Saturday, July 12, 2008

Next time Chuck, better to shut your pie hole!

The seizure of IndyMac Bancorp by Federal regulators yesterday afternoon was a result of a bank run by depositors. How did this run start. Well, Senator Chuck Schumer (D-NY) commented publicly that the bank was insolvent and the regulators should take it over. When you're a prominent Senator on the finance committee, every word you say has ramificaitons. Now, your stupid comments caused a bank run.

Perhaps next time he opens his mouth, he should have to put $200,000 in each bank he mentions by name. That should help.

No comments: