Wasn’t it Biden who caused the crash in 2008 by talking about Stearns, or Morgan, or something?
And that Senator Bennett somebody on the banking committee warning about bank failures the summer of ‘08.... http://www.politico.com/blogs/thecrypt/0908/Key_senator_warns_another_major_bank_teetering_on_failure.html
Idiot article.
"The U.S. economic crisis was precipitated in late June 2008 by Democrat Senator Chuck Schumer’s intentional leak of a memo questioning the solvency of IndyMac bank. The memo triggered a deposit run on IndyMac which led to its failure. The combination of IndyMac’s failure, Lehman Brothers collapse and Fannie Mae’s impending subprime mortgage crash effected a gathering storm in the markets until September 15th when, in a matter of hours, a colossal drawdown of money market accounts in the U.S. caused the disappearance of $550 billion from the American banking system. Rep. Paul Kanjorski of Pennsylvania stated if authorities had not closed the banks that day, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the U.S.
Combined with mortgage industry failures, this electronic run on banks handed the Democrats in Congress the justification to utilize the panic for political benefit and initiate the nationalization of the banking and mortgage industries under the $700 billion Troubled Asset Relief Program (TARP.) This early October Surprise propelled Barack Obama into office and provided further ammunition for his administration’s deliberate takeover of the private market."