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President Obama yesterday unveiled his plan to prevent up to 9 million home foreclosures. The details of the plan will not be available for another 3-4 weeks but, according to the Washington Post, “three key elements of the proposal include a program that would allow 4 million to 5 million homeowners with little equity in their homes to refinance into cheaper mortgages; a $75 billion program to keep 3 million to 4 million homeowners out of foreclosure; and a doubling of the government’s commitment to Fannie Mae and Freddie Mac to $400 billion.” Critics of the plan say it doesn’t go far enough to tackle the crisis, which is inextricably tied to the broader national financial collapse. Republicans have succeeded in preventing the plan from being broad enough. Obama was quick to stress who the plan wouldn’t help.

GUEST: Gerald Friedman, Professor of Economics at the University of Massachusetts