Seed of Chucky

So what caused the sudden closing of IndyMac this past Friday? According to OTS it was none other than a friendly letter from our favorite Senator from New York (no, the OTHER favorite):

The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.

Here’s my prescription for the ailing economy: STOP listening to Democrats. If you don’t think Schumer was more than a little happy at causing this bank run… you don’t know Chuck. Panicking impressionable Americans in an election year so as to pave the way for a Savior who will ride in and “solve the economy” (as Barry so eloquently put it) is par for the course when it comes to Democratic strategy.

If you are worried about the economy, do yourself a favor… turn off CNN and C-Span. Take charge of your own situation — scary as it may seem to you at the moment — and stop giving your power to politicians and pundits who have anything but your best interests at heart. You will get through this rough patch and you’ll be much happier in the long run.

If you insist on reading a newspaper, I would suggest getting your hands on older ones from times past when we have had economic slowdowns. Look at the headlines and the dire predictions of the time and observe how many of them actually came true. Also observe who it was that made those predictions. You may just find yourself coming face to face with the real enemy…


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