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31 July 2012

In The Name Of Oligarchy

The common-folk (You People) are undeserving:

The top housing regulator rebuffed the offer of taxpayer funds to reduce mortgages held by struggling homeowners on Tuesday, a blow to the Obama administration which is keen to show voters it can help fix the housing market.

Calling it a challenging decision, the regulator for Fannie Mae and Freddie Mac said using funds from the Troubled Asset Relief Program would not make a meaningful improvement in reducing foreclosures in a cost-effective way for taxpayers.

"The anticipated benefits do not outweigh the costs and risks," the Federal Housing Finance Agency's head Edward DeMarco told reporters.

Krugman, just now:

Fire Ed DeMarco

Do it now.


[D]eciding whether debt relief is a good policy for the nation as a whole is not DeMarco’s job. His job — as long as he keeps it, which I hope is a very short period of time — is to run his agency. If the Secretary of the Treasury, acting on behalf of the president, believes that it is in the national interest to spend some taxpayer funds on debt relief, in a way that actually improves the FHFA’s budget position, the agency’s director has no business deciding on his own that he prefers not to act.

I don’t know what DeMarco’s specific legal mandate is. But there is simply no way that it makes sense for an agency director to use his position to block implementation of the president’s economic policy, not because it would hurt his agency’s operations, but simply because he disagrees with that policy.

This guy needs to go.

Dr. K also briefly lays out why mortgage reduction is good national policy.

It's an election year and the polls are close so maybe Obama will actually sack this plutocracy-enabling son-of-a-bitch.



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Maria in Pgh

Congrats on the link from Crooks and Liars. We got one too. PA represents! lol


While I agree that DeMarco should be fired, I thought from the headline in C&L that it was somebody really, really deserving of firing like Geitner!

Peter John

TARP was originally meant to buy the toxic assets. The government could have bought all of the subprime mortages for pennies on the dollar. If the government had done that they would have being able to refinance them all and still made a killing.


Maria: 412, yo!

SadOldVet: Geithner's a given but Obama seems to like him. Alas.

Peter John: Yep.


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