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Hillary To Call For Government Buyouts Of Mortgages In Big Economic Speech
Hillary Clinton is set to deliver a major policy speech at 10 a.m. this morning in Philadelphia. addressing the mortgage crisis and reportedly proposing a plan for the government to buy out failed mortgages.
The mortgage crisis is probably going to be a big issue in the Pennsylvania primary, along with other economic problems that are hitting blue-collar voters. So expect Hillary to play up these issues where she's generally had an advantage over Barack Obama.
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Oooh, as an Obama supporter, I really hope she talks about mortgages. As Megan McArdle says:
The good senator is proposing a temporary mortgage holiday, followed by a five-year freeze that will keep at least all subprime mortgages, and possibly all ARMs (there is some disagreement on this) at their teaser rates.
This is a terrible, horrible, no good, very bad idea.
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In other words, Senator Clinton would like to destroy the mortgage market in order to save it.
March 24, 2008 9:12 AM | Reply | Permalink
"So expect Hillary to play up these issues where she's generally had an advantage over Barack Obama."
- aka, NAFTA gate nonsense and "HEY, REMEMBER HOW GOOD THE ECONOMY WAS WHEN MY HUSBAND WAS PREZ?!"
March 24, 2008 9:13 AM | Reply | Permalink
Her freeze the mortgage idea is so remarkably bad that it will lead to another economic downturn.
March 24, 2008 9:29 AM | Reply | Permalink
Frankly, at this point I think Hillary is fighting the wrong fight. Now that Obama's Wright controversy is mostly behind him, the narrative is changing. The media is now starting to openly question why Hillary is still in this race when she has no chance to legitimately win the nomination. Richardson's endorsement may well have paved the way for others to follow.
Hillary's most pressing problem is that she needs to make the case why she's still relevant.
March 24, 2008 9:37 AM | Reply | Permalink
A red phone ad with sleeping CEOs, maybe.
March 24, 2008 9:40 AM | Reply | Permalink
And again, we see that Hillary is just another corporate shill in the McKeating mode. This isn't bailing out homeowners, this will save nearly nobody's house. People that can't afford their payment, can't afford their payment. They're still going to be foreclosed (or hope the idiotic, self-destructive banks work with them), this just delays the inevitable.
What this will do is give the banks huge, much-needed cash infusions and a guarantee that they can do whatever risky (and in many cases, illegal) things they want and get rewarded with our money. Or with our grandchildren's money, at 12% interest.
Bailouts and handouts for the richest .001% in the world! Welcome, President Clinton! Wait, I've heard this story before...
March 24, 2008 9:41 AM | Reply | Permalink
Hillary talking about money management ! The best joke of the year and the year just started.
March 24, 2008 11:51 AM | Reply | Permalink
from her plan:
3. Easing Legal Liability for Mortgage Servicers to Help Unfreeze the Mortgage Market.
She wants to help loan sharks and debt counselor parasites?
March 24, 2008 11:52 AM | Reply | Permalink
"One Year Ago: Obama proposed the summit Clinton is offering today"
http://my.barackobama.com/page/community/post/samgrahamfelsen/gGBnCJ
March 24, 2008 2:03 PM | Reply | Permalink