H/t texascajun
We can debate the propriety of mentioning the name of banks that might be in financial trouble. But one thing appears clear to Chris Cuomo [file photo]: it would be wrong to mention the name of a Democrat who could be in hot water. Wouldn't want to cause a run on the Dem's political capital, after all. Cuomo's discretion was on display during today's Good Morning America. Anchoring in the absence of Diane Sawyer and Robin Roberts, Cuomo was discussing the run on Indymac and the advisability of publicizing the names of other banks that might be in trouble with ABC financial consultant Mellody Hobson.
CHRIS CUOMO: People are so desperate in markets right now that negative information that allows them to short-sell or bet on banks not doing well is very popular.MELLODY HOBSON: So I'm suspect about where the lists are coming from; the motives of some of the people putting the lists out here.
CUOMO: We saw the impact of panic not just on people but even in Congress, right? A senator gets up and says "I've heard something about a certain bank." It's in trouble the next day.
View video [courtesy RedLasso] here.
The senator whose name must not be pronounced is none other, of course, than Chuck Schumer (D-NY). And Schumer did much more than simply say "I've heard something" about Indymac. Here's how the Wall Street Journal describes his culpability:
The Office of Thrift Supervision (OTS), whose job it actually was to regulate IndyMac, took a different view. "The immediate cause of the closing," the OTS wrote in a press release, "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 OTS added: "In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts."Mr. Schumer now argues that OTS was asleep at the switch, and that blaming him is like blaming "the fire on the guy who called 911." In fact, it's blaming the guy who poured on the gasoline. Very few banks, if any, would remain standing for long in the current tense financial environment after a Senator, in effect, told its depositors to run for the exits. In the 1930s, such tipsters were derided as rumormongers and often faced indictment for encouraging depositors to stampede banks.
Only last week, the Securities and Exchange Commission announced an investigation into the role of rumor-peddlers in the run on Bear Stearns. We somehow doubt that Mr. Schumer will receive similar SEC scrutiny for his very similar role in bringing about a liquidity crisis at IndyMac. But he may be more deserving.
Do you think Chris would have been so reticent had the senator in question been a Republican?
—Mark Finkelstein is a NewsBusters contributing editor and host of Right Angle. Contact him at mark@gunhill.net.
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The Scare
July 16, 2008 - 11:57 ET by JDWPeople are now either withdrawing or shifting such that assets are guaranteed. Had Schumer not made his statements, what would these people be doing today?
JDW
SAPPY NEWS
DAILY WAVE
I noticed that
July 16, 2008 - 11:59 ET by SouthJersey1953I listen to GMA on the radio on my way to work and noticed that he purposely avoided mentioning the Senator by name!!!
In the same segment, he interviewed a banking expert who said, basically that it was irresposnsible and dangerous to report on these unofficial lists about banks in danger of failing because it sometimes can actually cause a failure. Cuomo chose to ignore that warning because the whole point of his story was to spread fear.....
Should be part of the official Dim's motto
July 16, 2008 - 12:02 ET by Humblepie"to spread fear"
During this time with political correctness at its zenith, I reserve the right to let you know you're an idiot.
just don't spread terror fear
July 16, 2008 - 12:14 ET by SouthJersey1953I fund it funny that the MSM (and the Dems) can spread fear about any subject, but if the Repubs even mention terrorists, then we are accussed of "spreading fear!"
South Jersey
July 16, 2008 - 12:31 ET by MrShyTotally!
Let's see here, the MSM/Libs spread fear about:
* Recession (have been for almost the entire Bush tenure, and we have NOT had a recession, STILL...)
* Man-made Global Warming (looked upon as "fact" by them, yet there is no conclusive evidence of just how responsible humans are, if at all, and it's even debatable if we are entering a warming phase in the first place...)
* The GOP will use race against Obama in the election (we are constantly told... all the while, it's THEM using it and Republicans generally don't care to make race an issue...)
Republicans, conversly, only spread one fear:
Terrorism (because it is real and EXISTS, and existed a WHOLE LOT -- several decades -- right up to 9/11, when our country was attacked...)
Unreal.
* * * SOCKS THE CAT '08 * * *
For REAL Change
Not to go all Beavis &
July 16, 2008 - 12:03 ET by MrShyNot to go all Beavis & Butthead here, but I couldn't resist:
"Heh heh... you used the word 'Shy' in your headline..."
And yes, both the senator's name AND party affiliation would have been clearly stated, had it been a Republican.
* * * SOCKS THE CAT '08 * * *
For REAL Change
Of course a Republican's
July 16, 2008 - 12:23 ET by rwesleyOf course a Republican's name would be front and center, along with a loop of his/her picture and if questioned about it, they would claim that it was "germain" to the story. Once again, Cuomo shows just exactly who they try to tie all things bad towards.
CUOMO: We saw the impact of
July 16, 2008 - 12:25 ET by motherbeltCUOMO: We saw the impact of panic not just on people but even in Congress, right? A senator gets up and says "I've heard something about a certain bank." It's in trouble the next day.
"A senator." I love it.
"Who WAS that masked man?" LOL!
Schumer could have sent the warning to the appropriate people and shut up about it.
