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Monday, February 18, 2008
How the Bush Administration Helped the Housing Mortgage Crisis posted by Wally 8:29 AM Note that when I say "helped the housing crisis" I mean exactly that - he helped the "crisis". In spite of warnings about the inevitable outcome and threat to the economy, Bush's policies and actions encouraged and defended the predatory lending practices that led up to the crisis. His actions exacerbated the problems, making them much worse. The crisis is doing great. Consumers, not so much. Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers. Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no. Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye. Once again, Bush aligns himself with big business and tells the average American citizen to (in the immortal words of Dick Cheney) "go f**k himself". So much for all that "of the People, by the People, for the People" shit. Just like the Geneva Convention and the Bill of Rights - the words and philosophy of the first Republican President have become outdated and "quaint" and irrelevant. Bush pulled out his favorite color crayon and editted the Gettysburg Address to now read "of the Corporation, by the Corporation, for the Corporation." Go shopping. Use your credit card. Permalink :: 3 comments :: Post a Comment




	I'm sure ole dickhead didn't do anything one way or the other, except of course to go with corporate policy, which any President of either party would do, since that's who they all work for. That there are so many suckers taking the bait, whether it was to buy a home or 'free up' some equity for a new plasma screen and SUV doesn't matter. This is a capitalistic system and is a hard system on the losers. That these people got themselves in a hole is the responsibility of no one but themselves. Much like people who smoke for 40 years and want to sue the cigarette makers because "they didn't tell me it was bad for me". Happy horseshit looking for someone to bail them out of their own stupid mistakes. That's not what this country was supposed to be about. "I'm from the Federal Government and I'm here to help you" is the ultimate oxymoron but people keep lining up. The Federal government's job isn't to bail anyone out, period. Of course most bailouts involve billion dollar corporations but it's all the same thing in different degrees. Lots of people are going to get hurt here and it's their own faults. 'Liberals' feel it's their duty to support anyone that screws themselves and it's the wrong approach, plus we're broke unless you didn't notice. Lot's of people can't manage their money, so sue the Federally mandated school curiculums or something for failure to teach basic math, if you must "help". Is our present 'Nanny State' what the founders had in mind? I think not. Abandoning capitalism would be a good thing to consider but of course that isn't going to happen, so wake up, smell the coffee (or roses) and deal with your own life and problems. I, like most people have made some bad economic moves in my life and nobody offered to help me and I didn't ask. I'm no saint but help from the Feds is the last thing this country needs, for they are serial fuckups and this is just one more thing for them to fuck up. Now about all those supporters of "bankruptcy reform", talk to them about it. They're the ones that exaberate an already bad situation, and one thing that is truly bipartisian is fucking up an already fucked up situation. As long as our politicians, of both parties are the servants of corporations, we the 'little folk' are going to get screwed unless we keep them all under a tight rein. But instead we all just sit back, watch them fuck everything up and bitch about it. Then elect a new group of fuckup twins to make sure it continues. If you can't pay your loan you lose the collateral, it's that simple. If you want to help these people, give them a spare room in your house. They can camp in my yard if they behave themselves, but that's the extent of my sympathy. posted by Tough cookies at 11:43 PM


	Most welfare goes to corporations but there is nothing we can do about it? Screw your cookies. What about government lieing us into occupation and military bases? Screw people who are affected by hurricanes and floods and tornados in this country? Instead of me living in your backyard how about I come kick your libertarian ass, take your house and you live in the backyard. After all we don't live in a society, we are all on our own. By the way, you will not be allowed to use the bathroom in my yard. Jerk. posted by Sara at 12:35 AM


	Sara, My "libertarian ass" almost, and I emphasize 'almost' feels sorry for you. Firstly, what the hell does people devastated by "acts of god" as they're called have to do with fools who borrow money without paying attention to the terms of the loan? And thanks for the Libertarian comment because that's what they'd call the writers of the Constitution if they were honest about it. And whatever political bent makes you think you're capable of "kicking my ass" and taking my home should be carefully considered. I still like the original Constitution (the one abandoned by Lincoln) and would be forced to shoot your ass should you try such a stupid thing. And either use your Spell Check, or ask the Government to help you spell in your little diatribe. posted by Tough cookies at 11:04 PM