Bush administration ignored clear warnings, page 1

Bush administration ignored clear warnings

www.msnbc.msn.com

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
....
"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.

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interesting, it says that lobby pressure caused them to delay action after warnings from experts in the field..

gives more credence to the whole "engineered meltdown" theory we see going on daily. theres gotta be an end goal. how can one adminstration be so inept at certain things but so cunning when i comes to oh, say The patriot act? and the various other subversions of the constitution?



www.msnbc.msn.com
(visit the link for the full news article)

Originally posted by turbokid


interesting, it says that lobby pressure caused them to delay action after warnings from experts in the field..

gives more credence to the whole "engineered meltdown" theory we see going on daily. theres gotta be an end goal.

how can one adminstration be so inept at certain things but so cunning when i comes to oh, say The patriot act? and the various other subversions of the constitution?

www.msnbc.msn.com
(visit the link for the full news article)

Because they 'planned' for the Patriot Act and the Iraq invasion; the financial stuff was considered small potatoes. His administration took their eyes off the ball, and/or were in on it.

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