Hillary wags her finger at Wall Street
Update: See here and here for the latest on the Bush-backed interest-rate freeze on subprimes.
***
Hillary’s wagging her finger at Wall Street today over the subprime meltdown. Guess she wanted to steal Jesse Jackson’s thunder. Oh, and just like “amnesty” wasn’t “amnesty,” Hillary’s housing bailout is not a “bailout.” It’s a “comprehensive work out.”
Hillary goes to the Nasdaq stock exchange today to call on Wall Street to help clean up the housing foreclosure crisis it helped create. Wall Street not only enabled reckless mortgage lending, it encouraged it-1.8 million home foreclosure notices have been filed this year, a 74% increase from 2006. Now it’s time for lenders, homeowners and investors to come together to solve this crisis and stem the tide of foreclosures.
Hillary will challenge lenders and financial institutions to take three immediate steps today: 1) Voluntarily support a moratorium of at least 90 days on home foreclosures; 2) freeze the fluctuating rates on subprime loans for at least 5 years until they can be converted into fixed rate, affordable loans; 3) Require regular status reports on the progress they’re making in converting unworkable mortgages into loans families can afford so we have real accountability.
Hillary is proposing a comprehensive work out-not a bail out-that would end the foreclosure crisis. If Wall Street refuses to act, Hillary will propose legislation to tackle the problems in the housing market head on.
Watch your wallets.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Trackbacks
- Michelle Malkin » Bad medicine: Hillarycare for the housing market; Update…breaking…Bush to freeze interest rates for certain subprime mortgages for five years
- Michelle Malkin » Hillary/Bushcare for Housing
- No Pundit Intended - Presidential Survivor: Wannabedaprezi - Week 10
Comments
You must be logged in to post a comment.
Categories: Hillary Clinton, Subprime crisis
Pundit & Pundette
» Guess what? Hasan frequented strip club
Legal Insurrection
» Pelosi's Abortion Land Mine ExplodesStop The ACLU
» Hasan Tried To Contact al Qaeda. Sounds Like A Jihadi To MeJustOneMinute
» Stay Classy, Ezra!Gay Patriot
» First Shots of a Civil War Among Democrats?
So if I stop paying my mortgage will the bank make it more workable (i.e., can I get a lower monthly payment out of this by being totally irresponsible?)
Uh oh, this is what we have to look forward to, if….
# 3) Require regular status reports on the progress they’re making in converting unworkable mortgages into loans families can afford so we have real accountability.
Ahh, ok, real accountability…not personal accountability ….i see.
Why doesnt she care about the fact that these guys (collectively) pushed prices UP UP UP, in a combined effort so people like me couldn’t afford to buy a few years back…
Who was feeling sorry for people like me then…making responsible decisions to for-go house buying until the market became REASONABLE….and now I’ll get chopped down at the knees again…
(i feel a melt down coming on over here)
Let her keep digging her grave…. R.I.P.
Wagging fingers? Something she picked up from Bill I suppose.
#5 – eeeeeeewwwwwwwwwwwwwwwwww
Want to bet the election will be close again?
Sure bet:
Who ever is on “Dancing with the Stars” will win the election!
this is the leadership style the demmies want and are begging for.. just watch her in action now..
chris mathews.. oh she is so presidential.. in 5, 4, 3, 2, ….
Regulate, Regulate, Regulate.
The answer to all of our problems, at least in the eyes of the Dimmers.
Help out the ones who screwed up and leave the responsible ones to pay for everyone else’s mistakes.
Losers, Losers, Losers.
More proof that Ms. Clinton is nothing more than a socialist in high heels. As if we needed any more.
What’s the current projected cost of all the programs she’d introduce if elected? Somewhere in the hundreds of billions, I’m guessing.
Stuff like this makes me sick.
Make me
A thinly veiled threat of a shakedown if I ever saw one. She must be taking lessons from Jesse and Al. These Dems are all about power, nothing else.
If you don’t watch, then I’m sorry Soap, but we’ll have to send you off to “rehab” so you can think correctly again.
I seem to remember that Bubba and Hillary never owned a home until after leaving the W.H. This gives her a real perspective on ownership and a real understanding of the mortgage industry. She may have at one time worked as a bank teller so she can tell the Federal Reserve what needs to be done. And, pillow talk with Bill gives her the credentials to be President.
Just wait, you’ll soon find out that the problem with the housing market is that it’s an actual market. Goodness knows we can’t have those, better get the government involved in public housing for everyone. I’m sure that’ll work, I mean it has in the past right?
As usual, she is stepping into something she knows NOTHING about. Wall Street is NOT soley to blame for this problem. But in typical liberal fashion, the poor helpless homeowners will be the victims. Why is there always a victim to a liberal???
*What about mortgage products that enable people to obtain a mortgage to buy a home?
*What about specualtors who drove up prices…and are many of the foreclosure victims? Hmmmm
*What about ignorant and blind borrowers who bought WAY more home than they could possibly afford? These loans were FULLY disclosed but people are too stupid to think beyond tomorrow that the 1% interest rate would go up…PLEASE!!!!!!!!
*What about the greed everybody had tryig to take advantage of a booming housing market and home values?
*What about politicians spending taxpayer money at insane rates that cause real estate taxes to soar!!!!!!! That is also part of the problem squeezing homeowners.
*What about the government that allowed lenders to book negative amortization as income unter tax laws? (Otherwise there would never have been some of the dangerous products that are a part of this problem.
In other words….SHUT UP Hitlary. You don’t have a friggin clue!
Yeah, like he slept in the same bed as her more than once.
FYI, REAL slow work day, which is why I’m posting so much this hour.
Soap,
Picturing Shrillary on “Dancing with the Stars” is harder than picturing Billyboy on “To Tell the Truth”.
Puke!!! Barf!!!
Well, just goes to show ya, it pays to be stupid!
taylork:Bite your tongue! Tee Hee
#9:
“Help out the ones who screwed up and leave the responsible ones to pay for everyone else’s mistakes.
Losers, Losers, Losers.”
Yep.
As I posted earlier on another thread, we poor slobs who work – at real jobs, (not as elected officials), pay taxes, and keep the country going; are just saps who are gonna be told to shut up and pay, pay some more, pay again, and keep on paying.
Collectively, we truly are the Forgotten Man (in the sense of person, of course).
Why not just get everyone into government housing projects? We have all seen how well those have worked out. It would be one more step towards socialized housing. After all, the USSR had those and look at how great of a country they have turned out to be.
#22 – yes, i would love to stand in line for five hours for toilet paper! where do I sign!!!
Yes, trinitytim, just because she has piano legs doesn’t mean she has any rhythm. Unless, you live in a liberal fantasy world where everything that should be “is”.
#22 I’m sure we’ll all get equal housing. But some housing will be more equal than others.
The fed is tearing down public housing (HOPE VI) with one hand and trying to build it up with another (the dems).
Are they actively trying to get the Chinese to buy more debt from us? (oh wait, the clintons…so yes)
How dare you point out that the Emperor has no clothes! As the Queen of Hearts said, “Off with his head!”
equeen01 #10
There you go thinking again. You can’t do that. You MUST understand – it is only cost if it reduces money taken from the “rich” in the form of taxes to the government. It doesn’t cost anything if it only comes from shareholders, other mortgagees or taxpayers.
/sarc off
The first thing you’ll need to do is give me $20k….
I have my eye on the equal car at the Chevy lot. Corvette convertable – come to papa!
We’ll that explains a lot about the woman’s voter base.
Heym you gotta spend money to make money. (I found Hilldogs new campaign slogan!!!)
Don’t taze me Bro!
– feebiebabe
Don’t worry, her posturing isn’t going to stop home prices from dropping substantially over the next year or so. The reports I read still have prices in near free-fall mode.
BTW, I’m right there with you, having forgone an earlier home purchase myself and now am engaged in patting myself on the back for doing so. Depending on the area, we’ll get in for a good 100-150k or more less than if I’d bought a year or two ago.
First of all, it is not Wall Street’s fault. That is like blaming the grocery store for the price of milk instead of the dairy farmer. The mortgage lending business is an entirely different critter.
Second of all, how does her plan differ substantially from that of the President and the Sec. of the Treasury, who are the people who will probably fix the perceived problem?
And lastly, what does somebody who has (probably)only ever overbilled her hours as an attorney know about the mortgage business?
Rhetorical questions, all. But now I feel better.
Soap, LOL!!! Best use of that line I’ve seen in weeks.
#33 – i know. engaged here as well. but bay area still has more of a bubble. not excited about this little plan. we are over priced here as it is….
bleeech.
Feebz,
You know my fixation with “taze” is almost as strong as AJ and food!
#34 1) Business is business and must all be elimiated.
2) Because she suggested it too. It’s like those jokes were one guy says something and no one listens, then the next guy says the same thing and everyone thinks it’s a great idea.
3)Because she read a wikipedia article and then stayed at a Holdiay Inn Express.
It must be depressing to be a donk these days. Here you are in late 2007, with the Republicans still in disarray and the White House within reach, and the best you can come up with is… Hillary: “The Incredible Shrinking Woman.” Every time she opens her mouth, she diminishes herself a little more.
No wonder the donks are getting an increasingly serious case of pre-emptive buyer’s remorse.
What to do? The solution is clear: Michelle for President! If one’s existence as female qua female is supposedly the ticket to 1600 Pennsylvania Avenue, why not nominate one who doesn’t need a script for every occasion, and is a sight for sore eyes instead of an eyesore?
Heck, Michelle could even run as a donk and I’d make a one-time-only exception to my policy of never voting for a donk for anything, ever.
So how about it, Michelle? Care to step up to this particular plate of green eggs and ham? If 2008 is supposedly the “year of the woman,” why not one that’d be our own Maggie Thatcher instead of Evita II?
Pretty please?
U 2 need T shirts, thats fer sure.
If I want a “comprehensive work out” I’ll hire Diana Dennis as a personal trainer!
#39 –
She is SOOO much better/smarter than that!!!
She is right on the first part. Wall Street helped create this mess by creating a market for some of the most irresponsible loans, however her solutions are plain dangerous. Here is how I broke down her solutions
I am actually glad that she is so vocal with these so called solutions because these are so ludicrous that most people will be able to see right through them.
What I wrote is common sense that anyone with any business savvy can understand. Watch for every business journal to slam her solutions. Furthermore, for a politician to meddle in such a way in the market is also downright dangerous. She is either naive or cold and calculating, probably the second. She can encourage Wall Street to take these measures, however not only would they never respond to such threats, they have no power to make any of them happen. Wall Street wouldn’t be the one that would freeze the rates. They could theoretically tell the banks to do it or at least encourage them, however by doing so they would make their own investments tank. If rates were artificially frozen the underlying bond that is behind all of these mortgages would tank.
#26 & #30
Thanks for the warning. What was I thinking “pointing my finger” at her highness? How could I forget the string of mysterious deaths of people who crossed the Clintons? Better watch myself.
Seriously though, there is a delicate balance for the economy connected to housing that can’t be ignored but please keep the grandstanding politicians out of it. This mess will sort itself out without the government making it a bigger problem.
Here is how I break it down.
My wallet is going to get lighter.
Looks to me like it’s time once again to show our legislatures who works for who..call and write em NOW!!
Reuters is reporting that GWB will try to preempt Hillary by offering up a help-the-stupid plan of his own tomorrow.
Enough “compassion.” How about a dose of good old Common Sense?
None of that in D.C. Just idiot socialists and would-be socialists who know the way to too many citizens’ hearts is through massive bailouts and giveaways.
