Monday, March 26, 2012

The S&L Crisis Ripoff and Rape of America

When are we going to eliminate the open criminality in this country? When?

The Savings and Loan Crisis of 1988 - 1991 in which the taxpayers paid multi Billions in installments over years to bail out the Federally chartered institutions was a perfect example of Republiscam corruption run rampant. What was it all about?

Easy, bad loans on Real Estate and unsecured loans to "friends of the banks" (I.e. Republiscams.)

If you old enough to read the newspapers for understanding, you might remember, Republiscam John McCain was rebuked by the Senate Ethics Committee for his role in the corruption. Neil Bush, son of the former President was directly responsible for the multi-Billion dollar loss of one savings and loan because he loaned hundreds of millions to his corrupt "friends" without informing the board of directors of his complicity in their criminal behavior. Over a hundred million of that money was lost.

Bush being the son of the Republiscam President was not indicted and was allowed to pay a ridiculous $50,000 fine for his outrageous behavior. His friends had paid him Millions to get the illegal loans in the first place. Gosh it must be great to be totally corrupt in a totally corrupt administration! Reagan allowed the S&L's to operate as banks under Federal Charter and the industry was then repeatedly raped by Republiscam bankers who were all new found “friends of the President."

Gosh that reminds me of what happened recently under the horribly corrupt administration of Dubya Bush. The entire family was and is corrupt as hell and they all belong in Prison for life. But then again, the entire Republiscam Party leadership is corrupt as hell. When Dubya was elected in 2000, those of us who remembered the horrible twelve years of Reagan-Bush knew that we would be revisited with unbelievable banking corruption just like we had under those two horribly corrupt presidents -- up to that time the most corrupt administration in American History!

Dubya, of course, surpassed that in spades! Only this time it wasn't hundreds of Billions in losses the taxpayers had to pick up, it was Multi-TRILLIONS of Dollars that we had to add to the national debt to bail out all of the horribly corrupt money institutions. We need to put the entire Dubya administration on trial for Treason against these United States, but under current laws that is difficult to do. The legal system is set up to protect banking criminals. Usually, if they do get sent to prison, they go to luxury resorts where they can play golf and enjoy their corrupt selves for a couple of years until they are released for good behavior. In my opinion they should not be released until they have paid back the Trillions they have stolen from their fellow Americans.

Have either of the two Bush family presidents repaid the Trillions they owe the middle class? It is the middle class that pays for the rip-offs regardless of the upper class protestations to the effect that their de-facto ten percent tax rate is too high.

There are several ways in which the satanically evil Bush family plays into the Savings and Loan scandal, which involves not only many members of the Bush family but also many other Republiscam politicians and a few Democrats who were willing to take campaign contributions. Former Democratic Presidential candidate Alan Cranston comes to mind. Money corrupts!

Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan Scandal, which eventually cost American tax payers over ONE TRILLION dollars. All those hundreds of Billions added together over the years exceeded a Trillion. Some accountant types say it was closer to 1.6 Trillion. (This is what really pushed the national debt over the edge. Clinton could not make headway against it even though he was very frugal with taxpayer dollars).

Between 1981 and 1989, when George Bush finally was forced by obvious circumstance to announce that there was a "Savings and Loan Crisis" to the world (After the Republiscams raped the Savings and Loans for as much as they could get shortly after Reagan took office.), the Reagan/Bush administration worked to cover up Savings and Loan problems by reducing the number and depth of examinations/audits required of S&Ls as well as attacking political opponents who were sounding early alarms about the S&L industry.

Obfuscate! Obfuscate! Obfuscate!

Industry insiders were aware of obvious S&L problems as early 1986 that they felt would require both Federal and State bailouts. This information was conveniently kept from the media and the public until after Bush Sr. had won the 1988 election.

Jeb Bush defaulted on a $4,560,000 loan from Broward Federal Savings in Sunrise, Florida. After federal regulators closed that corrupt S&L, the office building that Jeb used the $4.56 million to finance was reappraised by the regulators at $500,000, which Bush and his corrupt partners paid. The taxpayers had to pay back the remaining 4 million plus dollars. They financed the building at an outrageous amount so friends could get their hands on the money to use in other deals.

Neil Bush was the most widely exposed member of the Bush family by the media in the S&L scandal. Because of his father's connections, Neil became director of Silverado Savings and Loan at the overly young age of 30 (I mean, "REALLY?") in 1985. Three years later the raped institution was bankrupt, at a cost of almost two billion Dollars to tax payers to bail out.

Corruption run rampant with scant punishment for the crooks!

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About Me

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Born Chicago. Lived: Palos Heights Chicago, Illinois; American Samoa; Mexico; Escondido and San Diego, California; and then I finally graduated from High School. Subsequently, 12 years in the Navy took me all over the world.