Thread: Feds ignored clear meltdown warnings

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,â€

[quote]“Expect fallout, expect foreclosures, expect horror stories,â€

This is ridiculous and appears to be nothing but cover for the democrats. It was the democrats who started the whole ball rolling years back with the Community Reinvestment Act which created this types of loans. The dems rejected all calls for tougher oversight on Freddie and Fannie as late as July of this year and over 17 times in '07. THey're all at fault but it was the dems who set the dominos up to begin with by putting pressure on banks to stop "redlining."

Yep gopher and it all falls on the doorsteps of Chuck "I never saw a camera I didn't like" Schumer, Chris "I don't remember taking a sweetheart deal from Countrywide" Dodd, which provided 200 thousand dollars to his campaign, Barney "The Lisper" Frank and Bill "where did I leave that cigar" Clinton. Clinton initially opposed regulation of Fannie and Freddie but after dire warnings from Paul Volcker (Fed Chairman at the time and his successor Alan Greenspan) that these institutions were running away and could create economic chaos; he said he "tried to do a little regulation on them" as related to the media a month ago but said he was opposed by members of his own party. The chickens have come home to roost but unfortunately they are leaving their droppings on the American people compliments of the congress mafiosos.

Maybe you've read about that famous automotive engineer, CHuck Schumer, who says the companys must not build a business plan around "gas", but "electric" is the future. The new $40,000 Chevy Volt that will go 40 miles before another 8 hour recharge and the gas engine isn't even connected to the wheels. THe gas engine runs a generator that powers the battery. It will be the biggest boondoggle since the Edsel. Only rich and politically correct will buy this car. I can get a Chevy Prism 38-40MPG for 12K ...a clone of Toyota Corolla.

THe govt. will help GM go down even faster with our money in tow!

ALL this over a hoax. I cringe everytime I heard one of them say a warming globe. THere has been no warming since '98 and statistically no warming since 95. We are racking up record cold temps already as well as snowfall. We have offically entered a 30+ year cooling cycle. IT will be obvious in the coming months and years.

I am tired of these fat cats both corporate and political thinking the American public is here to be used and manipulated. They are addicted to picking our pockets! The constant barage of the propaganda is getting real old as well.