Hillary Clinton on the economic crisis

Senator Hillary Clinton has an opinion piece in the Wall Street Journal today, entitled “Let’s Keep People in Their Homes.” Why isn’t she the Democratic nominee for President? {sigh}

I’ve proposed a new Home Owners’ Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We’ve got to stem the tide of failing mortgages and give the markets time to recover.

The time for ideological, partisan arguments against these actions is over. For years, the calls to provide borrowers an affordable opportunity to avoid foreclosure as a means of preventing wider turmoil were dismissed as government intrusion into the private marketplace. My proposals over the past two years were derided as too much, too soon. Now we are forced to reckon with too little, too late ….

Third, taxpayers are being asked to bear an unparalleled degree of financial risk. We cannot allow taxpayers to take on this burden so that Wall Street and the Bush administration can hit the “reset button.” This historic intervention demands a historic shift in priorities: an end to the broken culture on Wall Street, and the broken economic policies in Washington.

Corporations that will benefit must be held accountable, not only to large shareholders but also to the American people, who are rightly tired of business as usual: short-term profit at the expense of long-term viability; lax oversight and regulation; obscene bonuses and golden parachutes regardless of performance; reckless risk-taking that has placed the markets in jeopardy; rewards for foreclosing on middle-class families and selling mortgages designed to fail; and outsourcing good jobs to serve short-term stock prices instead of America’s long-term economic health.

This is a sink-or-swim moment for America. We cannot simply catch our breath. We’ve got to swim for the shores. We must address the conditions that set the stage for the turmoil unfolding on Wall Street, or we will find ourselves lurching from crisis to crisis. Just as Wall Street must once again look further than the quarterly report, our nation must as well.

Read the entire piece here.

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11 comments

  1. You have got to hope that Obama has some creditable place in his administration for her. Such a waste if not.

  2. Great piece from Hillary, albeit published by a crappy paper.
    Don’t worry folks, we all believe that Obama has got genuinely similar intentions.
    Whereas POW’s main intentions are to go to war against Pakistan, Iran, North Korea and Russia.
    If people keep this global picture in mind, we should all be alright on Nov 4.

  3. Can we have Hillary back now?

    Oh, and here’s Bill Clinton’s take on ABC’s Good Morning America per ABC’s Politcal Radar regarding McCain’s decision to suspend his campaign…

    Former President Bill Clinton defended Sen. John McCain’s request to delay the first presidential debate, saying McCain did it in “good faith” and pushed organizers to reserve time for economy talk during the debate if the Friday plans move forward.

    Clinton also mentioned that McCain has tried repeatedly to get Obama to debate him earlier than this Friday, but Obama DUCKED every time. (Many pundits think Obama made a strategic political mistake in not taking up McCain on those town hall meetings.)

    “You can put it off a few days the problem is it’s hard to reschedule those things,” Clinton said, “I presume [McCain] did that in good faith since I know he wanted — I remember he asked for more debates to go all around the country and so I don’t think we ought to overly parse that.”.

  4. If we want Hillary Clinton to become President in 2012 Barack Hussein Obama needs to lose this election.

    If Obama wins and does well as President, then in 2012 people will just re-elect him and not vote for Hillary Clinton.

    If Obama does horrible as President, then people will not vote for Democrats and will just vote for Republicans.

    Thus, the McCain/Palin ticket has to win to ensure that Hillary Clinton becomes President in 2012.

    On top of that, Sarah Palin as Vice President would excite more confidence towards people in having Hillary Clinton as President in 2012.

    More and more prominent Hillary Clinton supporters are supporting McCain/Palin’08.

  5. “Former President Bill Clinton defended Sen. John McCain’s request to delay the first presidential debate, saying McCain did it in good faith’ and pushed organizers to reserve time for economy talk during the debate if the Friday plans move forward…”

    One reason why Sen. Clinton is not the nominee right now, ya think? Because of Bill bullshit like this? Defending a cheap campaign stunt like that?

    “If we want Hillary Clinton to become President in 2012 Barack Hussein Obama needs to lose this election…”

    Right. Because Obama is really a Muslim and stuff.

    Hey Chelsea, Sean Hannity’s on. You’re missing your talking points.

  6. I’m sorry, do my above comments seem too nasty?

    Well, I’m frankly tired of this crap. John McCain once again treats the entire population like we’re stupid, and Bill Clinton exercises his sour grapes by carrying McCain’s water (sorry for mixing my metaphors). Sen. Clinton got 18 million votes, and will hopefully make a fine Secretary of State or a superb justice on the Supreme Court (my pick).

    Because “Barack Hussein Obama” got NINETEEN or so million votes.

    Maybe it’s time to move on?

  7. Thus, the McCain/Palin ticket has to win to ensure that Hillary Clinton becomes President in 2012.

    On top of that, Sarah Palin as Vice President would excite more confidence towards people in having Hillary Clinton as President in 2012.

    You have got to be kidding me. yes I think Hillary Clinton was the better choice. But she’s not the democratic nominee. At this point it’s Obama vs. McCain. John McCain and his profoundly unprepared VP will destroy this country.

    There is no room for us to be playing this betting game with our future.

  8. Totally misaligned!
    “Hillary supporters” who are supporting the McCain/Palin ticket were NEVER Hillary supporters! The McCain/Palin ticket is about everything opposite to Hillary’s values.

  9. Why is Palin such a big deal as a working mother? Didn’t Hillary do that BEFORE Palin produced offspring?

    I live in trepidation of what would happen if the GOPs win in November.

    desperately trying to be optimistic

  10. Thank you, Morgan.

    This is all a bunch of hooey.

    If youd’ vote for McCain/Palin, you never would’ve voted for Clinton. Ev-er.

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