(image via senate.clinton.gov)
Could a 2008 iteration of FDR's Home Owner's Loan Corporation hold the answer to the financial crisis? Senator Hillary Clinton spoke with Bloomberg's Peter Cook this afternoon after she had been speaking with the President of the Fed Bank of New York. "I wanted to review with him and the NY Fed some of the issues that directly affect New York... I'm worried about hard working people losing their jobs." The Senator spoke of three issues she brought up with the Fed President:
1) Move to inject the liquidity being imposed by the fed into our markets
2) "We've got to do something about mortgage modification"
3) "I think there needs to be an entity created ... I'm talking about an entity created during the Great Depression -- like what we did 70 years ago -- which frankly I don't think the Treasury should be doing."
The Junior Senator from the Empire State channelled The Home Owners Loan Act of 1933. Senator Clinton added, "I have a great deal of respect for (Henry Paulson), I've known him since college .. We need to not only stabilize the patient, but we've got to look at the root causes ..."
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