Last year, in a petition to President Barack Obama, the advocacy group Change.Org described Edward J. DeMarco, a holdover from the Bush Administration who still serves as Acting Directer of the Federal Housing Finance Agency (FHFA), as "the single largest obstacle to meaningful economic recovery."
Around the time Change.Org began circulating its petition, New York Times' Nobel Prize winning economist Paul Krugman, called for President Obama to "Fire Ed DeMarco". The blog detailed how DeMarco had, in defiance of the Obama Administration, rejected a U.S. Treasury Department request "that he offer debt relief to troubled homeowners --- a request backed by an offer that the U.S. Treasury would pay up to 63 cents to the FHFA for every dollar of debt forgiven."
Treasury's request was rejected even though, as Krugman explained, "a reduction in debt burdens would strengthen the economy," creating "greater revenues" that could "offset any losses from the debt forgiveness itself."
The fact that a Bush holdover, who, for so many years, has been committed to protecting the same Wall Street casino --- the market created out of mortgaged backed securities --- whose collapse triggered what Krugman insists is now a "depression", is primarily due to the ability of Senate Republicans to block both of the nominations Obama finally made to replace him...