"This week, Bernanke's Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks' mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure.
Up until Wednesday, there was one single, lonely politician who stood in the way of this creepy little assignation at the bankers' bordello: Eliot Spitzer...
"Steering," sub-prime loans with usurious kickers, fake inducements to over-borrow, called "fraudulent conveyance" or "predatory lending" under US law, were almost completely forbidden in the olden days (Clinton Administration and earlier) by federal regulators and state laws as nothing more than fancy loan-sharking.
But when the Bush regime took over, Countrywide and its banking brethren were told to party hardy - it was OK now to steer'm, fake'm, charge'm and take'm.
But there was this annoying party-pooper. The Attorney General of New York, Eliot Spitzer, who sued these guys to a fare-thee-well. Or tried to.
Instead of regulating the banks that had run amok, Bush's regulators went on the warpath against Spitzer and states attempting to stop predatory practices. Making an unprecedented use of the legal power of "federal pre-emption," Bush-bots ordered the states to NOT enforce their consumer protection laws...
1. Palast... he always manages to cobble together the work other people do, slap a veneer
Edited on Thu Mar-20-08 01:45 PM by cryingshame
of Progressive lingo on top so what he writes will appeal to his target audience, lard the pieces he writes with just enough hyperbole to warrant attention from righteously outraged Progressives and then tries to act as if he's a super-sleuth with heavy, inside sources.
Perfect example comes at the very beginning- "Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators.
2. Greg Palast was the ONLY journalist who ever wrote an account of just what
myself and many other Floridians working the election polls in 2000 saw first hand. No other journalist would touch it, but Palast listened to me and others and asked questions. For that I'll always be grateful to him.
He should have known his enemies had the means and the connections to dig up ANYTHING dirty in his past, present OR future. So what does the dumbshit do? Grabs a wad of cash with one hand, his privates with the other, and a rather expensive *servicing* blows both his career AND negates all the good he's done in the past. Or could do in the future.
6. That's true - and it doesn't contradict the notion that they were gunning for him....
Edited on Thu Mar-20-08 01:55 PM by BlooInBloo
They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true They can both be true
A few political appointees of a corrupt Justice Department circumvented the will of the electorate of NY State to GETY a sitting Governor who disagreed with the corporate ass kissing policies of the Booshe administration.
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