Hillary Clinton on Financial Market Crisis

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Statement from Hillary Clinton, March 17, 2008

“This is a moment of great unique uncertainty in our financial markets. The crisis that began in the subprime mortgage market has spilled over and now poses a broader threat. I am following the developments in our markets closely. This morning I spoke with Secretary Paulson and New York Federal Reserve President Tim Geithner. They both outlined the actions that were taken yesterday to ensure liquidity and restore confidence in the market. I relayed to them my thoughts and concerns. I will continue to monitor the situation closely throughout the day and will seek advice and counsel from a broad range of economic advisors.

“As a senator from New York , I am keenly focused on the impact of these market developments on the lives and livelihoods of thousands of New Yorkers and on the New York economy as a whole. I am also reminded everyday as I meet with families and listen to their stories that the effective function of our market isn’t just about Wall Street, it is about Main Street.

It’s about the families I meet that are struggling to fend off foreclosures and stay in their homes. It’s about construction workers who used to build houses and are now out of work. It’s about the college student who has good credit but is struggling to get a loan. What is happening on Wall Street may well affect the lives and fortunes of tens of millions of Americans who work hard everyday. They’ve done nothing wrong, but they will be impacted.

“In these times of stress and uncertainty, we need to be vigilant, to do everything in our power to maintain confidence in our financial system. I feel very strongly that in every way we’ve got to have more urgency to continue the action that was started yesterday. In my conversations earlier this morning, I raised my concern about the continuing numbers of foreclosures and my very strong belief that in the absence of addressing that aspect of this subprime mortgage credit crisis, we will not be able to make the progress that we have to make. I will follow this closely and as I said, I am particularly concerned about the many employees of Bear Stearns and their families and the ripple through the economy that this is going to cause.”


http://noquarterusa.net/blog/2008/03/17/hillary-clinton-on-financial-market-crisis/

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1. Eugene Robinson grudgingly admitted Sen. Clinton has spoken on the crisis in his article today

Eugene Robinson | Washington Post Writers Group
March 18, 2008

WASHINGTON - The Democratic presidential candidates squabble over real or imagined racial sensitivities, the Republican presidential candidate stages photo opportunities with the troops in Iraq, and meanwhile the financial system is coming apart at the seams.

Would someone please tell Barack Obama, Hillary Clinton and John McCain that here in the real world, we have what looks like a real problem. It would be nice if they'd pay attention and maybe, you know, come up with some ideas for getting out of this mess.

You'd think that when former Federal Reserve Chairman Alan Greenspan predicts that the deepening financial crisis will be "judged in retrospect as the most wrenching since the end of the Second World War," the candidates might take note -- if only in self-interest. How are Obama and Clinton going to pay for universal health insurance if billions of dollars keep evaporating in this overheated "crisis of confidence"? How does McCain intend to fund his Hundred Years' War in the Middle East if Wall Street is in ruins and the economy is slogging through a deep recession?

To be fair, the presidential contenders haven't been entirely silent. Clinton, for example, did speak on the financial crisis Monday, criticizing George W. Bush for not being presidential enough in his leadership and saying she would have begun more intensive oversight of Wall Street a year ago. But that's not the same as charting a path out of this mess.

http://www.orlandosentinel.com/news/opinion/left/orl-syn-gene0318,0,3212560.story