HOW THE GOP MACHINE WORKS

You may recall that the wingnuts were trying to blame Sen. Schumer of NY for the collapse of IndyMac. This lead to some other machinations in California, as Barry Ritholtz of The Big Picture discovered:

In a letter to Attorney General Jerry Brown last week, 51 former IndyMac workers wrote: "From the day (Schumer's) letter was made public on June 26 until the closure of the bank, a run on the bank took place and the failure became inevitable."

Who is behind this "groundswell" of (former) IndyMac workers? It turns out that the employee letter was distributed to the media by CRC Public Relations -- yes, the group whose clients include the National Republican Congressional Committee, National Republican Senatorial Committee and the Republican National Committee.

And, CRC was the PR firm behind the company that published a book questioning 2004 Democratic presidential candidate John Kerry's Vietnam service on a swift boat. Yes, those despicable, embarrassing festering boils on the Americans body politics: Liars, cheats & traitors all.

Let's review: It wasn't the conflicts of interest, the outright fraud, or management's rampant criminality that sent Indy Mac belly up. It wasn't losing nearly a billion dollars this year alone. It wasn't the share prices tumbling 87% in 2007, and then losing another 95% this year-to-date. And of course, the loss of ~$30 billion dollars had nothing to do with this.

It was the Senator's letter in June that was the cause of the collapse.