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Charles "Chuck-U" Schumer Causes Run on IndyMac Bank

BEGIN TRANSCRIPT

RUSH: The bank in California is IndyMac, and it failed. By the way, they're talking about 150 banks may fail, blah, blah, all of this negative news, all of this, "Oh, my God, it's going to hell in a handbasket!" Don't forget, we had a thousand S&Ls fail back in the eighties. This is not new territory, my friends. We're not in any new virgin territory here. This has all happened. But there is a problem here, and that is an overactive government. You know what? I'm going to tell you something. These Republicans, these quasi-conservatives in the media, these elitists, these smarter-than-everybody-else-in-the-room people -- the ones that have been encouraging an active, engaged government; the guys that think we ought to take a lesson from the New Deal as Republicans, as conservatives in order to win elections, to appeal to a certain voter mind-set; these Rockefeller Republican guys -- and these people who want to abandon genuine conservatism ought to be very happy 'cause they're getting exactly what they want.

They're getting an active government involved in goofing it up, messing it up, having to bail things out because they're not run right in the first place, and the bailouts don't work because that flies against the face of market economics. They're just delaying the solution to a problem down the road. People who may not have even been born yet are going to have to pay for it. It's just irresponsible what's going on, and so is Chuck Schumer. Charles "Chuck-U" Schumer. In the IndyMac failure in California, "federal regulators pointedly cited US Sen. Charles Schumer, D-NY, in explaining the bank's failure. In simple language, federal regulators blamed [Charles Chuck-U] Schumer for a run on the bank. Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision: '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 [Chuck-U] 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,'" all because Charles Chuck-U Schumer was following the game plan of the Democrat Party and the American left today in trying to convince the American people their country isn't worth a sack.

They have gone overboard in trying to convince the people of this country that this country is in a constant, permanent state of decline, that it isn't worth anything -- and that furthermore, we deserve to be in this constant state of decline because our power, our superpower status, our riches, our prosperity, as you know, have stolen so much from the rest of the world. These people will do anything to get power, and Schumer personifies what is happening. This is just irresponsible, purely politically irresponsible. Political malpractice. And he's out there defending himself on this. "Those depositors, they needed to be warned." Uh-oh, I just noticed a notice from Mark Hasara. Maybe I can't use the data... Oh, it's not about that. Never mind, Mark. Everything is cool. (chuckles) He's the guy that flew the tankers, and he just sends me a note here, and I thought, "Oh, gosh," maybe I was about to divulge classified information here. But that's not what it is. Phil Gramm did not start a bank run. Phil Gramm did not start a bank run! Charles Chuck-U Schumer did, and he's probably happy about it, as is Barney Frank.

END TRANSCRIPT

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