Thursday, March 20, 2008

Was Spitzer Nailed Because He Tried To Block Bernanke's Bank Bailout?

So, as the media salivates at their chance to titillate themselves about the sex life of Eliot Spitzer, and while Eliot's concubine has to open investment accounts to separate her incoming music, book and movie income from her outgoing criminal defense fund, and while millions of bored executives, mailroom clerks and C++ programmers view the concubine's MySpace page and the rent-an-expensive-gal website, much more important things seem to be going on.

But that's so boring, you know.

Please read Greg Palast's article entitled Eliot's Mess. I have not seen this covered anywhere else in the traditional media, except Asia Times Online for Buddha's sake. How much farther do we need to get away from America to get our news? Here's a stimulating quote from the Asia Times article, Why Spitzer was Bushwhacked:

Most recently, from his position as governor of the nation’s second largest state, home to its financial industry, Spitzer had begun making high-profile attacks on the complicity of the Bush administration in covertly arranging bailouts of its Wall Street friends at the expense of ordinary homeowners and citizens, all paid for by taxpayer funds.
But that was just foreplay. Here's where things start to get naked (What? I have to keep you interested, don't I?):

On February 14, Spitzer published a signed article in the influential Washington Post titled, "Predatory Lenders' Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers."

That article, laying clear blame on the administration for the development of the subprime crisis, appeared the day after his ill-fated tryst with the prostitute at the Mayflower Hotel. Just a coincidence? Spitzer wrote, "In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act pre-empting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks."

In his article, Spitzer charged, "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."

Bush, said Spitzer right in the headline, was the "predator lenders' partner in crime". The president, said Spitzer, was a fugitive from justice. And Spitzer was in Washington to launch a campaign to take on the Bush regime and the biggest financial powers on the planet. Spitzer wrote, "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."

With that article, Spitzer may well have signed his own political death warrant.
Now, if you're into the whole sex and death thing, you're way too kinked out for me.

Now, back to the boring part. This all certainly looks suspicious. But you can't really draw any solid conclusions unless you know more. Like, how long the investigation of the prostitution ring was going on and how long the FBI knew about Spitzer's involvement. The fact that the FBI wiretaps were LEAKED, let me just say that again, the fact that the FBI wiretaps- which offered the most salacious details of phone conversations between the prostitution ring, the prostitute and Spitzer - were LEAKED, and the fact that the Bush administration has a history of leaking classified information to try and destroy people's careers (think Valerie Plame - that should get you excited - she's pretty hot), well...

Is Spitzer's investigation into and exposure of the subprime rape going to be continued by his successor, David Paterson, or is Paterson too busy making sure that every affair he's had and illegitimate child he's fathered is made public in order to avoid the same fate as Spitzer? Based on an article in the Washington Post entitled, Spitzer's Successor Has Few Enemies, I doubt it. Spitzer had enemies in the Bush administration for a reason. And it looks like it was a damn good reason, at that.


Rich said...

Hey Girl, Thanks for this great take on the Spitzer takedown. It made me wonder if Bush is really a fascist after all. I've commented on how uncomfortable "Homeland Security" sounds to those of us who remember WWII.

His organization may be incompetent in serving the public, but he has accomplished seemingly total control of the Justice Dept and major Federal Bureaucracies.

I looked around your site today. Liked the article by Karen (last name upspellable).

Went to your Videos and got a peek at one of your stand-up routines.

I like "Inspector Gadget". Found it interesting that you call Phoenix your home. My wife and lived in AZ for 25 years.

Great Posts