Clinton proposes Greenspan lead foreclosure group.

[JTFrog]

Leading economist are trying to figure out how much of the blame for our current problems lie with Greenspan. But Clinton seems to think he's the go to man for the fix?

Clinton proposes Greenspan lead foreclosure group

By Jeff Mason

WHITE PLAINS, New York (Reuters) - Former Federal Reserve Chairman Alan Greenspan and other economic experts should determine whether the U.S. government needs to buy up homes to stem the country's housing crisis, Democratic presidential candidate Hillary Clinton will propose on Monday.

Clinton, a presidential candidate and senator from New York, said the Federal Housing Administration should "stand ready" to buy, restructure and resell failed mortgages to strengthen the ailing U.S. economy.

"Just as it has in the past, this kind of temporary measure by the government could give our economy the boost it needs and families the help they need," Clinton will say, according to excerpts of remarks prepared for a speech in Philadelphia.

http://www.reuters.com/article/politicsNews/idUSN2430663920080324

*edit forgot link
*second edit - added the actual article title as thread title as it was more descriptive

[slinkerwink]

1. Didn't Greenspan recommend Americans get adjustable rate mortgages?

[JTFrog]

2. He said ARMs would be a better deal.

http://www.usatoday.com/money/economy/fed/2004-02-23-greenspan-debt_x.htm

Greenspan says ARMs might be better deal

By Sue Kirchhoff and Barbara Hagenbaugh, USA TODAY

WASHINGTON — Federal Reserve Chairman Alan Greenspan said Monday that Americans' preference for long-term, fixed-rate mortgages means many are paying more than necessary for their homes and suggested consumers would benefit if lenders offered more alternatives.

In a standing-room-only speech to the Credit Union National Association meeting here, Greenspan also said U.S. household finances appeared generally sound, despite rising debt levels and bankruptcy filings. Low interest rates and surging home prices have given consumers flexibility to manage debt, he said.

"Overall, the household sector seems to be in good shape," Greenspan said.

-----

He said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up.

[slinkerwink]

9. those ARMs are just a bad idea for the average American

[Texas Hill Country]

16. as a person in banking... ARMs were a better deal, the problem was that...

people qualified for the houses BARELY on Arms and not fully indexed interest rates, people LIED on stated mortgages, and people got into exotic loans they did not understand because they did not read what they were signing.


You have no idea how many times I have been told that their loan was fixed, and I told them that it was adjustible, they called me a liar, and I say that I am looking at a page with 2 inch tall letters that say Adjustible with their signature at the bottom of it.

[Texas Hill Country]

17. self delete

[BumRushDaShow]

3. Greenspan and his interest rate drops singularly drove the U.S. economy into a depression.

And he even admitted that perhaps he was the cause...

http://www.msnbc.msn.com/id/20759709/

:eyes:

[JTFrog]

5. He profited on the way up and will profit on the way down and be endorsed by the US government.

Amazing isn't it?

[BumRushDaShow]

25. I don't know how Andrea Mitchell lives with him...

But then again, he is rich! :rofl:

[Emit]

4. Didn't Greenspan call Clinton the ‘Best Republican President’ ever?

Alan Greenspan Calls Clinton ‘Best Republican President’ Ever
http://ianschwartz.com/2007/09/18/video-alan-greenspan-calls-clinton-best-republican-president-ever/

[Medusa]

6. Hill and Bill-continuing the NeoCon agenda!

or trying to. :eyes:

[bicentennial_baby]

7. Oh shit, that's funny...

[Kber]

8. Clinton nominates Fox to guard Chicken coup

details at 11.

[alcibiades_mystery]

10. You have got to be kidding me

Hillary supporters, I suppose you understand how utterly ridiculous this is?

[slinkerwink]

32. I'm sure they don't

[Coexist]

61. no, some don't. One is claiming that Greenspan's name brings "confidence

and stability".

Like Santa to a child, I guess.

[flvegan]

11. Wait...is the proposal for the govt to buy homes or buy mortgages?

Big damn difference.

[high density]

12. HRC, You mean give the banks the help they need

Have the FHA buy up homes to help the banks? No thanks to that idea. It sounds like it would be opening up the door to fraud of epic proportions. I highly doubt any project that is deemed to "cost taxpayers nothing in the long run."

Greenspan is old and busted, he doesn't have a clue what is going on and his policies had a large role in creating this mess to begin with.

[olkaz]

13. Holy god, just when I think it couldn't get any worse...

GREENSPAN HELPED MAKE THIS MESS YOU MORANS!

