WASHINGTON, DC
~Senator Hillary Rodham Clinton today called for swift and strong action to stem the growing credit crisis on Wall Street. Assailing the Bush Administration for ignoring repeated warnings of the growing crisis and failing to provide adequate oversight of an increasingly complicated market, Senator Clinton offered a series of bold, specific proposals, including creating a new version of the Home Owners’ Loan Corporation (HOLC) to restore confidence in the market, curbing the most damaging and manipulative trading practices, providing relief to homeowners facing foreclosure, and reasserting competent federal oversight.
“This is the greatest market upheaval since the Great Depression. We are indeed in a crisis, but in times of crisis, there are opportunities for leadership,” Senator Clinton said.
Leadership in the face of crisis has been woefully lacking from the Bush Administration, Senator Clinton said. The White House ignored both warnings of the growing crisis and proposals from Senator Clinton and others to step in before it grew out of control.
“What we have seen over the course of the last eight years is an administration that refused to recognize the threats lurking in our economy,” Senator Clinton said. “They dismissed my concerns and the concerns of millions of Americans even as the storm clouds gathered. My proposals, as well as those of others, were greeted as too much, too soon. Now we are forced to reckon with too little too late.”
Senator Clinton expressed serious concern about the effects of the market crisis on New Yorkers, including the many homeowners fighting foreclosure and the tens of thousands whose livelihoods depend on Wall Street.
To read Sen. Clinton's proposals addressing the adminastration and Congress along with her speech go HERE.
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