Tuesday, November 22, 2016

How Chuck Schumer Caused the Second Largest Bank Failure in US History

During the big New York Times interview with President Elect Donald Trump today (whom I support), political correspondent Maggie Haberman tweeted: "Paul Ryan, right now, loves me. Mitch McConnell loves me," Trump says. Then says, "I've liked Chuck Schumer for a long time."

My family had money at IndyMac, and so I have NEVER liked Chuck Schumer!
Federal officials aren’t supposed to cause bank runs. In fact, much of the New Deal bank regulatory apparatus was set up for the purpose of eliminating such panics. When FDR was hit with a massive set of bank runs shortly after taking office, he gave an address in order to calm terrified depositors, assuring them that the banks would reopen shortly, and that everything would be fine. But Chuck Schumer is no FDR. He doesn’t stop bank runs; he starts them. Or, at least, has started one.

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