Sub-primes and Spitzer

“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.”
-- Former NY Governor Eliot Spitzer

Is there any connection to the finance industry's meltdown and Eliot Spitzer's fall from grace? Greg Palast thinks so, and frankly, when Greg spins, I listen. He's been right more times then he's been wrong (actually, I don't know when he has EVER been wrong).

Yeah, so Bad Boy Eliot got caught doing what Sen. David Ritter (R-LA) and God knows how many other "family values" Republicans have done. But Spitzer is down for the count while Vitter continues to do the hellish work of the Bush/Cheney crime syndicate.

"This week, Bernanke’s Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks’ mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure.

"Up until Wednesday, there was one single, lonely politician who stood in the way of this creepy little assignation at the bankers’ bordello: Eliot Spitzer."

-- Greg Palast, Eliot’s Mess