Why doesn't this surprise me?
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.
"Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.
RICE: I remember very well that the president was aware that there were issues inside the United States. He talked to people about this. But I don't remember the al Qaeda cells as being something that we were told we needed to do something about.
BEN-VENISTE: Isn't it a fact, Dr. Rice, that the August 6 PDB warned against possible attacks in this country? And I ask you whether you recall the title of that PDB?
RICE: I believe the title was, "Bin Laden Determined to Attack Inside the United States."
BEN-VENISTE: Thank you.
Let's see Bill O'Reilly follow up on this story the way he did with Barney Frank. NOT...