The Credit Cancer that has No Cure

An inventory of most of the banking irregularities causing the current credit debacle, with an emphasis on one more amazing achievement by our Glorious Mediocrity in the field of gross incompetence is now becoming public knowledge. There should be a movement afoot to rename The White House to the more appropriate Blight House as we become aware how Mr. Bush's servile agency clods succeeded in preventing state regulators from enforcing standard banking protocols when they had the nerve to actually become aware of the fraudulent bank lending practices. The Bush Administration insisted that states had no right whatsoever to intervene in a corrupt banking system as this was strictly the business of Bush's corrupt bureaucracy. You can start to read here, but these vomit inducing banking routines were actually put in writing. Practices included instructing bank employees exactly how to fake borrower income and assets in order to produce higher commission and easier to package sub prime Adjustable Rate Mortgages that could be more easily resold in the market. Mortgage buyers that qualified for a standard loan were talked into the ARM after being assured that this was the best deal for them becasuse of the low rate that could be refinanced later. And we are now bailing out these pecuniary thugs? They should be going to jail. There is another piece HERE that explains the home seller refusal to recognize the value of their homes were dropping.

As the REALITY of what is clearly a mass criminal conspiracy to defraud home borrowers by what used to be another respected institution seeps into my soggy brain I am more in sympathy with some kind of homeowner bailout, and we get rid of the worst president in my lifetime.