Meanwhile, those of us who didn’t take the greed option will get shot down again, and will end up paying for nice houses for illegals, whiners and fools.
Yeah, like they can read.
HRC is believing the fawning MSM. She is not the
smartest woman in America but she thinks she is.
She gloms onto some idea before it is researched
and then has to back down and come up with an
alternative name for the thing. We saw this the
entire time Slick was in office. The research on so
much of the info they operated on was haphazardly
researched and she is continuing the tradition.
Rose is sitting in her chair with Sugarbug tucked into the corner of said chair, thinking happy thoughts and considering purchasing some rose
colored glasses through which she will look at the
world for the next few months.
Will Shrillery use fuzzy math?
Sorry about using research too many times. Didn’t
preview.
Soap
“Will Shrillery use fuzzy math?”
Is there any other kind in her warped mind?
Didn’t Billary just warn us last month that ‘we can’t afford all her ideas’?
Hillary has every right to lecture Wall Street. She turned $1000 into $100,000 by trading commodities. She is a financial genius!
Besides, if memory serves based on her Castle Grande experience, she is an expert in predatory lending practices as well.
Respectfully,
eric
http://www.blacktygrrrr.wordpress.com
and she and her team dont think this will cost her votes…. they really are stuuuuuuuupid. dig baby dig…
Norman Hsu playin “money” on bills sax in the background.
#43 Mike Volpe
I respectfully disagree. To say that Wall Street created the subprime mortgage issue would be the same as saying that Wall Street created the dot com bubble and ensuing market downturn in 2000-2002. Wall Street is just the marketplace. Big investment firms didn’t bid up the price of tech stocks, their investors did.
However, in this case, big investment firms did use all of the Collateralized Debt Obligations(CDOs), Collateralized Mortgage Obligations(CMOs), and all the other derivative alphabet soup in their portfolios, trying to get better return for their shareholders, pension funds, hedge funds, etc. The big investment banks were let down by the rating services who let their people put a AAA rating on an instrument that was 85% AAA and 15% toxic waste. So, I guess we can blame them for a lack of due diligence. Those investment banks have all been writing off losses in the billions since August.
My bottom line feeling is that the marketplace will get itself out of what it has gotten itself into without any help from the gubment. So whatever Hillary has to say about it or do about it carries about as much weight with me as a popcorn fart.
I hope her finger wagging woke up a few more people at just how irresponsible this woman will be with our stolen tax dollars. Her fiscal policies will tank our economy far worse than the free market adjustment caused be decreased value of homes and the foreclosure of those that made poor choices.
The only Government housing program I have seen work is the Military Family Housing program. If you fail to maintain the property (includes lawn care), you are kicked out, if you damage the property your wages are garnished up to 2/3 of your pay each month to pay for the repairs, and if your dependents can’t behave you are ejected from living on base permanently. Of course these rules will never work in the touchy feely PC civilian world were no one is ever held accountable for their poor behavior.
Only if they need extra time to move out
fixed rate affordable loans go to people with good credit–not idiots who buy over their head and started the process with $20k of credit card debt
How about making it law for stupid people to have to buy houses they can afford to pay for in the beginning of the process, but then you can never outlaw idiocy.
How about showing some real accountability by passing a defense budget to fund our troops in the field, and knock off the political grandstanding?
I didn’t hear the part of Hillary’s speech where Hillary said: “There is something terribly wrong with the financial markets when a well connected lawyer can make a one thousand dollar investment with somebody named Red Bones and get a check for $100,000.00 the next week. This is a terrible injustice to the hardworking women and to the children”.
Hillary Translated:
I will take as much of your money as I can and use it to buy friends and votes. If you try and stop me you are greedy and evil and need to be incarcerated.
Face it, she’s Chavez in a pantsuit…
This wholesale bailout of the fraudulent and stupid has me pissed off.
Hilary et al are actively seeking to prop up boomtown prices that were sustained and encouraged by predatory lenders AND greedy BUYERS.