But good old Chuck "Let me at the microphone!!" Schumer just had to release the letter for public knowledge, so that everyone would know that he was on top of things.
He should be censured.
Who's got the stones to do it?
Shoot 'em all; let God sort 'em out! - Marge Simpson
Wasn't it Schumer that Rush
July 17, 2008 - 09:18 ET by pbanks7Wasn't it Schumer that Rush said about, "Never get between [him] and a microphone?"
MSM - shaping all the perceptions you need to believe, then confirming it with a poll.
Come on Mark - that's a bit weak (;~>
July 16, 2008 - 12:50 ET by Gary HallCome on Mark - that's a bit weak (;~>
That's not a real question. Give us something to exercise the brain.
All kidding, of course. (;~> gary
It is sort of a NB classic
July 16, 2008 - 12:58 ET by Mark FinkelsteinIt is sort of a NB classic tag line!
Yea, I know that..
July 16, 2008 - 13:43 ET by Gary HallYea, you know I know that.. (;~. g
Isn't there "a senator" who
July 16, 2008 - 13:04 ET by mattmIsn't there "a senator" who is known to have involvement with some slum lord scandal of some sort...I seem to recall something about it....?
Isn't it funny
July 16, 2008 - 13:07 ET by oldArmyIsn't it funny though.....how nothing ever comes from any of these types of issues with our elected officials. I mean...for example....Congressman "Cold Cash" Jefferson.
Mattm. Ready? It was Gore, Al Gore
July 16, 2008 - 17:46 ET by Gary HallJonah Goldberg did a piece in the National Review in 2000 on it here: Gore's Parallactic View.
Enjoy - gary (;~>
Well
July 16, 2008 - 13:05 ET by Long Island PeteWell, if he wont say it I will. Chucky Schmucky Schumer. I say we drill for oil in his hair.
Wow - ABC won't mention Schumer but they gave a list of Banks
July 16, 2008 - 13:10 ET by Dee BunkIn this ABC article yesterday
ABC and other media are despicable for doing what they do but Schumer should be fired or at least censured because he is a public servant who just recklessly gave away tax payer money. The tax payers will pay for what he did because Indymac is federally insured. It's estimated that this will cost the taxpayers between $4-6 BILLION.
We will never know if they would have been able to pull themselves out of it.
"Constantly attacking (peaceful) religions rather than politely sharing your own shows lack of faith " DB
Find some cojones, Chris.
July 16, 2008 - 14:14 ET by ThalpyFind some cojones, Chris. Whats Schumer going to do, not let you attend one of his fancy parties?
It might be interesting to see...
July 16, 2008 - 15:30 ET by sarcasmoThe various political contributions of IndyMac officers/insiders, if anyone wants to do any actual journalism...I think the results of a close following of the money might be...Interesting.
JMR
The tax & spend drug war looks racist in the real world.
→ Shumer (D)
July 16, 2008 - 16:16 ET by Cool ArrowWe know it won't happen, but McCain's camp (or some reasonable 527 facsimile thereof) should be in California right now driving home the fact that New York Sen. Charles Shumer (D) used his powers as a US Senator to obliterate the life's savings of unsuspecting middle class California residents.
LYDSEXICS UNTIE
We give this disgusting
July 16, 2008 - 16:20 ET by fitzfongWe give this disgusting criminal far too much respect when we refer to him as "Mr. Schumer" or "Senator Schumer". Chuck Schumer is the sleaziest, greediest, most ill-intentioned and arrogant pr*** to have ever conned his way into the Senate. The litany of deliberately harmful actions he's taken in furtherance of his own and his party's power have been at great detriment to the American people. He's a truly evil crook deserving of nothing but universal hostility and contempt. A real scumbag. Terrorists of all shapes and sizes the world around have a friend in Chuck Schumer.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -Ronald Reagan
fitzfong.blogspot.com
Mark, with all due respect,
July 16, 2008 - 18:03 ET by Rush FanMark, with all due respect, you’ve got it wrong this time! I don’t believe that Chris Cuomo, a very well-respected journalist, and part of a very well-respected political family dynasty, intentionally left out the name of respected Senator Charles Schumomer because of some perceived bias as you imply. The real reason why Chris Cuomo did not mention Senator Charles Schumomer’s name is because he has, as I do, problems with pronouncing Senator Schumomer’s name. Obviously, Chris did not want to embarrass himself in front of millions of sophisticated viewers who watch, as I do assiduously, Good Morning America. Let’s not concoct bias out of thin air when bias clearly does not exist! Let’s give this respected journalist some respect, and move on to more important matters.
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I'm voting for Barack Obama now that an AP poll shows people would rather barbecue burgers with Barack Obama than with John McCain.
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Oh my Gosh! I just realized that the reason I have trouble pronouncing respected Senator Charles Schumomer’s name is that I’ve been spelling it incorrectly all these years. Mark – Please accept my apology and as Gilda Radner (as Emily Litella) would say on Saturday Night Live - "NEVER MIND".
On Fox and Friends this morning,
July 17, 2008 - 09:24 ET by pbanks7On Fox and Friends this morning, a guest analyst was saying that Indymac wasn't even on the confidential "troubled" list.
MSM - shaping all the perceptions you need to believe, then confirming it with a poll.