Mortgage Crisis: Brought to You By George W. Bush

You might recall that a month or so prior to the 9/11 attacks, George Bush received a briefing titled "Bin Ladin Determined to Strike Within U.S." and he blew it off.

Now it turns out that the Bush Administration was aware, as far back as 2002, that there was rampant fraud going on in the mortgage industry and that there was a risk that the mortgage industry, if not the entire banking system, would melt down.

The reaction of the Bush Administration to that warning was the exact same as it was to the warning about al Qaeda: They did not do a fucking thing until the crisis had developed.

Thanks for nothing, Little Hoover.

(H/T to C&L)