51FALCON 0 Posted July 19, 2008 Share Posted July 19, 2008 From the movie Sneakers : Cosmo Posit. People think a bank might be<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> financially shaky. Bishop Consequence. People start to withdraw their money. Cosmo Result. Pretty soon it IS financially shaky. Bishop Conclusion. You can make banks fail. Ben Stein: Media Are Whipping Us Into Economic DespairBy Noel Sheppard (Bio | Archive)July 12, 2008 - 11:44 ET Days after former Sen. Phil Gramm told the Washington Times that "We have sort of become a nation of whiners" when it comes to the economy, Ben Stein claimed, "It's the media that is whipping us into this frenzy."Deliciously, this came just minutes after a Democrat strategist actually said, "We are in the toughest economic time we have ever been in this country." As such, I would make the case that it is media AND Democrats doing the whipping.But before we get there, here's what Stein said Saturday on Fox News's "Cavuto on Business" (photo courtesy BenStein.com)Story Continues Below Ad “!My spot is that it's the media that is whipping us into this frenzy. The economic conditions are not that bad for most Americans. We still have high employment. We still have pretty good corporate profits outside of the finance sector. It is the media that is whipping us into this state of despair. I wish they'd stop shouting "Fire" in a crowded theatre.What made Stein's statement all the more poignant was that earlier in the program, Rita Lewis, a Democrat strategist with ties to the Clinton White House, actually said the following to guest host Dagen McDowell: You know what, Dagen, we are in the toughest economic time we have ever been in this country, and Americans know it. How disgraceful.With this in mind, Ben, I'd say that folks like Lewis, and the Democrat politicians and candidates they support who on a regular basis talk about the current economic conditions as being Depression-like and Hooveresque, are just as responsible as the media for the currently low consumer confidence.Are there economic issues also involved? Certainly. But to equate the current condition to a period when 25 percent of the nation was unemployed, and people were standing in soup lines is the height of intellectual dishonesty, and people doing it exclusively for political benefit should be ashamed of themselves.Moreover, those that aren't doing it for political reasons, but are just too ignorant to know the facts, should not be invited on television programs to offer such irresponsible and unqualified opinions. Noel Sheppard is the Associate Editor of NewsBusters.Feds Say Schumer Responsible for IndyMac Collapseby Sean HackbarthAn apology goes to Ed Morrissey for that he was being too tough on Sen. Charles Schumer s letter to regulators about the weakness of IndyMac Bank. The Office of Thrift Supervision (OTS) admitted the bank was in poor shape but for causing it to go under:The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts. This institution failed today due to a liquidity crisis, OTS Director John Reich said. Although this institution was already in distress, I am troubled by any interference in the regulatory process. & As a result of an OTS examination that began in January 2008, the OTS deemed IndyMac to be in troubled condition. An overwhelming majority of problem institutions are able to successfully modify their operations and business plans, work closely with their regulator and eventually return to a healthy condition.IndyMac had reacted to market conditions and OTS concerns in November 2007 by changing its operations and business plan to build a foundation for recovery. IndyMac was actively seeking to arrange a significant capital infusion or find a buyer. The recent release of the senator s letter undermined the public confidence essential for a financial institution and took away the time IndyMac needed to pursue a recovery.With no viable alternatives and insufficient liquidity, IndyMac was placed into receivership. The OTS has appointed the FDIC as conservator of the newly chartered successor institution and will transfer most of the assets and liabilities of IndyMac to the new thrift.OTS started getting involved with IndyMac in 11.07 and declared the bank to be troubled in 01.08. IndyMac was looking for new investors or a buyer. With bank customers panicked and pulled their money out. Any bank interested in buying IndyMac could wait for it to go into receivership and buy it for pennies on the dollar.The OTS is making a strong accusation. I d like to know what conversations were going on between OTS officials and Schumer. There was a letter sent from OTS director John M. Reich quoted by : As a regulator of insured depository institutions, we do not publicly comment on the financial condition or supervisory activities related to open and operating institutions, Reich wrote. We believe it is critically important to maintain the confidentiality of examination and supervision information. He went on: Dissemination of incomplete or erroneous information can erode public confidence, mislead depositors and investors, and cause unintended consequences, including depositor runs and panic stock trades. Rumors and innuendo cause damage to financial institutions that might not occur otherwise and these concerns drive our strict policy of privacy. Petruno goes on to quote John D. Hawke, the U.S. comptroller of the currency: If Schumer continues to go public with letters raising questions about the condition of individual institutions, he will cause havoc in the banking system, Hawke said. Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the [congressional] oversight committees. After this, you d be crazy to share information with Schumer. It s one thing to be concerned about government regulators not doing enough, but it s quite another to take action that leads to the result you claim you wanted to prevent. Sen. Schumer made a bad situation even worse with his irresponsible behavior. If IndyMac were a New York bank he d be raked over the coals, but it s a California bank. Voters there have no way to hold Schumer accountable.An interesting side note to IndyMac is it originally was and founded by Countrywide CEO Angelo Mozilo. The firm changed its name to IndyMac when it turned into a bank in 1999. Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 0kk Quote Link to post Share on other sites
pencilpusher. just because 3,464 Posted July 20, 2008 Share Posted July 20, 2008 So it's the libs creating fear and panic? " if you don't vote for us we will be attacked again!" Buy duct tape!! Danger level orange!!!!! Jesus don't be such a partisan hack to say " one side good one side bad" Quote Link to post Share on other sites
Hazy Dayz 0 Posted July 20, 2008 Share Posted July 20, 2008 great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes..... Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that. Quote Link to post Share on other sites
