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"The people who cast the votes don't decide an election; the people who COUNT the votes do." -- Joseph Stalin

Wednesday, March 25, 2009

The Truth About the SubPrime Mortgage Scandal

It's one of the most amazing displays of journalistic incompetence and malpractice in recent memory. The US news media failed to draw the obvious connection between the bizarre federal law enforcement investigation and leak campaign about the private life of New York Governor Spitzer, and Spitzer's all out attack on the Bush administration for its collusion with predatory lenders.

While the international credit system grinds to a halt because of a superabundance of bad mortgage loans made in the US, the news media failed to cover the details of Spitzer's public charges against the White House. Yet when salacious details were leaked about alleged details of Spitzer's private life, they took that information and made it the front page news for days.

To the 9/11 fiasco, the Iraq War, the travesty of the federal response to Hurricane Katrina, and the shredding of the US Constitution, we can now add a deliberate and reckless undermining of the credit and banking system of the US to the list of Bush administration "accomplishments." No external enemy, or group of external enemies, could have done as much harm to the nation as this group has in less than eight years.

Do you think it's a coincidence that a Bush was involved the last time the US banking industry fell into a black hole because of White House-facilitated fraud? There's actually a lot of money to be made blowing up banks. Here's how Bush Sr. and his friends in the Mafia and CIA profited from it the last time:

Bush, the Mafia, the CIA and the Savings and Loan Scandal




PART 2




The Bush administration actively interfered with states that attempted to enforce their own state lending laws. Bush & Co. used the Office of the Controller of the Currency to sue states like New York to stop them from going after predatory lenders. Bush Jr. is not the first Bush to get "hands on" involved in shaping the lending industry to his will. Many know that one of this brothers, Neil, was part of a spectacular Savings & Loan failure in the 1980s.

What far fewer people are aware of is how deeply the CIA, organized crime and, George Bush Sr. were involved in the Savings & Loan disaster which caused US taxpayers and estimated trillion dollars plus. The term of art for these kinds of operations is a "bust out." The scam works as follows: an organized crime group takes over a business, borrows as much as it can in the business' name, fails to pay vendors and then disappears with all the cash.

The Bush family and its associates in organized crime and the CIA figured out how to run this scam on a multi-hundred billion dollar level using the entire US banking system as its playground. When you consider that Reagan was probably out o
f it from Day One of his term and that Bill Clinton is a close associate of George Bush Sr., the Bush crime syndicate has been influencing when not outright running the executive branch continuously since 1980, which, perhaps not so coincidentally, marks the earliest days of the credit bubble the economy is now having serious trouble digesting.

. . . and the Republicans are trying to blame Obama!






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1 comment:

  1. I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.


    Alessandra

    http://www.craigslisthelper.info

    ReplyDelete

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