The following is excerpted from an editorial titled “Predatory Lenders’ Partner in Crime” by Eliot Spitzer, Governor of New York, in The Washington Post (February 14, 2008)
“Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices.
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.
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably.”
Within weeks of publishing this editorial, Spitzer’s “indiscretions” with call girls (what Libertarians and Progressives alike agree is a “victimless crime”) were bigger news than the fact that he had evidence that the Bush administration had, again, been involved in shifting the hard-earned wealth of America into the hands of the welathy and the corporations.
That is, Governor Eliot Spitzer scared the bejeezus out of Wall Street criminals and the Republican Party movers and shakers and was subsequently NEUTRALIZED.
As the most famous US Marine in the world during the Vietnam Conflict would say, “Surprise, surprise …”
Further reading is encouraged: http://www.truth-out.org/news/item/18290-not-too-big-to-jail-why-eliot-spitzer-is-wall-streets-worst-nightmare
HEADER IMAGE: The “Spitzer Zipper” cartoon at the top of this page is by Pat Bagley is the staff cartoonist for The Salt Lake Tribune in Salt Lake City. All rights reserved.