Senator Clinton is on CNBC right now, she just met with the Fed. She's wanting to resurrect or bring about a new version of the Home Owners Loan Corporation (HOLC). The fact that all existing mortgages could not be renegotiated to make them more affordable makes her uncomfortable in regards to support for the Paulson plan. She wants that in the plan or at least an accompanying legislation passed at the same time.
When asked about Representative Barney Frank's statement about executive compensation. She also came in favor of curbing CEO's of financial companies' bonuses and pay. So long as we're providing tax dollars, she says, then they can't get their old rewards.
" We shouldn't be running a long-term bail out program."
"We also need to come back after the election to put in a new regulatory framework. We can never go through this again! This is a priority to your country!"
"I share Chairman Frank's view, this has to be fair to the tax payer. If we cant' get it this week, I want a commitment. What we are really doing is stopping the bleeding. But it the patient is still not well.This is not a financial crisis this is an economic crisis"
- Senator Hillary Clinton on CNBC's Power Lunch.
Amen, Senator, amen. I think you will find a lot of folks in agreement with you on what you stated. We, taxpayers, deserve a better deal! The patient is not well, and what we need is a longer-term recovery program. Not a bailout, but a future prevention from this disease afflicting the country.