Housing Crisis, Part III
As it became obvious to state regulators how serious the situation was getting, with all the 'relaxed', and new 'lack of' rules in the mortgage business, they tried to pass laws to protect consumers and the entire system. In fact, in a unprecedented move, all 50 Atty's General of the states banded together to face the issue. BUT, instead of assisting them, the Bush officials in Washington, resurrected an obscure law from 1863, The National Bank Act, which gives the Federal govt power to overrule state laws, to prevent any action from being taken, and effectively blocked any and all efforts to fix the mounting problems. SOOO, as with Big Oil, a select few, in the mortgage and loan business, made obscene profits, while the economy of the country was sold, 'down the river'.
As our national economy rushes toward a major depression, based on the collapse of the housing industry, spurred on by $100/barrel oil, be sure to thank King George and his appointees for allowing the "sacking of America". Read the entire article here.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
As Elliot Spitzer says,
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
As for Bush and his band of crooks, jail is way too good for them...
As our national economy rushes toward a major depression, based on the collapse of the housing industry, spurred on by $100/barrel oil, be sure to thank King George and his appointees for allowing the "sacking of America". Read the entire article here.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
As Elliot Spitzer says,
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
As for Bush and his band of crooks, jail is way too good for them...
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