You’d think after Chuck Schumer’s ignorance was plastered all over the news for leaking his letter to the Office of Thrift Supervision and personally creating the run on IndyMac Bank that destroyed IndyMac in just 3 business days that Democrats would learn to keep their mouths shut.
You would, wouldn’t you?
Alas, Harry “I Am Compelled to Bloviate” Reid (D-NV), has not learned to keep his big trap shut.
Exhibit 1: Reid’s recent statement that he’d heard a big player in the insurance industry was on the verge of failure.
Exhibit 2: Three insurance companies fitting Reid’s description, “… a major insurance company — one with a name that everyone knows …” had major stock selloffs following his comments.
While I certainly don’t condone rumor-spawned panic among shareholders, the reality is that investors are reeling and the least little ripple rocks their proverbial boat.
So it is that Reid’s ego grew three sizes while MetLife stock plunged $7.19 (15%) to $40.96; Hartford dropped $12.20 (32%) to $25.91; and Prudential sank $7.15 (11%) to $57.65.
Reid then came out with a statement that he was “not personally aware of any particular company being on the verge of bankruptcy” and that “he has no special knowledge about nor has he talked to any insurance company officials.”
You either knew something or not, but either way, you ran your mouth, scared people out of their wits, and caused a major sell-off.
Apparently “consumer confidence” is a concept that exists outside the scope of Senator Reid’s cognitive skills.
Or perhaps he just doesn’t give a damn, because consumer panic and irrational thinking equal more room for government meddling – and possibly an Obama win.