HILLARY CLINTON IS NOT SQUIRRELED away in the corner knitting a snappy sweater for each of her former rivals. Quite the contrary. Despite Obama's continued pleas that Hillary somehow put away their differences, ignore his dirty tricks and sudden come uppance to embrace party unity, and campaign for him like the Chosen One he is, she continues to stake her reputation, past and present, on the idea that assisting in this long expected financial crisis of the American republic is far more important than slaving away for any single candidate, particularly one who is failing to measure up to his own hype.
Watch the video (since removed) and read the Clinton proposals to address the crisis:
- Create a new entity to buy up and quarantine toxic mortgage securities that are dragging down the markets which would allow the markets to stabilize. Last spring Senator Clinton was among the first to call for a new entity modeled after the successful Depression-era Home Owners’ Loan Corporation (HOLC) or the Resolution Trust Corporation (RTC) created after the Savings and Loan crisis.
- Place a temporary moratorium on the most abusive stock transactions, many of which involve the “short-selling” of stocks. Yesterday, Senator Clinton wrote to the Securities and Exchange Commission urging such a moratorium, saying it would provide breathing room for the markets to recover, for investors to make accurate assessments of companies and for regulators to assess what trading practices should be permanently banned.
- Convene an emergency economic summit to show the American people their government is working together. Bringing together leaders in the administration and Congress with lenders, consumer advocates, non profits, financial institutions, and all stakeholders will allow a coordinated response to the crisis.
- Aggressively pursue and encourage mortgage modifications. Senator Clinton has introduced legislation to remove barriers to mortgage modification and to encourage lenders to voluntarily work with borrowers to keep them current on payments and in their homes.
- Restore competent federal oversight of the increasingly complicated financial markets. The rapid evolution of the securities and banking industry overwhelmed the current regulatory framework, resulting in a “shadow banking system” that operates outside of oversight and without accountability.
- Require transparency and accountability on executive pay. Senator Clinton has proposed the Corporate Executive Compensation Accountability and Transparency Act to impose new transparency rules on executive pay, end the accounting techniques that hide compensation, and provide shareholders a say in executive compensation packages.
- Ensure the accountability of financial institutions borrowing money from the Federal Reserve’s new lending facilities. Taxpayers deserve to know that the companies they are bailing out are on the road to recovery and aren’t throwing more good money after bad.
Senator Clinton urged the administration and the Congress to move quickly to adopt these proposals and prevent the crisis from worsening. “Time is of the essence. Any delay could be ruinous for both financial institutions and confidence in our markets,” she said.