winds of change, page-121

JK5

Re; the article refered to in part "....But Chuck Schumer is no FDR. He doesn’t stop bank runs; he starts them. Or, at least, has started one. The collapse of Indymac bank, the second largest bank failure in American history, began with a letter from the office of Senator Charles Schumer on June 27...."

Thanks for the reference - an interesting read!

IMO Chuck may have been a catalyst but the rot started with the US & its mates living beyond their means [using oilafter-burner cars, buying everything known to hamankind with gay abandon, fighting ignoble wars & all the while supported with very clever & not-so transparent or well-understood lending practices [sub-prime, CDOs, cfds, etc].

All of which ironically prompted saviour Greenspan's declaration in Feb 2007 that the US could face recession & responsible orgs to advise clients to exit equities in July 2007. He has of course been joined by lots of mates & organisations - some of which appear to be profiting from the debacle, surprise, surprise!

IMO the root causes do not belong to Chuck.

4YIO - NFA