Schumer Helps Destory Indymac Bank

The Office of Thrift Supervision officially took control of Indymac Bank today. The confidence evaporated last week, causing a panic run on the bank. The reason? Chuck Schumer violated all common sense and regulatory protocol by opening his mouth and telling people that the bank might well fail. Hot Air has more.

Even the OTS admits the immediate cause was Schumer's fault, which will now cost taxpayers between $4 billion - $8 billion. (via Red State):

In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.

It's just too expensive to have these idiot senators/congressmen working for us anymore. They should just stay on permanent break.