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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: one_less who wrote (148714)	12/1/2008 1:19:35 PM
From: Steve Dietrich	1 Recommendation Read Replies (1) \| Respond to of 173976

news.yahoo.com AP IMPACT: Under pressure, US eased lending rules By MATT APUZZO, Associated Press Writer Matt Apuzzo, Associated Press Writer 1 hr 24 mins ago WASHINGTON – 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. ... The administration's blind eye to the impending crisis is emblematic of a philosophy that trusted market forces and discounted the need for government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s. SD