Saturday, November 21, 2009

Things That Make You Go Hmm?

Things That Make You Go Hmm?
From The Ramparts
Junious Ricardo Stanton

“As the housing bubble burst and the ensuing economic crisis gained steam, conservatives set about trying to find someone to blame for the meltdown of the mortgage market. First, it was Fannie Mae and Freddie Mac, and then loans made to low-income people through the Community Reinvestment Act. As The Wonk Room has noted, the problem was actually the Bush administration’s failure to regulate the mortgage markets, while financial institutions developed ever-more sophisticated instruments for securitizing mortgage debt and selling it around the world. Today, the Associated Press offered more evidence of Bush’s failure, reporting that his administration ‘ignored remarkably prescient warnings that foretold the financial meltdown,’ and ‘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.’”

In retrospect, there were lots of things about the administration of George W. Bu$h which seemed odd and even criminal, but when you view them as a whole there are numerous instances that make you go hmm? When we look back on the Bu$h administration one thing is clear, George W. Bu$h either wouldn’t listen to sound advice or ignored critical warnings he received about potential threats, dangers and disasters looming on the horizon. Most of us know by now Bu$h was warned about 9-11 well in advance of the event but he chose to do nothing. I’ve documented on many occasions over the years since 2001 the number of foreign governments who warned the US CIA and the Bu$h administration directly about a pending attack on US soil weeks prior to 9-11; yet the Bu$h administration did nothing to prevent them. Not only did eleven foreign governments warn Bu$h about 9-11 his own NSA, FBI and CIA warned him. And he still chose not to act! Certainly that is something worth investigating. Why hasn’t the Obama administration begin to look into these things as well as the violations of the Geneva Convention on torture and possible War Crimes? Hmmm?

In another example of being hard-headed, stupid or just plain malfeasance the National Oceanographic and Atmospheric Administration (NOAA) warned Bu$h about the severity of Hurricane Katrina days before the storm in made land and walloped New Orleans and the Gulf region with category four/five winds, rain and water. There is a recorded video conference between then FEMA Director Michael Brown and George W. Bu$h showing Brown briefing Bu$h on the developments of the impending hurricane. Spike Lee even included the grainy footage in his four part HBO documentary on the effects of the storm on the city of New Orleans for all the world to see. But like, 9-11 Bu$h claimed he had no idea the storm was going to be so devastating and just like 9-11 he and his cabinet members were unbelievably ineffective (malfeasant) in their real time responses to the Katrina crisis. Was this deliberate? Hmmm?

Now more damaging evidence has come out that the Bu$h administration was warned in 2004 about massive systemic banking and mortgage fraud by the FBI and several states’ Attorney Generals, yet he and his Attorney General failed to act. “WASHINGTON (CNN) -- Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an ‘epidemic’ of financial crimes which, if not curtailed, could become ‘the next S&L crisis.’ Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions. ‘It has the potential to be an epidemic,’ said Swecker, who heads the Criminal Division at FBI headquarters in Washington. ‘We think we can prevent a problem that could have as much impact as the S&L crisis,’ he said.” From Terry Frieden CNN Washington Bureau Friday, September 17, 2004 Posted: 5:44 PM EDT (2144 GMT)

Please note that report is dated September 2004 ! The FBI warned of the potential for another Savings and Loan type scandal. Their warnings fell on deaf ears three years before Wall Streets derivative and exotic Ponzi schemes actually imploded threatening to take the whole system down with them. Thus far the collapse makes the Savings and Loan scandal of the ‘80's look like an anthill compared to Mt Everest. Many speculate former New York Attorney General and Governor Eliot Spitzer was taken down publically and his political career ruined by a “sex scandal” because he prosecuted high level Wall Street executives and he exposed the Bu$h administration’s nonchalant attitude towards predatory lending and massive fraud. Three weeks before he was exposed for his tryst with a high priced prostitute, Spitzer wrote an editorial for the Washington Post in which he exposed the fact the Bu$h administration was in cahoots with the Wall Street bankers who were engaged in fraudulent and predatory lending practices. Evidently that was the final straw. Wall Street in collusion with the corporate media took their revenge by revealing Spitzer's indiscretions.

“It was Spitzer who took down the AIG CEO Greenburg, who was instrumental in blocking most key accounting reforms, using Conneticut Senator Joe Lieberman as his main political tool. Lieberman even stood up in the Senate on one occasion and threatened to defund the Securities and Exchange Commission if it pursued rules that would have prevented Enron like accounting. Spitzer also took on Microsoft head on and this anti-trust case was the biggest since Standard Oil in the 1920’s. As noted here, Spitzer led the effort of 19 states in its effort against Microsoft’s abusive practices. Another key Spitzer adversary was Rupert Murdoch, who now owns the Wall Street Journal, Fox News and various other media outlets. Spitzer exposed corruption in the recording industry, the famous “payola” scandal, which significantly impacted Murdoch’s businesses. Murdoch can now be sure that a lot less attention with respect to media consolidation will occur with Spitzer out of the picture. Murdoch has so little credibility that the owners of the Dow Jones Company even made a proposal to Gazprom, the Russian state energy company, in the hope they would buy it, rather than Murdoch. Ironically, most Americans don’t know or care much about these vital media interests being owned by a foreigner, Rupert Murdoch.” Hedge Funds, Buffett, Gates and Murdoch Take Down Eliot Spitzer March 12, 2008 by billparish

Over the years, the Bu$h administration proved to be extremely vindictive and meanspirited when it came time to punish their enemies. Remember they outed a CIA agent Valerie Plume because her husband Joe Wilson refused to go along with their lies about Saddam Hussein trying to procure Yellow Cake from Niger? Outing an CIA agent is a federal crime! Remember how they demonized and funneled mad money to Congresswoman Cynthia McKinney’s opponents because she dared ask (which later was revealed to be true) if Bu$h had foreknowledge of 9-11? And we now see what they did to Eliot Spitzer because he wouldn’t remain quiet while they raped and plundered working class people with their predatory lending schemes. The question now is, will an Obama administration that also has its share of Wall Street and corporate insiders, allow the Bu$h era crooks and war criminals to get off Scott free?! Things that make you go, hmmm?


No comments: