George Bush's Bank Crisis

We have all heard about the various bank closures over the past year. Financial behemoths like Freddie Mac and Lehman Brothers are either in the governments intensive care unit or have already had their time of death announced.

So far this year, there have been 14 banks that have gone under. Here is link that lists them all: http://www.feedba.cc/live/banks.html

Now the scary part of this all is that these are only the ones from this year... there have been many others over the last 2 terms of our beloved president George W. Bush. Is it surprising that GW failed to initiate policies to control the outrageous lending practices over the last 8 years? Not really considering all of his other mistakes like tax rebates during a deficit, free and unfair trade with China, outsourcing benefits for corporations, and of course the Iraq war.

The beginning of the banking crisis started as early as 2001 when Superior Bank was shut down by the FDIC because of short sighted lending practices and too many risky loans. Rather than try and prevent a replay of this closure, George W. decided to encourage these lending practices by having his chairman of the Federal Reserve keep interests rates artificially low.

This did wonders to keep Americans spending when they should have been saving. And of course it did wonders to the mortgage industry which was able to make billions of dollars in low interest, adjustable mortgages so that people who could not normally afford million dollar homes were suddenly unpacking their U-hauls in their million dollar driveways.

Lets not forget that our president is supposed to choose the most talented and knowledgeable people as his aides and advisers, not just his friends and supporters. We all learned from hurricane Katrina that George W. liked to reward his supporters by giving them jobs in his administration (as then FEMA director Michael Brown can attest to). Unfortunately it seems that G.W. extended this policy of cronyism to his financial advisers as well for it allowed massive interest cuts in uncertain times to stimulate short term growth.

Despite many financial experts stating the dangers, the Bush administration continued its policy of slash and burn economics and now we have the banking industry turned upside down. The large banks which were like jewels in America's crown are now belly up in a sea of debt.

So here we are... Bush will be out soon and his goofy brand of leadership is now going to be a page in history books. His party wants us to believe that McCain will be different... he will lead our country out of the ruin that they themselves have created. Should we believe this?

Sorry but one G.W. was too much for our country and taking a chance on McCain and his cronyism expert Sarah Palin can only lead our country into deeper ruin. I'm voting for the other guy, just to show those bastards that they can only fool me once... shame on them!!