Bush Threw You Out of Your Home

I heard recently that 1 in 7 families are being foreclosed on due to the sub-prime lending mess.  I've read as many articles as I can trying to understand exactly how and why this is happening. Many of the articles are so convoluted and it seems you have to be almost an economic expert to truly understand the how, what, why and when of it all.

No matter how many articles I read, I just could not find out the root cause. I mean, not just bad lending practices, or questionable banks.  I wanted to understand exactly from nickel one how it happened.

Then.......I caught this piece on Crooks and Liars by John Amato and it all made sense to me.

The Bush administration knew exactly what they were doing when they dug up an obscure banking clause of 1863.

   

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

   The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers. In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative.

So essentially the Bush administration worked with the banking industry, then of course dumped too much cheap money and credit into the market, causing a super bubble that racked up debt faster than you can say "shit on a cracker"

And wasn't it all so wonderful how soon the bankrupt laws changed directly  so that the creditors would get their pound of flesh when things started to tank, and then used an obscure tactic to protect the banks for predatory lending practices as well.

Well.........I finally get it.  Maybe I'm dense, because I don't know a junk bond from a whole in the ground, but after I read this information I had to take a pill just to get down off the ceiling.  

I can't imagine any human being doing this to another on purpose.  I just can't.  And look at the domino effect it has had not only on our own economy but the rest of the world.  

What a bunch of worthless reptiles and vampires these bottom feeding scum are.  I keep trying to picture some little brown nosed sniffing nerd going through some old "Banking Law Books" with spider webs and dust all over them, then Ureeeeeeeka !!!  He find the old obscure 1863 law.  What did he do when he found it?  Who did he take it to? What kind of a promotion did he get?

Avarice is one of the 7 deadly sins.  Good luck George, because St. Peter has a really big surprise for you, and since you love coal mining so much, I think you're going to love your new job where you end up. Coal keeps the fires burning down below.  Personally, I would just hand him right over to all the families that have been thrown out of their homes.

Killing untold hundreds of thousands of people in the world is just not enough misery for George W. Bush.  The more misery he has, the more he wants. What a miserable SOB.