's an awfully big load to lay on someone.

[SpiralHawk]

3. He didn't. Republicons first response to one of their innumerable FAILS

is find someone else to blame for it.

You know, republicon 'family values.'

Ptooey.

[Trekologer]

4. Oh you mean you didn't know?

He forced them to make bad loans. Then he forced those who took out the loans to not pay them back. Oh and if it wasn't for that librul waste called the FDIC going in and takin' over, there wouldn't have been any runs on the bank.


</sarcasm>

[MannyGoldstein]

7. It's BS. He Wrote A Letter To The Oversite Folks...

... asking them to do a better job of policing IndyMac. He released the letter to the public. The theory is that the letter triggered a run on IndyMac.

Chuckie Schumer can be rightly accused of many things - in general, he'll do *anything* the Predator Class asks him to do, e.g., work hard to keep taxes vanishingly low for hedge fund managers. But accusing him of causing the bank's failure is simply shooting the messenger.

[meegbear]

5. Form (ick) Fox News ...

Brit Hume's Politcal Grapevine ...

Democratic Senator Charles Schumer of New York is defending himself against allegations that he is to blame for the collapse and subsequent government takeover of mortgage lender IndyMac. Schumer is a member of the Senate Banking Committee.

On June 26 he sent a letter to market regulators expressing concern about the solvency of the bank, saying, "The regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac." Schumer then publicly released the letter.

In the 11 days that followed, depositors withdrew more than $1.3 billion from IndyMac, leaving the bank unable to function.

But Schumer denies that he is at fault, saying, "The regulator here was asleep at the switch. The administration is doing what they always do, blaming the fire on the person that called 911."

http://www.foxnews.com/story/0,2933,382321,00.html

[malaise]

6. Check this thread

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3604631