What THIS really means: look for reassessments for property tax purposes at the current balloon price levels to cement the profligate spending of local Democrat city machine politics (I’m in Allentown Pa where every last one of the elected officials are Democrats…)
Look for no reduction in home prices where someone trapped in a lousy city can affordably move out to an affordable home price/mortgage. People don’t realize yet that they are tightly trapped by home prices, but they will, they will.
But really pisses me off is that our lifelong economization and living within our means (and succeeding at getting a modest home during Paul Volker’s term — remember 17% interest rates?) that all that is reduced to signifying that we were fools. Abject fools.
In Allentown they are giving to the recently immigrated, ie 5 years from San Salvadore, homes that cost $255,000 to build for $95,000. Goddam Democrats.
You are preaching to the choir on that one and as an Air Force Budget Analyst I would love nothing more than to see the $196 billion in combat operations funding requested by the President signed into law. She is willing to gamble with the lives of our troops while pandering to corporate greed.
No need to insult Chavez (or pantsuits).
I second Regulus, Michelle in 08!
This is total BS! I have played by the rules. I bought a house I could afford, I have never lived beyond my means or gone into debt as a result. Now we have to change the rules because those that were “above” the rules, and those that enabled them (Lenders!) have put themselves in this position. As my favorite tinfoil hatter says, “Screw them!”
Doesn’t Hillary understand that houses emit greenhouse gasses and that they are built out of murdered trees! Shame on her. Not very green of her.
Hillary’s bony finger is very frightening!
All,
Marty Davis, is trying to help Hillary find a new campaign song, after Hillary dumped Celine Dion nobody is better at this then you all.
http://chickaboomer.blogspot.com/2007/12/looney-tunes.html
What a Girl Wants? Christina Aguliera.
Oh don’t worry about Hillary, if you don’t like what she has to say, no problem, she’s going to change her mind in a few minutes anyway.
We’re coming to get you my pretty and you’re little dog too!
Haa!hahahahahaha
Silly nonsense from the AirHead In Chief.
I believe that Chavez in Venezuela recently froze prices on milk to help the “poor people.” Now there are severe milk shortages in Venezuela.
Democrats are frightening on many issues regarding supply and demand. But leave it to them to personally profit on the “black market” results of their legislative shenanigans.
Michelle for President? I don’t think so. She is 1 person who won’t sacrifice her ethics or morals for power. That’s a requirement these days for being a politician. Since socialism has never worked anywhere, why do people believe it will be different in this country? Do people really want a nanny state in return for the sacrifice of liberty? I once visited Kuala Lumpur (Malaysia) during the time the “new budget” was passed. Wanting to see how another country operates, I turned on a news show where reporters went over the budget. It took me a few minutes, but I suddenly realized that there was absolutely no disagreement or discussion on any of the budget articles. It was all “great”, “that’s wonderful”, “that’s good”. No one dared to disagree on anything! It was amazing and in stark contrast to our own MSM. It was almost funny, until I realized that this is how socialism with a strong “nanny state” gov’t works. It really troubles me that many people in this country want a gov’t like that. They just don’t realize what it all entails. Just look at Britain. Heck, you can get 14 week jail sentence for calling a Welsh lady, “English”. Best keep your mouth shut over there, less you “offend” someone. Go out to the world and see how other countries are run, then come back and tell me you want what they have….
Coulter/Malkin 08:
All your base belong to us…
Perhaps I’m wrong, but throughout the late seventies and early eighties wasn’t it the Dems who demanded that Wall Street offer greater credit and home ownership opportunities to low income wage earners? Now that we’re all experiencing the ill-effects of the financial community having followed such unsound business advice (lower home values and higher credit costs), it seems the height of hypocracy for Mrs. Clinton to now chide Wall Street and the banking community in general, for following the Democrats’ investment advice – advice that I’m sure she previously advocated.
I’ve got a finger to wave at Hillary.Two of them in fact.