Oh lord, sometimes reality is just too weird.

[Texas Hill Country]

26. ummm.. what's a morAn? oh, and actually that is a fantastic idea... if you understand the market

at all, then you know that the biggest factor in the crisis is the credit crunch... what is the number one factor in that equation... investor confidence. By far.

Only something like 2-3% of the loans out there are problematic. It is still an overwhelmingly good investment. Is it a serious problem, yes, BUT it is magnified to immense proportions by the lack of private sector investment to balance out the issues.

The addition of Greenspan to a task force overseeing the government efforts to solve the problem would instantly calm the markets and increase investor confidence to a great degree.

Greenspan is a solution in and of himself.

[olkaz]

33. Ooh ooh, IGNORED responded. Here's my reply.

Yes, I realize you don't like Barack Obama.

Yes, I support him, but I'll also support any Democrat in the general.

No, I'm not sexist.

No, I don't even like coffee, let alone lattes.

And I hope someday we're on the same team again.

[Texas Hill Country]

39. nice blanket coverage... And I do like Obama, lots actually. I like Hillary more... and

I am on your "team". Sexism is incredibly entrenched... much moreso and less recognized than racism. It is built into the language. I have never accused anyone of being a "latte liberal"


BUT greenspan is still a good idea.

[olkaz]

42. And IGNORED responds again?

You realize I can't see you, right? Your carefully constructed arguments are not making it to my monitor.

Was the response about the word "moran", maybe?

[still_one]

14. Is this a joke? Greenspan? why not someone who is more independent?

In addition, I am not sure her proposal about FHA buying, restructuring and reselling failed mortgages under the current system is even legal.

The deal that the Fed did with Bear Stearns being aquired by JPM is definitely not legal.

The whole fix is to bring back regulation, not bail out everyone

[high density]

21. Bear Stearns is turning into a scam of Enron proportions

We're gunna buy it at $2/sh, no wait, make that $10/sh... This is something I'd expect in Russia or something, but not in the USA.

[still_one]

35. I agree. I have never heard of the fed bailing out a private investment firm

banks, yes, but I don't think this has ever happened

and you are right, the tax payers are footing the bill

[Oilwellian]

15. Wow, the Clinton camp is really on top of things

Greenspan? Are they kidding? This is stunning.

[MojoMojoMojo]

18. The world is on the verge of a major Economic Depression.Obama has no solution should make you

concerned.

[MojoMojoMojo]

19. But he'll copy Hillary after a few days.

[high density]

22. Obama's solution is posted on this forum

It's a little better than Clinton's, but like her plan it still ultimately reams those who managed their finances well in a roundabout way.

[Texas Hill Country]

27. actually, as someone in banking, i can tell you that both their plans are shit...

and his would KILL the national budget.

[high density]

40. Ultimately I don't like either plan

I think it's pandering to scare up votes for when Charles Gibson offers the candidates some sort of sob story in a debate.

[ecstatic]

20. Greenspan--the guy who encouraged people to give up fixed mortgages,

which were at historical lows, for arms? THAT Greenspan? The one who is like 80 years old?

WTF

[elleng]

23. Headlines DO mislead.

We CAN read, and we MUST READ entire articles.

<<<'Clinton threw her weight behind legislation proposed by Democrats Rep. Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut that would "expand the government's capacity to stand behind mortgages that are reworked on affordable terms."

But she said a bipartisan group should determine whether that approach was sufficient or whether the U.S. government should step in as a temporary purchaser.

The working group could be led by bipartisan economic heavyweights such as Republican Greenspan, Democratic former Fed Chairman Paul Volcker and Robert Rubin, the treasury secretary under President Bill Clinton.

Under the Frank plan, the government would take failing mortgages off the hands of investors and write new terms that would prevent foreclosure. It would see lenders write down the mortgage amount in exchange for a government guarantee.'

[JTFrog]

28. It says it right there. How is that misleading?

"The working group could be led by bipartisan economic heavyweights such as Republican Greenspan..."

"group could be led by...Greenspan..." surely equals proposing that he could lead such a group does it not?

That's a pretty insane spin cycle and interpretation of the English language to say otherwise.

[elleng]

44. The article says

'But she said a bipartisan group should determine whether that approach was sufficient or whether the U.S. government should step in as a temporary purchaser.

The working group COULD BE LED by bipartisan economic heavyweights such as Republican Greenspan, Democratic former Fed Chairman Paul Volcker and Robert Rubin, the treasury secretary under President Bill Clinton.'


The headline says: 'Clinton PROPOSES GREENSPAN LEAD foreclosure group.'

