Monday, October 20, 2008

Co-Incidence? Or Corruption?

P-Mac finds another nugget.

He quotes the Wall Street Journal:

"New York Sen. Charles Schumer's public criticism of IndyMac Bancorp last summer, which critics say helped spark a run on deposits that took under the troubled thrift, came while IndyMac's assets were being eyed by investors who are major donors to the Democratic Senate campaign committee the senator chairs."

Seems that there was a measly $700K in DemSenate contributions over four years, yadayadayada, and Schumer chairs Banking subcommittee, yadayadayada.

You could believe Jack Ryan: "There is NO SUCH THING as co-incidence."

Or you could believe the study which came out about 10 years ago demonstrating that US Senators' net worth climbed at astronomical rates---AFTER they were elected---through fortuitous purchases of equities and various parcels of land....

Or you could believe in the Tooth Fairy, of course.

Note to John McCain: if you show, simply, that Obama was MARRIED to Fannie/Freddie, and that Fannie/Freddie have cost the taxpayers well over $200 Bn., you could win.

I'm wasting my bandwidth, of course...

By the way, the linked Mises article includes the name Thomas H. Lee Partners, a firm which has earned a reputation as successor-to-Blackbeard here in the Milwaukee area.

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