Chuck Schumer, Meet George Bailey

It was not widely reported last weekend that federal banking regulators have stated that the "run" on the failed Indymac bank of Pasadena, Ca. was caused by the public grandstanding of one of New York's Senators, Democrat Charles Schumer. Schumer of course denies that his grandstanding had anything to do with the bank run that started in earnest after Schumer commenced his grandstanding.

Senator Schumer, meet George Bailey as he talks to the town of Bedford Falls, New York on the subjects of how banks work and how bank runs occur. I would suggest viewing the complete movie, Frank Capra's It's a Wonderful Life starring Jimmy Stewart, Donna Reed and Lionel Barrymore, it is a holiday classic after all. Thank you Frank Capra and thank you Jimmy Stewart, the Senator needs the help.

Update: The more I Googled the worse it got, CNBC is suggesting that Schumer may have acted in concert with, get this, a "left wing activist group", hmm, you think? An interesting add-on is the possible involvement of short-sellers of Indymac stock, hello SEC. Here are two of the key paragraphs:

Perhaps this might help answer the question: Indymac has been under attack from the hard left. The Center for Responsible Lending issued an attack on Indymac within a few days of Schumer’s letter. CRL is part of a small army of left of center ‘research’ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers.

A suspicious person might think that a network of lefty attack groups proficient in bank bashing and frequently funded by trial lawyers and short-sellers, coordinated their activities with a law firm on the hunt and a Senator who works closely with the network.