Hillary Clinton supposedly blaming homeowners at NASDAQ

[Sparkly]

Here is the FULL speech, not the two seconds somebody clipped.

I am still listening to it myself but thought I'd post it here in the meantime:

[R B Garr]

1. "balancing the interests of homeowners"

"a foreclosure timeout" "defined as predatory"

I just slid the bar to about the 7 minute mark (or so) and listened for a second or two before and after and those are the lines I heard. Hardly damning.

But, OH, I'm sure the Clinton haters will do the same thing and come up with their own truncated words and meanings to make it all eeee-v-I-L. So sick of this phoniness from the haters! Good God, make it stop.

[Baobab]

9. She was basically saying it was the people's fault - This is what she was justifying

Wells Fargo drove Norm Rousseau to suicide.

[R B Garr]

11. No. But thanks for proving my point. n/t

[Sparkly]

15. No, she was "basically" saying quite the opposite.

Why not take a little time to listen.

[Todays_Illusion]

26. This is when she told Wall Street to "knock it off" did you hear that? /s

[Sparkly]

29. LOUD and CLEAR.

[Todays_Illusion]

30. They didn't listen but they sent her money for her first Presidential run and this one as well

[Sparkly]

31. Who is "they?"

[Todays_Illusion]

33. You have a good user ID

[Sparkly]

34. Thanks. Short for "Sparkly Fairy Princess."

Who is "they?"

[R B Garr]

37. Uh huh

[msongs]

2. "supposedly"? nt

[Lucinda]

3. She has been saying the same thing for a while now. Some people DID take out loans they

knew they really shouldn't have, but she has been quite clear that the problems came about from errors on many fronts.

[Sparkly]

4. Yes... This is actually a strong speech against Wall Street

with 3 steps she asks them to take...

But people are posting a short clip to make it seem she's saying the opposite.

[Lucinda]

5. I figured that was happening from your OP. I won't see the

people cherry picking data to post because the ones that do that are in time out. Glad you posted this in response! She was sounding the alarm back when she was still in the Senate...if people had done their homework they would have known that, and not be posting misleading grbage now.

[Baobab]

12. Did you watch the video? The couple was tricked by the bank.

they were convicted of things like that but not punished!

How do you punish a CORPORATION?

[Sparkly]

17. That's true, and it was TERRIBLE.

She saw it, and spoke out, before it tanked the economy -- just as a junior senator.

As she said, people on Wall Street didn't even know what they were trading ("credit default swaps," etc.), and borrowers were duped.

Here's what I REALLY love about this: she didn't just complain or point to the problem. She basically acknowledged that we can all argue about what happened, but meanwhile we need to do something. And she presented a thoughtful, detailed, serious and smart PLAN.

They didn't follow it.

If only she were president...

[Demsrule86]

6. I figured it was bull shit

More making up stuff ...feel the bern delusion.

[Demsrule86]

7. Also

Thanks

[Octafish]

8. She started blaming homeowners when Wall Street needed an excuse.

Another Hillary Falsehood: She Didn't Tell Banks to "Cut It Out" Pre-Crisis; She Blamed Homeowners

Monday, 01 February 2016 00:00
By Yves Smith, Naked Capitalism | Op-Ed

EXCERPT...

I knew this was untrue the minute I heard it because no one in Congress told banks to "cut out" foreclosures even when the crisis got much worse, and least of all, a Blue Dog Democrat who represents Wall Street and became Senator here as opposed to the more logical Illinois with the intent of currying favor with them. Concerned Congressmen were pleading with regulators and making legislative proposals, like for a new Home Owners Loan Corporation, modeled on a successful Depression model. After Obama made it clear he was all in with supporting the banks as of March 2009, there was not much ground for making a case to the banks directly.

SNIP...

And yes, this speech was made in December 2007, at the NASD. She starts by praising Wall Street and saying how important it is that Wall Street remain cutting edge, indeed "the global capital of finance." But she then suggest that there's a wee problem, in that not everyone is sharing in the prosperity it creates. This is as strong as she gets in criticizing financiers:

But finally, responsibility also belongs to Wall Street, which not only enabled but often encouraged reckless mortgage lending…..Wall Street may not have created the foreclosure crisis, but Wall Street certainly had a hand in making it worse.

And in the very next line, she started walking it back:

We also must recognize, though, that good things have happened in the housing market. Home ownership is at the heart of the American Dream, and ownership rates rose to a record 69 percent in 2006.

And then she gave bromides about how this was all complicated, and that Big Finance needed to go along voluntarily with some proposals of hers…which had she bothered to investigate how securitizations worked, she would known some could not have been implemented.

CONTINUED...

http://www.truth-out.org/opinion/item/34641-another-hillary-falsehood-she-didn-t-tell-banks-to-cut-it-out-pre-crisis-she-blamed-homeowners

[Sparkly]

14. Wrong.

Please listen to her speak and judge for yourself. Preferably with an open mind.

[Octafish]

16. Awesome! Her own words don't count. What you wish them to mean does.

Like when Tim Geithner said the Fed sacrificed homeowners to “foam the runway” for the banks.

Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” It presents a damning indictment of the Obama administration’s execution of the TARP program generally, and of HAMP in particular.

...

By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obama’s bailout plan repaired holes in the banks’ balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. [font color="green"]HAMP borrowers would “foam the runway” for the distressed banks looking for a safe landing.[/font color] It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.

CONTINUED w VIDEO and links and more letters...

http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982

Millions of Americans used as foam for the Banksters. Har har har.

[Sparkly]

18. Why are you doing this?

Why not just listen to what the woman actually said?

