Posted on 03/29/2009 8:05:06 PM PDT by Maelstorm
...FlashBack So why a 30s style bank panic now? Why Indymac?
Because the left hated them. Indymac has been in the crosshairs for some time. The trial lawyers started going after them about a month ago. Not long after that, Schumer started sending letters to regulators attacking Indymac, questioning the financial viability of a bank which he had never examined. Neither Schumer, nor any of his staff even bothered to contact Indymac with any questions. Unsatisfied with the response, Schumer leaked his letters to the press. The local paper in Pasadena (where the bank is located) played along, and ran the story with a headline strongly suggesting insolvency. Of course, the next day depositors lined up at the door and started withdrawing money. Over the next 11 days, $1.3 billion came out. Indymac, just a regional bank, could not stand that kind of tsunami and it was forced to close its doors. So far about half their workforce has been laid off; and roughly 10,000 depositors are without full insurance coverage for their lost deposits. The shareholders have lost nearly everything.
While Schumer was writing his letters, a left of center ‘community’ group named the Committee for Responsible Lending was preparing its own attack on the bank. The same week as Schumer’s leak, they released material to the press accusing Indy of mistreatment of minority applicants. There are literally hundreds of small activist ‘public interest’ law firms, ‘community’ activists, think tanks and advocacy groups around the country that make their living attacking mortgage lenders. These groups label bankers racist if they hesitate to lend in neighborhoods in decline or to minority applicants with spotty credit histories. If the banks then decided to approve the loans, but charge a higher level of interest to compensate for the higher level of risk, then these groups accuse them of ‘predatory lending’. If the banks are proven right, and the borrowers refuses to repay the borrowed money, then the banks are smeared for their ‘greed’ in making the loans in the first place. The Committee for Responsible Lending is a sort of umbrella organization for these groups. Large donors can donate to the cause by donating to CRL and letting them spread the money around.
Well, they went after Indymac, and the result is the second largest bank failure in US history. Of course, we’ll hear a lot about ‘greed’ this week, and we should. But whose greed? Schumer’s greed for power? Community activists' greed for shakedown money? Trial lawyers greedy for huge class action settlements? Hedge fund managers who write big checks to these groups and the Democratic Party (including Schumer’s Democratic Senatorial Campaign Committee) and then turn around and make mountains of money shorting mortgage paper? No, we’ll hear about none of the above from most in the media. The real culprits will have gotten away with it, and the victims will bear the blame.
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The Democrats not only set up this mess this man flipped the first Domino.
This guy would be the one I’d put first on the list. Plenty to follow.
It set up George Soros to take over IndyMac and allow him to make billions of dollars more off of U.S. citizen’s backs.
About time someone started talking about this fact!!!
Quick somebody check for possible donations to Chucky from George Soros and MoveOn.org Last week Soros and a group of private investors bought IndyMac.
just another reason to despise that p.o.s.
www.dumpchrisdodd.com and
www.rejectreid.com
there are many colorful domain names waiting for imaginative activists!!
Get to work now.
Yes it did and no one is talking about it.
This would be a Pulitzer prize winning blockbuster of a story if Schumer were a Republican.
Makes Watergate look like a college frat prank.
IndyMac was taking market share away from JPMorganChase and Citigroup. This was an orchestrated hit. IndyMac never knew what hit it. It had no lobbyist in Washington and no PAC.
And Old Lizard Face is one of the more prominent arms prohibitionists too.
we need to get this stuff out there
the truth is probably even more sinister and downright criminal
this needs to be investigated...
ChessExpert, I remember your post dated March 12th:
This is key, my FRiends.
This is the reason that Marxist Obama is doing such a Crazy Ivan.
He wants to push us into the Full Hugo before peeps wake up and smell the re-education camp.
The alleged "stimulus" package is a fine example. The last thing they wanted was a debate, or even hesitation.
Obama's entire "change" plan for us depends on his own Stalinistic surge; and if it's delayed, he's lost the element of surprise.
Perhaps some, you know Republicans in Congress might address this some day.
Nah.
.
ping
bfl
A BETTER place to look at would be how many MAKED SHORT SALES were outstanding on Indymac in the days leading up to the IndyMac collapse...
Never trust a guy who looks like he had a lead role in “Who Framed Roger Rabbit.”
Chucky seen here fresh from his starring role in “Who Screwed the American People (Again!).”
Thanks!
Boy, he sure looks like he likes his fudge, from that photo.
Democrats are slicker than Republicans and have more sway over the press. They don't make their involvement too obvious and the media then looks the other way, guaranteeing they get their way.
Indymac was growing too fast and didn't give the Dems their expected handouts. Down they go, there will be no independence in this economy.
btrl
Charlie's boyhood pal. Only his pal knows for sure!
Heaven help us! He's still at but has changed his "pals"!
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Here's the "Heaven Help Us" photo of the life time, with Zer0's appointment to lead GM going forward.
One can only note that MM is more efficient than Charlie, as he uses both his finger and his thumb.
"As Democrats, we are ALL "above the law"."
Maybe he did not get any kickback money from the bank, so he attacked the bank...
Gotta greaze those sweaty palms of Chuckie Cheeze Schumer...
After all, that is what "Palm Sunday is all about to Chuckie Cheeze Schumer -- getting money into his greazy/sweaty palms...
Thanks. Very sobering.
Have you knowledge of a counter strategy to Cloward-Piven?
Or are we just going to have to bend over and take it?
They need money to dole out welfare. Tax money. Especially now.
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