In my opinion, the headline DOES NOT REFLECT what the article says.

[JTFrog]

45. Like I said, you have an interesting interpertation of what "proposing" means. n/t

[elleng]

46. I guess so;

I'm a lawyer.

[JTFrog]

48. Lawyer this:

http://www.reuters.com/article/topNews/idUSN2060561020080324?virtualBrandChannel=10112

By Jeff Mason

PHILADELPHIA (Reuters) - Democrat Hillary Clinton proposed steps on Monday to boost the ailing U.S. economy and ease the housing crisis in a pitch for support from blue-collar workers ahead of next month's presidential showdown with Barack Obama in Pennsylvania.

Clinton called for President George W. Bush to appoint a high-level group of economic experts led by former Federal Reserve Chairmen Alan Greenspan and Paul Volcker and former Treasury Secretary Robert Rubin to determine if the government should buy up homes to stem the country's housing crisis.

I trust lawyers as much as I trust Clinton.

[elleng]

52. delete

dupe

[JTFrog]

55. I'm sure there will be video at some point. It's not like this came from Fox News.

Not sure why you want to argue this point.

[elleng]

56. I don't want to argue,

I just think we all have to base our opinions and assertions on facts, that's all.

[elleng]

53. I'd like to hear her words;

I don't trust the media.

[BumRushDaShow]

60. What about the official press release from her website?

http://www.hillaryclinton.com/news/release/view/?id=6693

2. A High-Level Emergency Working Group on Foreclosures to Investigate How to Achieve Broad Restructuring of At-Risk Mortgages. Senator Clinton believes we cannot afford to wait until Congress passes legislation to address key questions about how to best help millions of homeowners restructure their mortgages on affordable terms. She is calling on President Bush to appoint an Emergency Working Group on Foreclosures to consult with experts and report to Congress and the Administration within three weeks on the best way to solve this crisis while focusing first and foremost on keeping families in their homes.

The Working Group should be headed by a non-partisan group of eminent leaders like Alan Greenspan, Paul Volcker, and Bob Rubin—each of whom supports one of the remaining candidates in the Presidential race. The Working Group should focus on key questions about whether and how we can use an expanded FHA guarantee to facilitate a private sector auction as proposed in the Frank/Dodd legislation. If it is determined that such an auction process would be ineffective in achieving the necessary unlocking and restructuring of mortgages, the group should investigate a broader government role through the Federal Housing Administration or another existing federal entity as an intermediary purchaser if direct government intervention ultimately becomes necessary.

[JTFrog]

63. In her own words: Link to her speech today.

http://www.nytimes.com/2008/03/24/us/politics/24text-clinton.html?_r=1&adxnnl=1&oref=slogin&pagewanted=all&adxnnlx=1206381777-tBSVqfF5U8DuVXDCQSw6bQ

"That's why I'm proposing this emergency working group on foreclosures. It could be led by a distinguished nonpartisan group of economic leaders, like Alan Greenspan, Robert Rubin, Paul Volcker. It's the kind of proactive step that would help reestablish confidence in our economy, by showing that the president and the administration is taking our economic crisis seriously."

Does that meet your definition?

[BumRushDaShow]

29. Greenspan should not be allowed to be anywhere near a group created to fix the mess. n/t

[redqueen]

47. Good catch. Thanks.

Most "journalists" are either unbelievably lazy, sloppy, or just plain stupid.

Ugh.

[JTFrog]

49. Except for this:

http://www.reuters.com/article/topNews/idUSN2060561020080324?virtualBrandChannel=10112

Clinton proposes steps on housing crisis

Mon Mar 24, 2008 12:18pm EDT

----

Clinton called for President George W. Bush to appoint a high-level group of economic experts led by former Federal Reserve Chairmen Alan Greenspan and Paul Volcker and former Treasury Secretary Robert Rubin to determine if the government should buy up homes to stem the country's housing crisis.

-----

[elleng]

57. Right.

Thanks.

[whatchamacallit]

24. Greenspan and his advocates can GO TO HELL!

Maybe she figures the guy who knows where all the bodies are buried is the best guy to keep them hidden.

[Emillereid]

30. Now I know she's gone off the deep end -- Greenspan is the idiot who engineered

the crisis we're in. I certainly wouldn't trust her judgment at any time of the day or night if this is an example of how she thinks.

[redqueen]

31. 'What real estate bubble? There's no real estate bubble!' - THAT Greenspan?

