Obama: Treasury should "study" HOLC

lambert's picture

That's not to hard to parse, is it? Obama's speech from the Senate floor at Big Orange:

We should encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930's.

Well, alrighty then.

Too bad Obama couldn't quite bring himself to mention the acronym, HOLC, so people know what his cryptic reference means...

If you liked this post, buy the author some books.

Comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
tartu's picture

I am certain that he will mention it later

Not enough time has passed to forget that Hillary brought up HOLC. In a week or two when everybody forgot that, it will appear as Obama's entirely original and incredibly thoughtful idea.

jjmtacoma's picture

I hate the 'study the option' language

I feel certain it is being said as a means of later saying 'as I have always said' and not much more.

ElizabethF's picture

Disgusting that any

politician would go to that site and write.

I have come to loathe both these hypocrites.

]Obama will just laugh at the idea. He can invent something so much better for his social engineering project.

pie's picture

Hillary

rocks.

She'll be fine.

TonyRz's picture

Can YOU count the hedges, boys and girls?

We should encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930’s.

We should[1] encourage[2] Treasury to study[3] the option[4] of buying individual mortgages like we did successfully in the 1930’s.

And what's this "we" shit? Can't he bring himself to say the "F" word (FDR), either??

lambert's picture

He does, in fact, mention FDR

But with the weak tea and thin gruel on policy, invoking FDR doesn't mean a whole hell of a lot.

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

gqmartinez's picture

Obama could get what he wants now

So does he not really believe in it or is he just saving stuff to try to save his presidency? Neither is very comforting.

Only tyrants rig elections.

Valhalla's picture

For freaksake

could he just commit to something, for once?

I hate all the 'study the problem' crap too. How appropriate that most college educations and the presidential term are both 4 years -- 'cuz seems like studying is about all we'll get for the next 4 years.

And he hasn't even committed to that much -- he just wants to 'encourage' Treasury to study HOLC/HOME.

But I'm not entirely surprised, since the bill itself asks Treasury to 'encourage' mortgage servicers to use existing federal programs to 'minimize' foreclosures. Obama's notorious for picking up bits and pieces of whatever discussion is floating around him (or beneath him, I suppose, in his world) What kind of language is that for legislation? Why even bother? Except to give cover for Congresspeople to blah blah blah about how this bill is SO much better than the House bill that was rejected because it addresses foreclosures, when in actuality it's just one big long press release from the Ministry of Government Propaganda sweet-wrapping the same mud sandwhich voters have rejected already.

Because the problem is not that we have too little condescension from our tribe. -- okanogen

amberglow's picture

only to study the option of possibly maybe

someday maybe suggesting that someone explore all the possible options available--he's being "prudent" like Daddy Bush, i guess (another weak and passive loser)

elixir's picture

The more I see, the less I believe any of these people care one

fig about any of us. HRC proposes several very valuable options and ends up voting for this piece of crap. How disturbing this all has become.

I love this job!

I love this job!

BDBlue's picture

"Study" = "Kill"

At least that's often the result in Washington. Cheney used this method within the Bush Administration - he'd send people likely to oppose some plan (e.g. torture) off to study it or come up with a policy to sideline them.

When Congress or the Administration don't want to do something, they study it to death.

"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt

elixir's picture

Once BO has a new acronym, he'll be for it. He doesn't want to

be associated with anything HRC has penned. She makes him look weak. Thank god a few other senators mentioned HOLC/HOME, this gave BO the cover to actually discuss it.

I love this job!

I love this job!

Julene's picture

It's not a stunt when Obama does it

Obama poked fun at McCain for proposing a commission to examine the crisis, calling that "the oldest Washington stunt in the book."

"This isn't 9/11. We know how we got into this mess," Obama said. "What we need now is leadership that gets us out. I'll provide it, John McCain won't, and that's the choice for the American people in this election."

I know. I know. We shouldn't use his own words to understand how he'd lead or anything.

Or maybe it's a "he was against studying the problem before he was for studying the problem".

lambert's picture

Haw

Good catch.

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

Help the hamsters with their winter heating bill ...

… as they power the wheels that turn the servers at The Mighty Corrente Building. Please, won’t you help them keep their cages shiny?

No PayPal Account required! Give the hamsters immediate relief!

Or Subscribe to make a monthly payment!

Corrente is completely supported by contributions from readers. Thank you!

Download Citibank Plutonomy files

Part 1 [PDF]

Part 2 [PDF]

Good reading! Favorite quote: What could go wrong?
Beyond war, inflation, the end of the technology/productivity wave, and financial collapse, we think the most potent and short-term threat would be societies demanding a more ‘equitable’ share of wealth.

The 12 Word Platform

1. Medicare for All

2. End the Wars

3. Tax the Rich

4. A Jobs Guarantee

Senior fellows of The Mighty Corrente Building

Leah (CA), Lambert (PA/ME), RDF (??), BDBlue (DC), Hipparchia (FL), MsExPat (NY), letsgetitdone (DC), twig (LA), Tony Wikrent, (NC), jawbone (PA).

Corresponding fellows

danps.

Western Coordinator

coyotecreek

Correspondents

Health care reform: DCBlogger.

Fellows emeritus

mjs, Riggsveda, Tresy, Tom, hekebolos, chicagodyke, shystee, and Xenophon, Vastleft (MA), Sarah (TX).

Random term

See under governance.

I support Americans United for Separation of Church and State.

Americans United is dedicated to preserving the constitutional principle of church-state separation as the only way to ensure religious freedom for all Americans.