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$200 billion bail-out and Spitzer charges are intimately linked.

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chimper Donating Member (142 posts) Send PM | Profile | Ignore Sat Mar-15-08 01:21 AM
Original message
$200 billion bail-out and Spitzer charges are intimately linked.
The $200 billion bail-out for predator banks and Spitzer charges are intimately linked.

http://www.smirkingchimp.com/thread/13426
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:27 AM
Response to Original message
1. First two paragraphs say it all
While New York Governor Eliot Spitzer was paying an 'escort' $4,300 in a hotel room in Washington, just down the road, George Bush's new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators.

Both acts were wanton, wicked and lewd. But there's a BIG difference. The Governor was using his own checkbook. Bush's man Bernanke was using ours.


....Corporate welfare, paid for by every American, including freepers (you ignorant dolts) -- handed out by Bush**'s man Bernanke.

Why isn't the librul media telling us about this Republican Socialism instead of Spitzer's trysts?
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:57 AM
Response to Reply #1
3. Because the 'librul' media
isn't.
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:59 AM
Response to Reply #3
4. Yes, but I like putting a sharp point on it
...for any freeps that might be reading. If they don't get it, at least maybe they'll cut themselves on it. lol
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2Design Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 01:34 AM
Response to Original message
2. Predatory Lenders' Partner in Crime How the Bush Administration Stopped the States From Stepping In
http://www.washingtonpost.com/wp-dyn/content/article/20...

Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers

By Eliot Spitzer
Thursday, February 14, 2008; Page A25

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

more in the article

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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 02:06 AM
Response to Reply #2
5. 2-14-08
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.

The writer is governor of New York.




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chimper Donating Member (142 posts) Send PM | Profile | Ignore Sat Mar-15-08 06:38 AM
Response to Reply #5
6. Oops.
Looks like he made some powerful enemies.
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KeepItReal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:47 AM
Response to Reply #6
7. Yep. Can't believe he gave those folks the satisfaction of taking him under
:-(
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TheUnspeakable Donating Member (960 posts) Send PM | Profile | Ignore Sat Mar-15-08 07:37 AM
Response to Original message
8. k&r!!!
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chimper Donating Member (142 posts) Send PM | Profile | Ignore Sat Mar-15-08 08:19 AM
Response to Reply #8
9. ?
Spitzer taken down by Mossad ?
By Jerry Mazza

http://onlinejournal.com/artman/publish/article_3065.sh...

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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 08:47 AM
Response to Original message
10. Truth will out
K & R
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nashville_brook Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 09:39 AM
Response to Original message
11. that's a damn good summation of both the subprime crisis and the Spritzer mess...
btw -- anyone know who the prosecutor is that he refers to as shouting "Florida is Rudy Country." Is it Rudy?
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 06:11 PM
Response to Original message
12. More, interesting:
'The rescue of Bear is not permanent the loans are for only a month and there is an expectation that authorities will seek to arrange for Bear to be acquired, perhaps at a low price, or that it will be broken up and sold to more than one buyer.

Such an outcome could avoid systemic risk while leaving Bears top executives without jobs and perhaps deflecting criticism that they had not had to face the results of their mistakes. Bear stock fell 47 percent on Friday; all of the decline came after the rescue was announced.'

Furthermore, 'Overnight, the Federal Reserve and JPMorgan Chase arranged to provide the cash Bear Stearns needed. Bear could not borrow directly from the Fed because it is not a commercial bank.

The Fed had seen such problems coming, and had announced plans this week to lend money to major dealers in Treasury securities like Bear by taking in as collateral mortgage securities that are now hard to sell.'

So we the people hold the 'bad' collateral.

http://www.nytimes.com/2008/03/15/business/15regulate.h...
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