socialism-rich

(hat tip: The Big Picture)

Uma lenda preferida pelos wingnuts para livrar a cara dos Republicanos perante a crise e’ a historia de que ela teria sido engendrada pelos democratas; que teriam “forçado” os bancos a fazer emprestimos hipotecarios para pessoas pobres.  Tese que ja’ foi desancada muitas vezes, inclusive aqui, por varios motivos _ inclusive o de que seria um tanto estranho que uma crise dessas proporçoes tivesse sido engendrada por acontecimentos de 15 anos atras sem que ninguem notasse que nada ia errado durante 8 anos de governo Bush…

Mas parece que agora jogaram a pa’ de cal:

Government warned of mortgage meltdown
Regulators ignored warnings about risky mortgages, delayed regulations on the industry.

WASHINGTON (AP) — 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 the financial meltdown, according to an Associated Press review of regulatory documents.

“Expect fallout, expect foreclosures, expect horror stories,” California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.

Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.

“These mortgages have been considered more safe and sound for portfolio lenders than many fixed-rate mortgages,” David Schneider, home loan president of Washington Mutual, told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history.

The administration’s blind eye to the impending crisis is emblematic of its governing philosophy, which trusted market forces and discounted the value of government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s.

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Ah, o NBER avisa que os EUA estao oficialmente em recessao.

Feliz Natal!

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