In the January State of the Union address, President Obama announced plans to form a financial crimes task force that would investigate... you know... all that awful stuff that happened back in 2008. Then in February, the state attorneys general and five of the nation's largest banks reached a settlement that came out of mortgage fraud: $25 billion.Although we weren't satisfied with the $25 billion (which only equals a few thousand per family affected) we thought a task force was the right idea.Now that it's been a few months, progressive strategist Ilyse Hogue (one of our favorite people!) is asking, "So, about that task force... where is it?" Here are some excerpts from her article -- and definitely check it out.
"My curiosity was piqued again this week when I got an e-mail from CREDO Action protesting new information that the task force established to investigate what went wrong never received the staff that it was promised. And while the source of the hold up is unclear as is exactly how many staffers have been assigned, what is becoming clear is that even the promised fifty-five investigators would be ill-equipped to achieve its goals. That news got me wondering where things stand more generally with task force, lauded by progressives and homeowners alike when it was announced back in January.The reasons for acting with speed and strength are clear and compelling:1. The Moral Imperative: Americans are sick of seeing bankers go free while they foot the bill [...]2. The Economic Imperative: Unresolved mortgages are a huge drag on economic recovery [...]3. The Political Imperative: If none of those reasons are enough, a glance at the politics of the situation should motivate even the most hard-hearted political operative to action. As Mike Lux put it in his excellent Daily Kos piece last week, there are 11 million underwater homeowners. This is an important constituency in a close election [...]Yeah. We're annoyed too, Ilyse. We're annoyed too.
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