Monday, December 01, 2008

They Knew

But did nothing. There is, quite simply, no way to really justify all of this. Now, we have to fix it. No wonder the stock market has been tanking today.

AP IMPACT: Under pressure, US eased lending rules
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 [...]



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