Americans 0, Predators 100

Investigative reporter Greg Palast has a must-read article posted that exposes the back-scratching giveaways and the gross corruption behind the Bush administration's massive government bailout of predatory banks, brokers, corporations and lenders.

Gov. Spitzer was leading the charge on behalf of Americans to fight back against these predators. Palast explores how Spitzer's resignation at this critical juncture is a huge win for the predators, how the "exposure" of Spitzer's sexual escapades may have well been exquisitely politically timed, how the bailout does next to nothing for American homeowners, and how it is certain that so many of them will still lose their homes.

Article excerpts:

. . .

The press has swallowed Wall Street’s line that millions of US families are about to lose their homes because they bought homes they couldn’t afford or took loans too big for their wallets. Ba-LON-ey. That’s blaming the victim.

. . .

Now, what kind of American is ‘sub-prime.’ Guess. No peeking. Here’s a hint: 73% of HIGH INCOME Black and Hispanic borrowers were given sub-prime loans versus 17% of similar-income Whites. Dark-skinned borrowers aren’t stupid – they had no choice. They were ‘steered’ as it’s called in the mortgage sharking business.

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Indeed, the feds actually filed a lawsuit to block Spitzer’s investigation of ugly racial mortgage steering. Bush’s banking buddies were especially steamed that Spitzer hammered bank practices across the nation using New York State laws.

. . .

Then, on Wednesday of this week, the unthinkable happened. Carlyle Capital went bankrupt. Who? That’s Carlyle as in Carlyle Group. James Baker, Senior Counsel. Notable partners, former and past: George Bush, the Bin Laden family and more dictators, potentates, pirates and presidents than you can count. . . .

There was no ‘quid’ of a foreclosure moratorium for the ‘pro quo’ of public bailout. Not one family was saved – but not one banker was left behind.