Hillary Clinton Was On To Something

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Saturday September 27, 2008 · 5:50 PM PDT

2008/09/27 · 17:50

I'm not a fan of the Clintons. But I have to admit, of all the plans that have been announced, the one that makes the most sense to me is to simply freeze foreclosures like Hillary Clinton called for during her campaign. In fact, now that we are in full-blown crisis mode I would take her plan further.

Her original plan:

Senator Hillary Clinton spelled out the details of her subprime bailout plan Wednesday, calling for a 90-day moratorium on foreclosures and a five-year freeze on the interest rates of adjustable rate mortgages (ARMs).

Instead of allowing Wall Street to dump off their shit on the taxpayers, why don't we simply not allow them to foreclose, and make them try to renegotiate the terms of the toxic loans first. Then if necessary we can buy them. It seems like common sense that before you bail someone out, you make sure that they do everything in their power to make sure they aren't passing off shit to you.

Instead of trying to build confidence from the top down by bailing out wall street, let's bailout mainstreet. Once people have reassurance that they will won't lose their home, spending will go up, more money will flow into the economy and eventually, the credit crunch will clear.

At the very least, if we are going to go ahead with the bail out, why not try the moratorium on foreclosures before we go ahead with this costly and potentially ineffective bailout?

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