Bush Was Warned About Mortage Meltdown in 2005
news.yahoo.com They warned us, but US eased loan rules By Matt Apuzzo / Associated Press WASHINGTON The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to US regulators in January 2006, about one year before the housing implosion cost her a job. Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way. More pissed off every day at www.michaelmoore.com
George W. sounded himself with the smell of Ronald Reagan and deregulation of the financial sector which amounts to playing football in the NFL with no rules and no umpires. It becomes a free for all, not a super competition of world class athletes that we call spectator sports. Why wound appraisers up the value, brokers list and sell houses and banks lend money that wasn’t going to be paid back? When you know the answers, set aside the political spin & put out the fire started by mega -greed.
How can stupidity and greediness of a few US banks can bring the whole world and the world economy down to its kneeds. I guess this is why Globalization activists are out in full force
Dont blame Bush!
Everything “elcid4usc” said 9 months ago is 100% true
They’re are several video’s on Youtube showing FIRST HAND Democrats being warned, scoffing at Republicans,
expert witnesses and the regulators,
then obstructing the NECESSARY CHANGES
Search and watch these videos
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
Nancy Pelosi, Barney Frank, and Democrats are Clueless on Freddie Mac Fannie Mae and the financial credit crisis
That’s not bushes fault that the loan company’s the schools and teachers are such you idiots…
Its just our Generation…
That’s ME in the 2nd paragraph of the article (see left column). Matt did a great job with my interview.
Avrrojas84, you may be on to something there.
Religion may play a part in the restructuring of America.
Unfortunately for the established white christian male power structure that the far-right so desperately clings to, the religion that will take the helm will be Islam.
It’s all about GREED. Yes, we the people vote for president but it is the rich corporations that dictate to the corrupt politicians how to govern. Maybe a little bit of socialism would not be so bad.
I mean AIG was going down the toilet and they were still giving out Multi-million dollar bonuses. Give me a F…King break.
People use guns to kill indiscriminately. I vow only to use my guns to kill discriminately. It’s those people who use guns to kill indiscriminately who we, those of us who vow only to use our guns to kill discriminately, need protection from.
thehelpfund.blogspot
Frankly, most of our elected officials are corrupted by capitalism, what we need is a government that is protected from capitalism. Pay to play politics is what has lead this country to where we are today, financial collapse. Ron Paul is not innocent, we are all guilty of allowing our own government to manipulate capitalism and governing in the same degree. Religion will once again provide the vehicle of order and government as it was in the beginning.
the vote itself is rigged….big oil buys their candidate, faulty voter registrations…whole goddamn system is corrupted
That is the whole problem… people we vote go to D.C. to play politics instead of lead our country… it has turned into Demo Vs. Rep almost like a sport, where the winner is the one with the most in office, who cares what he does in it… why don’t you stop listening to the biased media that is only going to tell you stories that will get your attention and investigate the truth.
You know, its funny that you idiots watch this and bash Bush for the mortage meltdown, but know of your investigate to find out that Bush put forth a bill to congress which news reporters say would have kept this whole thing from happening, but your demo friends in congress including idiot Pelosi disagreed and voted nay for the bill… Bush was never the problem…it was all demos making Bush look bad so you would not vote republican for the next presidancy
Deregulation does not work. Reagan was wrong. Every deregulated industry has quickly gone bankrupt and needed a government bailout.
Capitalism needs a strong regulatory structure in which to function.
Savings and Loans
Airlines
Banks
The Bush administration’s tactic of covering criminal neglect and wanton corruption with an air of nonchalant incompetence and arrogantly disregarded scandal, and then foisted such upon the American public until the volume of repetition brought the average American to feel fuck-up fatigue from the sheer weight of their contempt … the damage the Bush administration has done to this nation will be a test of the Obama administration to correct, and a trial for the Department of Justice to endure.
Give the banks what they deserve nothing!
Naomi Klein’s theory of disaster capitalism says how the gov’t just lets shit happen so they can cash in when the shit hits the fan
He was warned about 9/11 too, but he is too busy caring about his own interests to care about what is important
haha, now the british own you. Thats what you get for being twats
No surprise here. He’s the jerkwad who ignored the PDB titled “Bin Ladin Determined to Strike in US”.
What’s the use of warning Bush? It’s like telling a child to stop something because he will get hurt. 10 minutes later he’s crying for mommy.
…wow…sounds like they were all in on it…the Govt and Banks…
Predatory lending is what it came down to…plus the gullibility and ignorance of the buyer!
No Suprise, a person with common sense without any financial knowledge can see majority of people would default on a 30-40yr loan, if they can’t even pay their CC on time, they have no savings,no downpayment, no emmergency account..hello why do you think they could afford a house!!!
im shocked, lol