Remember when Obama Hits Wall Street In Times Square last fall?

[FrenchieCat]

Sen. Barack Obama (D-Ill.) went to the NASDAQ MarketSite in Times Square this morning to call for greater openness and transparency on Wall Street - an approach that echoed his choice of Detroit for a speech in May taking on auto companies.

Pointing to the bundles of subprime mortgages that received rosy ratings and later experienced a high rate of defaults, the Democratic presidential candidate called for "an immediate investigation of the relationship and business practices of rating agencies and their clients."

"The failure of government to exercise adequate oversight over the rating agencies will cost investors and public pension funds billions of dollars - losses we have not yet fully recognized," he said in prepared remarks. "If the public comes to view this like the accounting analyses of Enron, the markets will be ravished by a crisis in confidence. ... We must take steps to avoid that at all costs."

http://www.huffingtonpost.com/2007/09/17/obama-hits-wall-street-in_n_64682.html

[maddiejoan]

1. So that would be after

Hillary was warning about all this in March? So like --he's 6 months behind Hillary?

okay.

[sandnsea]

2. Mortgage Legislation - Feb 2006

Sen. Barack Obama (D-Ill.) proposed a sweeping set of federal reforms Tuesday to combat mortgage fraud, ratcheting up enforcement and creating a national database of brokers who have been disciplined.

Obama's bill would increase funding for federal law enforcement programs, create new criminal penalties for mortgage professionals found guilty of fraud and require industry insiders to report suspicious activity.

http://obama.senate.gov/news/060215-obama_durbin_pr/

[maddiejoan]

5. That's at least something to brag about

thanks for the info :)

[FrenchieCat]

4. She was "talking"....while he walked to Wall Street and made sure they were listening.

[maddiejoan]

6. Not really

sounds more like a photo-op

[FrenchieCat]

9. Looks more like the Substance

of your candidate is missing from your fingertips.

What did the "doer from day one" do? :shrug:

[maddiejoan]

10. Have a look for yourself.

Not that you will --but here

<109th>: 21st Century Housing Act (Hillary Clinton sponsor -no co-sponsors) in March 2006
reintroduced in March 2007 21st Century Housing Act originally bill S. 3173

http://www.govtrack.us/congress/bill.xpd?bill=s109-3173


A bill to modernize the Federal Housing Administration to meet the housing needs of the American people.



http://www.senate.gov/~clinton/news/statements/details.cfm?id=271038
http://clinton.senate.gov/news/statements/details.cfm?id=270717&&

[Hobarticus]

3. "We must take steps..." what steps, exactly?

Any clue?

[FrenchieCat]

7. Obama said there are four steps the country needs to take prevent future problems:

(1) create more disclosure and accountability in the housing market by updating the current mortgage rules to prevent fraud and enact tough penalties against lenders who knowingly act in bad faith;
(2) restore trust in the rating agencies by investigating the relationship and business practices of rating agencies and their clients;
(3) fix a lack of transparency problem in other areas in the market by teaching consumers about the risk involved with credit cards; and
(4) ask mortgage institutions to help people who are trying to sell or refinance their homes.

Invoking Franklin Roosevelt, Obama called for everyone, "from CEOs to shareholders, from financiers to factory workers," to work together because "we all have a stake in each other's success because the more Americans prosper, the more America prospers." He said the nation needs "another moment that requires, in FDR's words, a re-appraisal of our values as a nation."
http://firstread.msnbc.msn.com/archive/2007/09/17/364700.aspx
----------------
Mr. Obama of Illinois called for regulatory efforts to increase transparency and accountability among financial companies. Mr. Obama zeroed in on the housing market, proposing tighter federal rules on mortgage fraud and government rating systems for mortgages and credit cards.

“If more Americans were armed with this kind of information before they purchased risky mortgage loans,” he said, “the current crisis might not have happened.”

A spokesman for Mr. Obama, Bill Burton, said the proposed inquiry was inspired by a planned European Commission investigation into credit ratings practices in Europe. The inquiry, Mr. Burton said, would be spearheaded by the Securities and Exchange Commission.
http://www.nytimes.com/2007/09/18/us/politics/18obama.html?_r=1&ref=politics&oref=slogin

[Dogmudgeon]

8. Why, FrenchieCat -- I love it when you talk policy!

:loveya:

(It must be all the Valentine's Day adverts ...)

--p!

[FrenchieCat]

11. Back atcha!

;)