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July 25, 2008 7:37:55 AM CDT

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Feds Must Ward Off Stagnation, Clinton Says

Posted Mar 27, 08 11:15 AM CDT in Business,  Politics 

(Newser) – The government should step into the mortgage mess on a broader scale, Hillary Clinton told the Wall Street Journal yesterday, suggesting monetary policy alone can’t ignite a recovery and warning that procrastination could lead to stagnation similar to Japan’s weary economy. Clinton said the Federal Housing Administration should buy troubled mortgages in combination with a program to auction defaulted loans.

Clinton and rival Barack Obama—who delivered an economic policy speech in New York today—have similar economic plans, although Clinton’s suggests a deeper governmental role in resolving the housing crisis—an approach criticized yesterday by Treasury Secretary Henry Paulson. Clinton is launching a six-day "Solutions for the American Economy" tour of North Carolina, Indiana, and Pennsylvania.

Source Wall Street Journal

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Barack Obama  • Hillary Clinton  • John McCain  • US economy  • Federal Reserve  • credit crisis  • mortgage crisis  • Henry Paulson  • Federal Housing Administration


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