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.
She needs to point to a specific bill number and title.
I wrote earlier about her. What is astounding is it appears she was on this over a year ago and it appears she's the one with the real well thought out plan.
I just posted a couple of bill numbers sponsored by Hillary but could not find one which spelled out a HOLC.
It's clearly in her Presidential policy plans, which unfortunately the website removed (great, how many links did that break?)
What I don't get
Is why everybody is talking the Paulson Plan, a supply side bailout, when the obvious answer is a huge DEMAND side bailout.
In other words, don't give the $700 billion to the Treasury. Give the $700 billion to HUD. Let the banks fail, while HUD buys up the riskier mortgages at fire-sale prices, forecloses, and turns the properties into rental units to the same people who originally tried to buy them.
A few of the higher-income families who got overdrawn, might be given the choice to refinance instead- and buy their mortgage from HUD so that HUD can buy some poorer person's mortgage.
Offer Wall Street 50 cents on the dollar for any mortgage held by somebody with a credit rating below 600.
And those banks that survive, do so. Those banks that still fail when getting half their money back probably shouldn't have been banks to begin with.
Maximum jobs, not maximum profits.
Lou Dobbs - Paulson is a Preening Parading Popinjay
I'm not kidding, he just looked at the Camera, told him to shut up and then called him the 3 P's!
He has a poll up on it.
wait...was Paulson on Lou's show?
Was the Treasury Secretary on Lou Dobb's show?
No but they did a piece
It was a timeline on everything Paulson has said to date on the economy and after whatever he said, the segment noted he was dead wrong.
Then, I think we all know about Dobbs blow hard commentary he did one of those.
I was impressed with the alternation!
Something else I'd accept
Regional non-transferable currency with *distributed* banks.
That way, the states could each print their own money, and if this sort of thing happens again, you'd never be more than 500 miles from being able to assassinate the guy responsible.
Maximum jobs, not maximum profits.
Since this is economic war on the middle class the way to get even is to take their cash and leave them penniless.
BTW: Now the MSM is acting like a 500 pt drop in the stock market is the end of the world.
Are they kiddin'?
They don't know the meaning of a true stock market crash.
No way should Congress write a blank check over a lousy 1000 point drop, that's ridiculous.