We have experienced 6 of these mortgage problems since the Civil War?
by Mortgage Rates on Sunday, October 3rd, 2010 | 2 Comments
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Yes, and the last one, oddly enough, occurred under the first President Bush’s watch (although he inherited it from Reagan, who in turn inherited it from Carter).
Other than the depression, there has not been a run on banks comparable to this one. Bad debt decisions were accepted because the Govt guaranteed the money. Anyone could get a loan at high interest. Those are the loans the Govt bought. Americans are “free money” hungry. Between law suits and the lottery, lots of fat cats are getting rich, but you and I are paying. The tax system only hides how much you are getting screwed. There are more taxes in the US than ever before in history. Alcohol, tobacco, inheritance, real estate, sales, income, social security, medical, highway, tolls, import, export, and hundreds of taxes you don’t even know about. The buyout only makes them richer. Wamu is one of those lenders but can still afford to a CEO of only 14 days, $13.65 million dollars severance pay.
http://news.yahoo.com/s/nm/20081003/bs_nm/us_jpmorgan_wamu_ceo_2
If it werent for the bailout bill, I’d bet they would have said no. A good investigator might find a connection between him and who’s behind the bailout bill.
I am sure he is not alone. I’d bet many of Bush’s supporters are looking for a final payoff before he leaves office. The Bush retirement fund keeps growing.