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When Harry Reid speaks … stocks tank
Friday, Oct. 3, 2008 | 2 a.m.
When Harry Reid speaks ... stocks tank. The Senate majority leader’s comments during the run-up to the bailout vote that a major insurer was teetering on the brink of bankruptcy — which his spokesman later massaged to no avail — sent insurance stocks tumbling and critics howling Thursday. The power of a major politician’s words was never more in evidence than the cause and effect after Reid’s remarks. The Weekly Standard was not kind on its blog: “But as Harry Reid ably demonstrated last night, one can hardly overstate how poorly the political class as a whole understands complex economic matters.” Let’s just hope he doesn’t decide to say anything about a major media company teetering ...
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IndyMac had a run on the bank and was forced closed after statements from the egotistical Sen. Schumer. The insurance companies of America took a 20% hit from the hype from our Sen. Reid. They attack McCain for saying the fundamentals of the economy are strong. They just don't understand the effects of their words, or they don't care because it gets them elected. McCain tried to calm the markets with general comments while these two chicken littles ran around yelling the sky if falling.
Reid....what an idiot!