But what really caused this mess?
People got scared because the Indymac bank failed, so lots of people stated taking their money from their banks. The bank failures go back to Indymac. What caused Indymac to fail?
Democrat Senator Charles (Chuck) Schumer.
Harry Reid aims at your retirement savings. He caused the bank failures by causing the run on Indymac and the subsequent dominoe effect that has everyone in a tizzy.
Destroying the economy to help fellow Democrat Senator Barak Obama in the presidential election.
In a public letter to the FDIC, for everyone to read, he said that Indymac was about to fail. It wasn't. But his public letter scared Indymac customers and investors. There was a run on the bank. Everywone withdrew their money so fast, the value of the bank plummeted.
That's what led to the banks failing. A Democrat senator.
Bad news for the economy is good news for 2 other Democrat senators, Obama and Biden. The worse the economy is, the better chance they have of winning the election. Uh-oh. Now there's a bail-out package. Things might get better. The stock market has stabilized.
So what happens?
Another Democrat Senator, this time Harry Reid, said that one of the country's premier insurance companies was about to go bankrupt [source].
He wouldn't say what company, so tocks of all insurance companies started to plummet.
Democrat Senators are intent on destroying the economy, ruining your investments, and taking away people's life savings to win the election. yay obama.
Harry Reid recently caused a run on insurance company investment to make the economy worse but the election better for fellow Democrat Senator Barak Obama.
It runs deeper. The failing bank was simply the tipping point.
There is not way an economy can survive with health if the government forces banks to lend money to bad risk cases. And this is exactly what happened with the subprime loan crisis. Even worse, the corruption of the three senators by huge donations by Fannie Mae: Chris Dodd, Barney Frank, and Barry Apollo Obama.
We need a special prosecutor appointed.
The chain of bankruptcies this year has caused some banking panic and might cause a long economic recession. Many of the recessions in the United States were caused by banking panics. nomedals.blogspot.com
Sure, but the tipping point is what matters right now.
If it hadn't hit the tipping point, we wouldn't have an economic emergency, a huge government bailout plan, and things could have worked out.
I see the vulnerabilityof the banks being:
1. Government regulations forced banks to create riskier loans for affirmative-action lending, for zip codes with low home ownership rates.
2. The banks figured that since they were having to do these loans sometimes they'd offer them to everyone to make a quick buck.
3. Individuals wanted something for nothing and went after those risky loans.
@avatar,
Yes, and spreading 'panic', while it may help get Obama elected is only going to make the economy worse. That's why reporters, politicians and bloggers like you need to stop spreading fear of more bank failures.
Personally I believe one of the root problems is fractional reserve banking.
Thanks for posting this. Snark appreciated, too.