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Spitzer had become increasingly public in blaming the Bush administration for the subprime crisis. He testified in mid-February before the US House of Representatives Financial Services subcommittee and later that day, in a national CNBC interview, laid blame squarely on the administration for creating an environment ripe for predatory lenders.
On February 14, the Washington Post published an editorial by Spitzer titled, “Predatory Lenders’ Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers,” which charged, “Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.”
In this editorial, Spitzer explained:
The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers. In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules. But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.”
The editorial appeared the day after Spitzer’s ill-fated rendezvous with the prostitute at the Mayflower Hotel. With that article, some Washington insiders believe, Spitzer signed his own political death warrant. On March 4, 2008, Spitzer furthermore proposed legislation that would have imposed penalties for mortgage fraud and predatory lending.1
... NEP is a young rw version of our former buddy NEM. Like NEM, NEP does not understand that a discussion is a means of using opinion and facts to get one's point across. Getting one's point across is not the same as changing the opinion of others ... which as most of us know is next to impossible. Some still try and NEP like NEM before him will soon be part of the history of this political forum unless he decides to change and bend a bit. Discussions are great - trying to change the opinions of others is inane.
Re: the Spitzer story, wow. This is arguably more important than Carter-era legislation in the big meltdown LOL.
As for opinions actually changing in these discussions, it's the exception not the rule, and that's putting it lightly. One can hope to display enough civility and thought in making the arguments, that those arguments are remembered when next the individual (far from these forums) doubts the orthodoxy of his "side." Once people get mostly past the dogma of the moment, these doubts become less threatening, so their responses become typically less vitriolic. Just my .02.
Now, after five years of development and backing by investors like Saudi Prince Alwaleed Bin Talal and onetime junk-bond king Michael R. Milken, Neil Bush aims to roll his high-tech teacher's helpers into classrooms nationwide. He calls them "curriculum on wheels," or COWs. The $3,800 purple plug-and-play computer/projectors display lively videos and cartoons: the XYZ Affair of the late 1790s as operetta, the 1828 Tariff of Abominations as horror flick. The device plays songs that are supposed to aid the memorization of the 22 rivers of Texas or other facts that might crop up in state tests of "essential knowledge."
Bush's Ignite! Inc. has sold 1,700 COWs since 2005, mainly in Texas, where Bush lives and his brother was once governor.
“We like to say that dependability is more important than ability,” Bill Belichickism....