Monday, December 01, 2008

No One Could Have Predicted...

How many times did we hear that from BushCo. over the past eight years? Too many to count about too many things.

Here's another one to add to the list; seems that they were warned about the mortgage crisis and financial meltdown:

"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.
So they were warned, just like "Bin Laden determined to strike the U.S." and like Katrina storm damage warnings and like so many other disasters in waiting that BushCo. ignored.

So, what did they do?

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.
But of course there were consequences, right?

Many of the banks that fought to undermine the proposals by some regulators are now either out of business or accepting billions in federal aid to recover from a mortgage crisis they insisted would never come. Many executives remain in high-paying jobs, even after their assurances were proved false.
January 20 can't come fast enough.

Worst. President. Ever.

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