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  • How Chuck Schumer Set Off a Bank Panic (and caused the economic collapse)

    03/29/2009 8:05:06 PM PDT · by Maelstorm · 38 replies · 2,241+ views
    http://townhall.com/Columnists/JerryBowyer/ ^ | July 15, 2008 | by Jerry Bowyer
    ...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...