ty down 1 Posted July 20, 2008 Share Posted July 20, 2008 me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 ty down (7/20/2008)me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Are you talking about Cuba? Maybe China? Quote Link to post Share on other sites
taylor228193 162 Posted July 20, 2008 Share Posted July 20, 2008 me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.Depends on what you mean when you say "can't make a living." Quote Link to post Share on other sites
ty down 1 Posted July 20, 2008 Share Posted July 20, 2008 me51 (7/20/2008)ty down (7/20/2008)me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Are you talking about Cuba? Maybe China?Your funny. You know **** well who I am talking about. The Reps will continue to rape the land and the Dems will continue to undermine and fix the wrath of the Reps. Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 ty down (7/20/2008)me51 (7/20/2008)ty down (7/20/2008)me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Are you talking about Cuba? Maybe China?Your funny. You know **** well who I am talking about. The Reps will continue to rape the land and the Dems will continue to undermine and fix the wrath of the Reps. God,you are such an ungrateful jerk. Quote Link to post Share on other sites
ty down 1 Posted July 20, 2008 Share Posted July 20, 2008 me51 (7/20/2008)ty down (7/20/2008)me51 (7/20/2008)ty down (7/20/2008)me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Are you talking about Cuba? Maybe China?Your funny. You know **** well who I am talking about. The Reps will continue to rape the land and the Dems will continue to undermine and fix the wrath of the Reps. God,you are such an ungrateful jerk.Thank you thank you. Leave your donations at the door. Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 ty down (7/20/2008)me51 (7/20/2008)ty down (7/20/2008)me51 (7/20/2008)ty down (7/20/2008)me51 (7/19/2008)Hazy Dayz (7/19/2008)great...another guy with money believing that the economy is not having a negative affect on those who aren't wealthy....do me a favor...find someone who isn't rich and ask them their thoughts on the economy.....i can guarandamtee you that all those people who are carpooling, riding their bikes to work, driving only when they have to, and buying generic brand groceries are not driving hummers and mercedes.....People who can't make a living in this country are too stupid to live. Quote me on that.We'll see who's the stupid one when you have to grow your own food and harvest it while making your money on the backs of the working class who afford your politicians the living they have which is well beyond the needs to live by. Your capitalist ideas will run this country into the ground and waller in it as if to have made some kind of accomplishment only to find you have screwed yourself out of the mear means to live by. So go ahead rape the the world if you must, may God have pitty on your soul.:smooooth:Nothing personal. Are you talking about Cuba? Maybe China?Your funny. You know **** well who I am talking about. The Reps will continue to rape the land and the Dems will continue to undermine and fix the wrath of the Reps. God,you are such an ungrateful jerk.Thank you thank you. Leave your donations at the door. Its funny you quote Adams in your signature. I bought the movie and this man struggled. He would never have approved of the government programs we have today. Quote Link to post Share on other sites
terryowens_ 1 Posted July 20, 2008 Share Posted July 20, 2008 Jesus me51 lolYou don't suppose the credit crisis began because 2 of the largest states in the nation started seeing a 10-20-30% drop in home values since last year due to defaults and foreclosures do you??Maybe things will begin to turn around soon but this sure isn't the media's fault for being "glum". :laugh: Quote Link to post Share on other sites
XLDenaliReturns 0 Posted July 20, 2008 Share Posted July 20, 2008 yeah, if only the media would just ignore the facts that food costs are up almost 40%, insurance costs have tripled, gas and oil prices are exploding, unemployment is rising, the US dollar is increasingly weak, home values are diving, wages are mostly stagnant, etc....then those things wouldn't REALLY be happening!what a simpleton. Quote Link to post Share on other sites
pencilpusher. just because 3,464 Posted July 20, 2008 Share Posted July 20, 2008 XLDenaliReturns (7/20/2008)yeah, if only the media would just ignore the facts that food costs are up almost 40%, insurance costs have tripled, gas and oil prices are exploding, unemployment is rising, the US dollar is increasingly weak, home values are diving, wages are mostly stagnant, etc....then those things wouldn't REALLY be happening!what a simpleton. Don't worry. When Obama wins he will suddenly notice ALL of those things and say Obama caused them. Quote Link to post Share on other sites
51FALCON 0 Posted July 20, 2008 Author Share Posted July 20, 2008 terryowens_ (7/20/2008)Jesus me51 lolYou don't suppose the credit crisis began because 2 of the largest states in the nation started seeing a 10-20-30% drop in home values since last year due to defaults and foreclosures do you??Maybe things will begin to turn around soon but this sure isn't the media's fault for being "glum". :laugh:This is the thing no one mentions. Banks loaned money to people who could not afford their loans. Now if these people had been denied, we would now be hearing how these people were discriminated against. I am not talking color, but income. The government lowers the hammer. Banks lose either way. Quote Link to post Share on other sites
Joremarid 3,603 Posted July 20, 2008 Share Posted July 20, 2008 you mean like creating a yo-yoing terror alert scale that, despite the fact that we won the iraq war five years ago (mission accomplished! ya!) never drops below orange and is broadcast every 15 seconds on the Fox News Network? Quote Link to post Share on other sites
Jerry Maguire 1,406 Posted July 21, 2008 Share Posted July 21, 2008 pencilpusher (7/19/2008)So it's the libs creating fear and panic? " if you don't vote for us we will be attacked again!" Buy duct tape!! Danger level orange!!!!! Jesus don't be such a partisan hack to say " one side good one side bad"It's definitely not one side. But creating panic is used by all governments, ours included. I just don't understand why people won't wake up to the silliness of the partisan issue. Both parties are lobbied and paid for by the same folks. Quote Link to post Share on other sites
terryowens_ 1 Posted July 22, 2008 Share Posted July 22, 2008 me51 (7/20/2008)This is the thing no one mentions. Banks loaned money to people who could not afford their loans.And the banks did this according to who's direction? W. Quote Link to post Share on other sites
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