Posts Tagged ‘presidential election’

Presidential Debates Let Wall Street Off the Hook

Friday, October 26th, 2012

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

So we’ve managed to get through all three presidential debates.

But although the presidential election is (thankfully) in the home stretch, did we really learn anything new about either President Barack Obama or Gov. Mitt Romney?

And more importantly, what everyone should be asking is why neither candidate refused to acknowledge the 900-pound gorillas in the room. They were there, but they got a cursory glance at best. These issues are glaring and obvious, yet it is as if they did not exist. It is the reason why many voters are still scratching their heads and asking the following questions.

Why isn’t housing the No. 1 domestic economic issue in this campaign?

Both the president and Romney spent exceedingly too much time on the national debt, when our economy starts and ends with housing. For the first time since the Great Depression, the real estate market has not pulled the economy out of recession. Structurally that is huge, because it was in fact the real estate market that caused the recession in the first place.

But more importantly, the recession was caused by greed and a confluence of people falling asleep at the switch. You have the government that has not properly regulated the banks, who have used their cozy relationship with the regulators to grow larger and more powerful as our nation’s leaders stood idly by.

And now you are left with entire industries, including Wall Street, effectively overshadowing the role of government. At times it seems like moral character has been checked at the foot of Wall Street.
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Obama and the State of the Union — a Political Jekyll and Hyde?

Wednesday, January 25th, 2012

Leading up to the State of the Union, we heard a lot of chatter that a proposed $25 billion settlement with the banks would be a selling point in President Obama’s speech.And maybe it would have been, had President Obama delivered the State of the Union. But clearly the person we saw last night addressing Congress was candidate Obama, who is a very different individual.

The State of the Union, at times, felt more like a stump speech that an address from a sitting president. That’s not necessarily a bad thing.

Obama finally sounded like someone willing to play tough with the banks with his No bailouts, no handouts, and no copouts’ line. Only time will tell if this is a true change in the President’s perspective, or if he’ll go right back to being the same man who handed out bailouts like candy.

We were glad to see Obama acknowledge that Wall Street was playing by its own rules, but he had a hand in allowing them to do so, so we hope he understands if we’re still a bit skeptical.

Right before the State of the Union, the Huffington Post broke the news that New York Attorney General Eric Scheniderman has been named to lead a new Unit on Mortgage Origination and Securitization Abuses, which could be a real game-changer. Like the editorial team at Oppenheim Law, Schneiderman has been a vocal critic of the aforementioned settlement.

He has been very tough on the White House’s foreclosure policies before, so maybe we’ll finally see the accountability and thorough investigation that we’ve been demanding.
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From ‘Hope’ to ‘Housing’ – Oppenheim Law Looks Ahead to the 2012 Presidential Election

Tuesday, June 14th, 2011

‘Hope’ stands as a fleeting memory for most Americans as unemployment stagnates, housing prices fall and economic growth looms as a lofty promise unfulfilled. And as we get closer to the 2012 Presidential Election, it’s becoming clear that the ideological political landscape that dominated the 2008 election cycle will be eclipsed by a menacing elephant in the room: the economy.

The President is well aware of the uphill battle he faces when it comes to convincing voters and campaign financers that his economic policies and regulations have not only been what we needed the past three years, but also what we need in the next four. According to The New York Times, President Obama has already started reaching out to the skeptical financial industry on Wall Street, hoping to win back one of his most vital sources of campaign cash.

While many on Wall Street view the President’s financial rhetoric as unfair to their industry, his apparent goal is to prove that his fiscal policies have helped to bring the banks and financial markets back to health and toward sustained growth.

The argument goes that the economy would have been dramatically worse at this stage had the Obama administration not taken the action it did in the wake of the real estate and financial crisis.

But how do you prove a negative? You can’t.

Historically, recessions have been ended by a wave of homeowner refinancing that predictably follows a lowering of interest rates. The President faces a number of obstacles to accomplishing a refinancing boom, however.
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