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PRESS RELEASE


If We'd Passed LaRouche's HBPA, There
Would Have Been No 'Housing Crisis'

Oct. 14, 2011 (EIRNS)—The media this week are full of wails about the "housing crisis" resulting from the 2007-2008 financial blowout. If you want to get the picture, the place to turn is to EIR's current issue, where Economics editor Paul Gallagher addresses "LaRouche's 2007 HBPA: What Should Have Been Done."

What would have happened if Obama and Wall Street's favorite Congressional Democrat, Financial Services 2008 Chair Barney Frank, had not blocked Lyndon LaRouche's Homeowners and Bank Protection Act from Congressional action, after it had been introduced into nine state legislatures, and over 200 city councils, who urged Congress to enact it? Ten million Americans would not have lost their homes; the average real income of American families would be $5,000/year higher; and the loss of 12 million jobs would not have happened, this article shows.

Because they did not include LaRouche's HBPA provisions, every Federal program designed to stop foreclosures has been a self-admitted "abysmal failure." Wall Street's refusal to write off worthless securitized mortgages is still eating trillions in Federal Reserve zero-interest credit, which could be creating productive jobs. The "Lessons Learned" from the Obama-Frank sabotage of the HBPA are vital for today's battle to re-enact Glass-Steagall, H.R. 1489, introduced by Rep. Marcy Kaptur and now before the same Financial Services Committee.