I’m sure you’ve all heard by now how the Feds took over IndyMac Bank this past weekend, no thanks to Senator Chuck Schumer (Demo☭rat-NY), who released a letter which caused a $1.3 billion bank run over the next 11 business days. Schumer turns around and blames, of course, the Bush Administraiton for falling “asleep at the wheel.”
I’d be looking more at just how much funding Congress allocated to the FDIC over the last few years. Also, was the FDIC already on IndyMac’s case, slating it for a takeover, when Schumer let the cat out of the bag? In any case, there is no doubt in my mind that the senior Senator from New York caused the bank run, no matter what kind of spin he puts on it.