Clinton: Bold Action Needed on Housing Crisis

Although most Americans fail to understand the underlying details of the credit market mess that has roiled the stock market since last summer, the average homeowner, however, clearly understands that the value of their home has decreased.

The bursting of the housing bubble has certainly hurt, and Sen. Hillary Clinton (D., N.Y.) has sought to stay in front of the crisis, offering solutions and demanding action from the administration again yesterday in Philadelphia.

In her speech, Clinton decried the lack of action on problems facing average Americans:

"Last week when it became clear Wall Street was on the brink of a financial melt down, the Fed and the administration sprang into action. The Fed extended a $30 billion lifeline to prevent Bear Stearns from imploding and took unprecedented action to provide tens of billions of dollars in credit for other struggling investment banks as well. Homeowners, on the other hand, have received next to no assistance."

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