[JCanete]

25. But I just listened to this, and Octafish is pretty much correct in the synopsis. Anybody

looking for a smoking gun about Clinton's coziness with Wall Street isn't going to find it in this speech, but her damming of Wall Street's actions are pretty soft. I don't hear her doing what I'm pretty sure she did in another speech(though I need to find it again to verify), which is basically telling bankers that they've been unfairly pilloried for the housing crash. Also, to give her credit where credit is due, she is at least pointing to areas where the system let people down, and intentionally led them into bad risks.

But she has been part of that very system. If she ever "basically told them to cut it out," or was any kind of Casandra on these matters, I'm not aware of it. I didn't know shit and I saw it coming, so I'm not exactly sure how somebody as connected as her didn't. If she did she should have been using her platform to publicly call for changes. I have a feeling that if we look at her voting record and rhetoric leading up to the crash though, that we won't find any such thing, or else maybe she wouldn't be selling us weak sauce about "basically telling them to cut it out." She'd point to something on the record.

Even in this video, she's playing nice with the people who screwed us. She's asking for voluntary action from the banks to do a handful of things. What she's really saying is "hey, do the bare minimum so I can continue to back your future enrichment." Asking for anything voluntary is just absurd on its face. It means what she's asking for is next to nothing. What she should have been calling for is supporting homeowners first. That's who should have gotten the bailout money, to keep them in their homes. Hell, it would have trickled up anyway.

[Sparkly]

28. "she should have been using her platform to publicly call for changes"

That is what she did. No matter your "feeling" (which is what I'm trying to get beyond -- this "feeling" that she is a horrible human being, brought to us by rightwing propaganda).

Why strikes me about this is that it is so much MORE than "cut it out." I wish she'd characterized this in the debates with more strength, because this was a strong speech.

"Playing nice" is what's done as "statesmanship" -- even in Congress, people can be ripping each other to shreds and still call each other "My good friend from Georgia" and "My esteemed colleague from Maryland" etc. Going to these places and berating them does NOTHING. It's cathartic and feels good, but there's no progress in it.

To your point that she is calling for voluntary action: this tells me you watched it, so thank you for that! You also heard her say that she was following up with legislation to hold them accountable. You also heard her tell them in no uncertain terms what action she wanted them to take.

She DID, as you say, talk about supporting homeowners first. She talked about families, not dollars and cents. But you have to realize these people have a fiduciary duty to deliver profits to shareholders. That's where they're coming from.

I totally agree that the bailout should have gone bottom to top, and she is saying that too -- refinance the loans, get rid of prepayment penalties, stop this nonsense and here's how...

(Thanks for a sane reply.)

[JCanete]

38. Thanks Sparkly,

always better to have a conversation and not a flame war. The thing is, this speech is after the crisis, not before it. What was she doing before it? And what legislation since has she put forward or signed onto to hold banks and bankers accountable for previous injury?

While I agree with you that diplomacy is better when something can be gained, the banks are in a position, and they know it, to dictate policy, not be dictated by it. And if they have a fiduciary responsibility to deliver to shareholders, then why do we expect them to voluntarily give up anything that compromises that? That's why I don't understand going to the banks and asking them to do right by us. What is their incentive? Sure, they'll give us something token if that shuts us up, and my concern is that's all Hillary is looking for. If she's looking for more, they'll fight her, but they don't appear to be fighting her.

as to rightwing propaganda, that's not where most of us are coming from. The stuff we don't like about Hillary's record is not reflected in rightwing complaints and attacks. The email scandal? That's not my bag. I don't give a shit about it except that it was sloppy, and now here she is dealing with it, but if it does't tell me she's corrupt and not working for the poor and middle class, I don't care what it does tell us.

[JSup]

32. Because...

...they don't like what she said; they just want whatever out of context statements they can latch onto to boost their candidate.

[Ohioblue22]

10. Jeez these Bernie people . Wow smh

God the desperation

[Sparkly]

13. Kicking to make sure the distortions in the now self-deleted thread is well refuted.

Not expecting a single "oops," of course.

[Tarc]

19. Funny how lots of people had lots to say about a 30 second spliced-together video

But once the full 30 minute video is posted, they all seem to have something else to do...

[Sparkly]

20. Isn't it, though?

LOL!! Same with her floor speech in the Senate when she made her IWR vote.

[Todays_Illusion]

21. Blaming the WorldWideEconomic crash on the American homeowner means there will never be home owning

working and middle class in this nation again.

Hillary will be telling you soon enough. We can't let working and middle class own homes that gave them so much power they destroyed the entire world's economy.


This is the new U.S. law of economics since the crash.


And one of the reasons for wage suppression, working people are not buying homes and that is the plan.

The U.S. median income is $28K/year (wages)

The U.S. average income is $44K/yer (wages)

From here:
https://www.ssa.gov/OACT/COLA/central.html

This for interest: Income by occupation
http://www.bls.gov/oes/current/oes_nat.htm



The average and mean price of a home (2010) $222K and $273K from Here: http://www.census.gov/const/uspriceann.pdf

[Sparkly]

22. Psst... Here's a hint: SHE DIDN'T.

[Todays_Illusion]

23. pssst it is the official MSM News story including NPR who hosted AEI and CATO "experts"

the day after Lehman brothers crashed and specifically blamed the Community Reinvestment Act for the crash.

[Sparkly]

24. Okay...

She still didn't "blame American homeowners."

[libodem]

27. Real Nice

[Jitter65]

35. "Supposedly" is the operative word. Glad the entire video is shown here. nt

[Sparkly]

36. Yup!