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To: RegulatorCountry
They were already well on their way there before he opened his mouth.

You would not have known about IndyMac but for its failure. Many of those who ran to that bank to make withdrawals were likewise panicked by information not previously known to them.

It is illegal for anyone to cause a run on a bank. In fact, there are laws against causing a run on any insured financial institution and Schumer could be prosecuted for divulging inside information which caused a bank to fail. Schumer had no business making public pronouncements about potential insolvency of any bank. Such statements have been proven historically to be self-fulfilling prophesies.

41 posted on 07/12/2008 4:12:17 PM PDT by NoControllingLegalAuthority
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To: NoControllingLegalAuthority
You would not have known about IndyMac but for its failure.

Their rapidly declining stock price is available to all. I read several financial forums daily, and the condition of IMB has been the subject of much dire speculation, for several months.

Republicans need to stop circling the wagons because one of the main factors in this is the responsibility of Gramm. There's quite enough blame to go around, all the way back to the Clinton era. Clinton flunkies at Fannie Mae have a lot of explaining to do, too, not that they'll ever be called on the carpet.

48 posted on 07/12/2008 4:21:10 PM PDT by RegulatorCountry
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