Wednesday, July 16, 2008
Schumer In Hiding Over IndyMac
What price is being paid by Cluck? What censure or criticism are his colleagues and supporters applying toward him? Would Democrat politicians be as silent if Schumer's letter that resulted in IndyMac's collapse had been written by a Republican Senator, say Minnesota's U.S. Senator Norm Coleman or Maine's Sue Collins, both up for re-election this year and in the crosshairs of the Democrats?
Are those of you who read my blog, who are Independent and who sometimes lean Left when it's time to vote, beginning to see how Democrats - just like Schumer - create a mess, walk away from it, are not held accountable and leave the clean-up for others to deal with?
It would be hyperbolic of me to say that "Democrats always do this", but damn it, they do. They make a mess of almost everything they touch, whatever it is they touch crumbles, they walk away from it and others have to clean up the mess.
Jeepers, even someone writing at the Liberal Young Turks' site recognizes that Schumer exacerbated the run on IndyMac.
I'm having an incredibly difficult time expressing and articulating to everyone just how serious it is what Schumer did. With one letter he created a run on a bank.
IndyMac is a mortgage lender. Part of it's portfolio was in subprime lending. Even though the subprime "crisis" has affected less than 10% of the entire home mortgage industry, the Democrats have pimped this issue as if it is affecting 99% of the lending industry. It is not, but it's certainly fair to say it is a delicate area of the financial market.
So along comes Cluck Schumer armed with his letter - let's call it a "weapon" - and writes that he questions and voices concern about the bank's "liquidity crisis." A "liquidity crisis"! What did he expect would happen? He causes a run on the bank. Schumer...a expletive deleted-ing genius he is.
From MSN Money, March 3, 2008:
IndyMac, the nation's ninth-largest mortgage lender, generated $2.9 billion in loans in January, a 66 percent decline from the year-ago month and down 33 percent from December's total, the company said Sunday.
Some 28.2 percent of the company's slate of subprime first lien loans were at least 30 days behind in payments in January, up slightly from the previous month.
Subprime loans, typically made out to borrowers with past credit problems, represented 2.6 percent of IndyMac's servicing portfolio.
The Brooklyn Paper reports he's out stumping for some other Marxist running for office, but apparently Cluck doesn't have the time or nerve to find those cameras and microphones and answer questions and explain his actions for his - and his alone - IndyMac fiasco.
Another mess, of many, created by a Democrat and left to others to clean up. It always happens this way, always.
Come out, come out wherever you are, Cluck. Face what you caused like a man. Oh, what am I sayin'. Look who I'm talking about here.
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