I haven't seen it posted, maybe I missed it, but it was brought up today in a highly recommended diary, so I wanted to post it here.
In the highly recommended diary in question Clinton is praised for taking up the "HOLC banner." And that she does, but it appears to be faint praise. For the very intelligent author then goes on to point out that the HOLC proposal is "nearly not enough." Which is also true.
Now I know there is a lot of tension about the primary, and I know that one of the things that came up during the primary is different people accusing different candidates of stealing other candidates ideas. I want to say that, first of all, even during the primary I felt that was crap. The ideas that will turn this country around aren't patented. They're not rocket science. These ideas are in the public domain. Bragging about who came up with an idea first is retarded. It's like Muddy Waters trying to tell B.B. King he invented the 12-bar blues chord progression.
With that all said, I am still sure there are some who will see this as an attempt to show how Clinton stated her proposal first. Again. I don't care about. I'll even say Obama says it better if it makes people happy.
The only purpose of this diary is to show that Clinton proposed a lot more than just HOLC.
Here is her statement on the bailout:
http://www.politico.com/...
When the American people, facing a foreclosure crisis and struggling economy, turned to this administration for help, the answer was no. Now, the administration is turning to the American people for help, to rescue the credit markets and take on hundreds of billions in debt and financial obligations as a consequence of that same foreclosure crisis. The truth is, Main Street came to Washington and got little. Now Washington is coming to Main Street and asking for a lot. The American people deserve to know that this isn't a blank check. While the need to address the current crisis is clear, I will only support steps that will prevent a widening crisis, tackle the worst kinds of abuse tolerated for too long by the Bush administration, and address the root problems at work.
And here is a set of proposals that she has delivered to congress.
http://clinton.senate.gov/...
Here's what she says about HOLC:
First, in light of historic bank failures, even with the largest federal intervention in the history of the mortgage market, we need a government entity, a modern-day Homeowners Loan Corporation, referred to as HOLC -- H-O-L-C -- or we need to build on the Resolution Trust Corporation created to help deal with the Savings and Loan Crisis.
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A new government entity like the HOLC with a focus on attacking the source of the problem can serve the purpose of clearing a lot of those toxic mortgage securities from the market. We know there will not be any semblance of a normal or orderly marketplace until we have found a way to resolve these mortgage securities that are metastasizing in the bottom of our markets. By taking this paper out of the market and quarantining it in this new entity we will be able to give the market breathing room to recover. We will also be able to set the stage for an orderly sale of these securities and in turn allow some of them to recover and actually regain some of their value. Perhaps just as importantly, not only would our financial markets stabilize but so would our housing markets.
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This is an extraordinary measure but it is not without precedent. This is the greatest market upheaval since the Great Depression. We are, indeed, in a crisis, and in times of crisis there are opportunities for leadership. Congress could show the American people that leadership working with the President by embracing this bold proposal.
Second, I'm calling on the Securities and Exchange Commission to take immediate action to address the abusive and manipulative short-selling practices that are rattling the markets, threatening firms and jobs and sending shockwaves across the broader economy. I commend the SEC for yesterday tightening rules against manipulative short-selling. The SEC's rulings are a positive step in curbing the heightened volatility casting uncertainty on domestic markets and financial institutions. However, the Commission did not go far enough.
This was done on the 18th...
http://www.sec.gov/...
Third, I'm calling on President Bush to convene an economic summit right now that brings together leaders in the administration, the Congress, with lenders, consumer advocates, nonprofits, financial institutions and all the stakeholders. Such a summit, I believe, would restore confidence, demonstrate that the entire country is focused on solving the problem we face.
We know he won't do it. If there's any point here it's to show he won't work with people, which has some political benefit. "We've been asking him to work with us for 8 years. He will not." blah. blah. blah.
Fourth, I want to propose, once again, that we aggressively pursue and encourage mortgage modifications. I've introduced such legislation. I believe it's important. Ten million homeowners are under water today carrying more than $2 trillion in mortgage debt. That is a huge anchor on our markets and economy. Modification, done right, is a strategy that serves lenders and borrowers as well as the broader markets.
Pretty unspecific. But proposals are unspecific on these kinds of issues most of the time.
Here's where I think it gets better:
Fifth, it is clear that for too long the rapid evolution of the securities and banking industry overwhelmed our regulatory framework resulting in an entire shadow banking system that operated outside of oversight and without accountability. It’s not enough just to shift responsibility or move lines on a flowchart. We need a new regulatory framework. We've been living off of the one from the Great Depression. Now is the time to create a new framework.
I know a lot of people make a comparison between what's happening now and what led to the Great Depression. All the signposts are there, but the world is different. If only just to take a step back and look at the big picture. The Great Depression happened during an age of industry. The Great Depression occured in America during a transition from an agrarian society to a more industrial society. Now, in contrast, this crisis is clearly of the same magnitude but it is taking place during this ongoing transition to an information society. Meteorblades himself talks about a New New Deal here:
http://www.dailykos.com/...
Six, I proposed the Corporate Executive Compensation Accountability and Transparency Act to impose new transparency rules on executive pay and the accounting techniques, the high compensation, and provide shareholders a say in executive compensation packages.
Yep. The CEOs need to be punished. Both morally correct. And a home run politically.
Finally, and seventh, I’m proposing that we require any financial institutions borrowing money from the Federal Reserve’s new lending facilities to open their books and ensure accountability and transparency to identify unsound practices. These banks and other entities have tapped the Fed’s new lending windows levels for over $300 billion in capital. They’ve shifted a lot of that risk onto the backs of our taxpayers. These are unprecedented interventions and we should make sure that these companies aren’t using taxpayer dollars to subsidize golden parachutes or risky investments, throwing your good money after bad. If we're bailing you out we deserve to know exactly your liabilities. And you have to be part of this new regulatory framework.
Transparency. Yes. And if you want borrow money from us the taxpayers then you first sign on the dotted line of the new regulatory framework.
There's no conclusion here. Again, the only purpose here was to correct a false impression that I think was communicated in another diary.
I know someone could show up on dkos a few months from now and come in contact with people who would still think Clinton only proposed HOLC because everyone knows she never goes far enough (that's the narrative, so people assume the worst), but I did my best here.
This is for the record.