| It took the Bush administration more than a few weeks to make this financial mess. We should allow the Obama administration more than a few weeks to clean it up. |
| As the Bush administration was vastly increasing the number of agents assigned to counterterrorism, financial fraud prosecutions dropped. Justice Department statistics show that the number of prosecutions of frauds against financial institutions fell 48 percent from 2000 to 2007 while securities fraud cases decreased 17 percent — though F.B.I. officials said agents focused on larger cases with greater impacts.
Source: "White House to Keep Agencies’ Focus on Terrorism" By DAVID JOHNSTON and NEIL A. LEWIS - NY Times - March 25, 2009 In the 2004 election cycle, mortgage bankers and brokers poured nearly $847,000 into Mr. Bush’s re-election campaign, more than triple their contributions in 2000, according to the nonpartisan Center for Responsive Politics. Among the Republican Party’s top 10 donors in 2004 was Roland Arnall. He founded Ameriquest, then the nation’s largest lender in the subprime market, which focuses on less creditworthy borrowers. In July 2005, the company agreed to set aside $325 million to settle allegations in 30 states that it had preyed on borrowers with hidden fees and ballooning payments. It was an early signal that deceptive lending practices, which would later set off a wave of foreclosures, were widespread. Andrew H. Card Jr., Mr. Bush’s former chief of staff, said White House aides discussed Ameriquest’s troubles, though not what they might portend for the economy. Mr. Bush had just nominated Mr. Arnall as his ambassador to the Netherlands, and the White House was primarily concerned with making sure he would be confirmed. “Maybe I was asleep at the switch,” Mr. Card said in an interview. Source: "White House Philosophy Stoked Mortgage Bonfire" By JO BECKER, SHERYL GAY STOLBERG and STEPHEN LABATON - NY Times - December 20, 2008 |
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| Comments | Contributor | Date Submitted |
| Obama? He is more of a pupit than Bush. Obama has studied the book on how to distroy America. #1 starting point to crush the enconomy. #2 demorilize the military. #3 disarm the public. #4 establish Martial Law. #5 use military against the peple. #6 detain and eliminate any opposition. We are like fish in a net, beleive it or not, but you can not denial that something is squeezing all around us. Can you say that the New World Order is making its move. Take control of United States and eliminate the constitution. NEW FLASH just heard on the radio,Obama say we need World cooperation to fix the economic crises. How did we go from privet banks doing poor business needed a government to bail them out to a global stimulus package. Something smells bad about this whole deal. | Robert Tollison Broken Bow, OK |
3/24/2009 |
| None of those things mentioned have happened. The economy was already crushed, the military couldn't be any moe demoralized than it already was (showers in Iraq that electrocute soldiers?), there is no plan nor was there ever a plan to disarm the public (and what would be so bad about a few less guns on the street?), Martial Law, where?, use military against the people, get real, detain and eliminate the opposition? I still see much more of Cheney and Palin than I ever wanted to. We need to fix the global economy because we borrowed billions from CHINA! | Linda Denton |
6/19/2009 |
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