Regular Real Econ TV viewers know that throughout its second term, the Bush administration actively interfered with states that attempted to enforce their own state lending laws.
Bush & Co. used the Office of the Controller of the Currency to sue states like New York to stop them from going after predatory lenders.
Bush Jr. is not the first Bush to get "hands on" involved in shaping the lending industry to his will.
Many know that one of this brothers, Neil, was part of a spectacular Savings & Loan failure in the 1980s.
What far fewer people are aware of is how deeply the CIA, organized crime and, George Bush Sr. were involved in the Savings & Loan disaster which caused US taxpayers and estimated trillion dollars plus.
The term of art for these kinds of operations is a "bust out."
The scam works as follows: an organized crime group takes over a business, borrows as much as it can in the business' name, fails to pay vendors and then disappears with all the cash.
The Bush family and its associates in organized crime and the CIA have figured out how to run this scam on a multi-hundred billion dollar level using the entire US banking system as its playground.
When you consider that Reagan was probably out of it from Day One of his term and that Bill Clinton is a close associate of George Bush Sr., the Bush crime syndicate has been influencing when not outright running the executive branch continuously since 1980, which, perhaps not so coincidentally, marks the earliest days of the credit bubble the economy is now having serious trouble digesting.