:rofl:

[invictus]

34. I am convinced that the Clintons are really Republicans. They only pretend to be Democrats. n/t

[madrchsod]

36. can she just go away now.....

greenspan....she is out of touch with reality

[BigDDem]

37. To counter....BO proposes Tony Rezko to lead foreclosure group

:rofl:

[JTFrog]

38. Nice grasp on reality. n/t

[tishaLA]

41. as Harry Reid said

Greenspan is "one of the biggest political hacks...in Washington"

[TragedyandHope]

43. Greenspan was the architect of this bubble in the first place n/t

[JTFrog]

50. UPDATE for those who though this was a joke:

http://www.reuters.com/article/topNews/idUSN2060561020080324?virtualBrandChannel=10112

Clinton proposes steps on housing crisis
Mon Mar 24, 2008 12:18pm EDT

By Jeff Mason

PHILADELPHIA (Reuters) - Democrat Hillary Clinton proposed steps on Monday to boost the ailing U.S. economy and ease the housing crisis in a pitch for support from blue-collar workers ahead of next month's presidential showdown with Barack Obama in Pennsylvania.

Clinton called for President George W. Bush to appoint a high-level group of economic experts led by former Federal Reserve Chairmen Alan Greenspan and Paul Volcker and former Treasury Secretary Robert Rubin to determine if the government should buy up homes to stem the country's housing crisis.

[Coexist]

51. so she did suggest he lead it then, ok.

Clinton Calls for Panel on Housing Woes

By CHARLES BABINGTON – 3 hours ago

PHILADELPHIA (AP) — Democrat Hillary Rodham Clinton called on President Bush on Monday to appoint "an emergency working group on foreclosures" to recommend new ways to confront the nation's housing finance troubles.

The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

Just suggesting that he be part of this group is an insult.


Side note to the Junior Senator - Paul Volcker has already endorsed Obama. I doubt he would join her panel.

[BumRushDaShow]

62. She has the official press release on her website

http://www.hillaryclinton.com/news/release/view/?id=6693

2. A High-Level Emergency Working Group on Foreclosures to Investigate How to Achieve Broad Restructuring of At-Risk Mortgages. Senator Clinton believes we cannot afford to wait until Congress passes legislation to address key questions about how to best help millions of homeowners restructure their mortgages on affordable terms. She is calling on President Bush to appoint an Emergency Working Group on Foreclosures to consult with experts and report to Congress and the Administration within three weeks on the best way to solve this crisis while focusing first and foremost on keeping families in their homes.

The Working Group should be headed by a non-partisan group of eminent leaders like Alan Greenspan, Paul Volcker, and Bob Rubin—each of whom supports one of the remaining candidates in the Presidential race. The Working Group should focus on key questions about whether and how we can use an expanded FHA guarantee to facilitate a private sector auction as proposed in the Frank/Dodd legislation. If it is determined that such an auction process would be ineffective in achieving the necessary unlocking and restructuring of mortgages, the group should investigate a broader government role through the Federal Housing Administration or another existing federal entity as an intermediary purchaser if direct government intervention ultimately becomes necessary.

[OzarkDem]

54. This is why DU is losing members

Multiple posts on the same Obama swiftboat smears. Its so boring and predictable and lends nothing substantive to the primary discussion.

[MadHound]

58. This is insane

First, putting Greenspan in charge of this is like putting the fox in charge of the henhouse. Second, you're going to be putting the taxpayers on the hook to bail out all these fools and idiots who got us into this mess in the first place. Gee, what a nice way to reward those of us who weren't greedy and/or stupid, raise our taxes to bail out those who were.

Idiotic plan, and I hope it gets shot down quick.

[OzarkDem]

59. Here's what she's promoting

"Clinton threw her weight behind legislation proposed by Democrats Rep. Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut that would "expand the government's capacity to stand behind mortgages that are reworked on affordable terms."


http://www.reuters.com/article/politicsNews/idUSN2430663920080324

She's also calling for a bipartisan committee - who do you want the GOP to appoint?

Its not like there's a long list of experts from both parties who can wade through this mess.

How sad that Obama supporters only see the need to score some cheap political points instead of trying to fix the economy.

They and Obama have also torpedoed serious discussions of health care reform. So what do all these things tell us about Obama's real priorities?

Obama is for denying MI and FL Dems the right to have their votes counted

Obama uses right wing talking points against Clinton's health care plan that are also used by the GOP to kill Obama's miserly plan

Obama is willing to kill chances for a bipartisan committee to act on the housing crisis just so he can score cheap political points

This guy is a real piece of work. Having him as POTUS would be a never-ending nightmare.