Fear not, America! Those bankers whose push for deregulation resulted in their ability to feed their greed and create the huge subprime crisis have come up with a solution! You!
How about a Federal Homeowner Preservation Corporation they proposed recently to Congress designed to “buy up billions of dollars in troubled mortgages at a deep discount, forgive debt above the current market value of the homes and use federal loan guarantees to refinance the borrowers at lower rates.”
These are the same people who spent more than $100,000 lobbying Congress for the freedom to create this disaster. And now they want your help.
Of course, you don’t get to say yea or nay; the same guys who allowed this mess have that ability; the same ones who gave you the disastrous bankruptcy bill that will make you a servant for life to the corporate world and many of the same ones who spent $200 billion on the savings and loan bailout? Come to think of it, wasn’t there a Bush involved in that, too?
Mike Whitney writes, “The culture of corruption from 7 years of Bush misrule has spread like Kudzu to every jag and eddy in Washington. If we were really a nation of laws rather than nincompoops, federal agents would be busy rounding up every investment banker and hedge fund sharpie on Wall Street so they could get to the bottom of the subprime boondoggle....And, don’t kid yourself; Bush is proud of the damage he’s done by taking a wrecking ball to the SEC. For him, it’s like a good day at the races. He has no intention of reigning in the crooks or restoring the publics’ confidence.”
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