Monday, March 24, 2008

Better Wise Old Men of Washington, Please

Really. Please.

PHILADELPHIA (AP) --Democrat Hillary Rodham Clinton called on President Bush on Monday to appoint ''an emergency working group on foreclosures'' to recommend new ways to confront the nation's housing finance troubles.

The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

Perhaps in fantasyland the people who made the messes would have to clean them up, but that would require that those people acknowledged that they helped to make the mess.

Even aside from his aversion to any sensible regulations, we had this:

He said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up.

"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," Greenspan said.

That was in 2004.

And Robert Rubin was a Citi board member, and, Condi-like, suggested nobody could have predicted...

How about finding some wise old men of Washington (or young ones) who were trying to warn about this stuff instead of the ones who were cheering it on.