BUSH KNEW! Associated Press Reveals Clear Warnings of Economic Meltdown
According to the Associated Press, their review of regulatory documents shows that the Bush Administration was well aware of the risk to the economy and financial markets of their regulatory decisions, but decided to continue giving free reign to lenders, under pressure from them. Some of these banks have already failed, many more are in trouble and are being rewarded for their bad decisions by being bailed out with taxpayer's money. Many of these same people are being appointed to Obama's administration, instead of being investigated for fraud and criminal negligence.
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 U.S. 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.
We do not have a "free market" system in the US; what we have are markets rigged by corporate socialists; selfish, corrupt, deceitful, criminal and treasonous scoundrels who seek to privatize benefit and gain, and socialize risk and loss.
Abolish the privately-owned and controlled Federal Reserve. Can anyone tell me why banning interest (usury) and charging a tax on money would be a bad idea?
See The Complete 9/11 Timeline for the hundreds of warning signs leading up to 9/11 (one example; the Aug 6 PDB included these words:
“Nevertheless, FBI information since that time indicates patterns of suspicious activity in this country consistent with preparations for hijackings or other types of attacks, including recent surveillance of federal buildings in New York.
The FBI is conducting approximately 70 full field investigations throughout the US that it considers Bin ladin-related. CIA and the FBI are investigating a call to our Embassy in the UAE in May saying that a group of Bin Ladin supporters was in the US planning attacks with explosives.”
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