Ah, Senator? The vote was on Monday. But thanks for weighing in.
RENO, Nev. (AP) – Democratic presidential candidate Barack Obama is calling for Americans to get behind attempts to salvage a $700 billion rescue plan for the financial sector.
Obama told a crowd at the University of Nevada at Reno on Tuesday that if Wall Street fails, ordinary people will be hurt, too.
Nobody should support a bailout that doesn’t neuter the CRA. No more bad loans! And while we are at it, bar the government from creating GSE’s like Fannie and Freddy. The nexsus of public and private money as manifested in these GSE’s is central to the destruction of our credit markets.
Once the mechanism for legally mandated and publicly guaranteed sub-prime debt is removed from the system, then we can talk about some kind of rescue.
The reality will probably entail the federal government consuming giant swaths of cheap private assets in a scheme to bank long term revenue for the treasury.