Senate Republicans have the right idea

[Chris]

Don't forget the all important job of naming government buildings after historical figures and past presidents

 

[midcan5]

WASHINGTON (AP) — Senate Republicans circulated a sweeping plan to drive down the cost of mortgages by expanding the federal government's role in the industry...

Darn socialists, they better hope Rush doesn't hear about this!

 

[Skull Pilot]

fucking idiot politicians still haven't figured out that artificially low interest rates were part of what went wrong

 

[Chris]

fucking idiot politicians still haven't figured out that artificially low interest rates were part of what went wrong

I hear you, but the derivatives are what destroyed the system.

Just like 1929....

 

[American Horse]

Funny how they only came up with this after Obama put his stimulus on the table.

To respond to the president is the only way for the Republicans to get any press.

 

[WillowTree]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

Making petitions to get Rush Limbaugh off the air ?

Making resolutions condemning "genocide" that happened decades before i was born ?

they spent a week or two grilling baseball players about steroids! as I recall.

 

[PubliusInfinitum]

Clearly the crashing real estate markets continue to depress the economy.

Yeah... ain't it amazing? The government has thrown hundreds of billions in, to prop up the value of real estate in a market which can't afford those values and we just can't seem to find the bottom.... it's just crazy how that's hapenin'.

If this would do something to revitalize that market and stabilize prices then it's probably a good idea.

Amen.... Let's hope that the fed's pouring more money in, propping up those values will get those values down... I mean there's just gotta be HOPE... 'cause President Hussein SAID SO!

Of course the other thing we must do is put American back to work at projects which are good public works investments, (like Rosetta for example.. I could hire and start training 5 people tomorrow if I could afford it) AND find means to incentivize investors to invest in businesses IN AMERICA which will put AMERICANS back to work at a decent wage.

Yeah! What we need are tax increases and more government regulation to force businesses to pay a decent wage... that way when the money being pumped in to propr up mortgages on properties that are too expensive for the market, finally come down, people can afford to buy them... especially after all the new jobs are created through those higher cost liabilities drive down profits.... it's just GOTTA spur investment in those companies with falling potential for profits...

Let's HOPE so...

Until the median price of an average home is roughly in relation to one-year's median salary, the housing crises will be with us.

But we can HOPE that all the money pouring into the mortgage markets, propping up the values of the homes tied to those mortgages will encourage those values to fall...

The real formula is that the monthly mortgage taxes and insurance payment for a homebuyer should be about one week's salary)

AMEN! If there was only some way to get the markets to understand that people can only pay so much and be fair when they price their homes...

Making it easier to buy an overpriced home (in relation to salaries, I mean) will NOT solve the problem becaue the buyers will still be strapped trying to buy that home.

Oh isn't that the truth... and once the hundreds of billions that the government has pissed away to prop up the values which the market can't sustain are burned through, we will see the prices come down... we'll just be a trillion bucks short by then.

The root of the problem is not one of rising taxes, it's one stemming from declining incomes.

Not where rising taxes aren't adding to the already stressed liabilities on a given property... and not where those rising taxes aren't adding to the stress on an already strained income and not where the rising taxes aren't adding stress to an already stressed means to produce profits and entice new investment... other than THAT you're dead on.

And of course, the problem of declining incomes is mostly due to the insane trade policies we have allowed the develop over the last fifty years, so something must be done to stem the flow of imports and get AMERICANS working in factories making this stuff, too.

Ain't THAT the truth... I wonder what the most insane policy, which most increased the cost liabilities on US industry, inevitably forcing US manufacturers offshore to avoid those costs?

I HOPE we can find out what that is soon, so we can STOP those liabilities and lower cost to US industry and help US citizens get those jobs back... Dare I advance such AUDACITY?

This is not rocket science, regardless of what the so called experts keep telling us.

Oh you said it sister...

 

[PubliusInfinitum]

Funny how they only came up with this after Obama put his stimulus on the table.

To respond to the president is the only way for the Republicans to get any press.

Well the fact is the GOP had put that on the table LONG before President Hussein was sworn in...

 

[PubliusInfinitum]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

Trying to elect a Democratic president so we can move the country in the right direction.

Yeah... "TRYING" is a big part of leftism... "DOING"... not so much.

 

[PubliusInfinitum]

What? No snappy come-backs?

I just adore the last word...

 

[driveby]

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

Making petitions to get Rush Limbaugh off the air ?

Making resolutions condemning "genocide" that happened decades before i was born ?

they spent a week or two grilling baseball players about steroids! as I recall.

ahhh right, lots of grandstanding on that issue ....

 

[editec]

Quote:
Originally Posted by editec
Clearly the crashing real estate markets continue to depress the economy.

PU retorts:

Yeah... ain't it amazing? The government has thrown hundreds of billions in, to prop up the value of real estate in a market which can't afford those values and we just can't seem to find the bottom.... it's just crazy how that's hapenin'.

The government under Bush II threw 700 billions into banks to SAVE BOND HOLDERS, Pubie.

You really ought to try to pay attention to what's really been happening instead of rewriting history to suit your own goofy prejudices.

 

[Tech_Esq]

fucking idiot politicians still haven't figured out that artificially low interest rates were part of what went wrong

I hear you, but the derivatives are what destroyed the system.

Just like 1929....

I wonder why they needed to create derivatives?

 

[rayboyusmc]

yes, there are bread lines outside my house...you fucking dolt

Once again a rightie can only express himself with fucking dolt.

Maybe not out side your hosue, but a million jobs lost means a lot of people are having problems putting food on their dolt tables.

Do you deny that this is the worse economic plight we have been in since the great depression? I don't know what type of work you are in, but don't feel like you are perfectly safe in any job.

Notice, no fucking dolt lingo here.

 

[rayboyusmc]

Funny how they already did it once BEFORE Obama was President. Isn't it?

Please post data so that I can read it and say I was wrong.

 

[PubliusInfinitum]

Quote:
Originally Posted by editec
Clearly the crashing real estate markets continue to depress the economy.

PU retorts:

Yeah... ain't it amazing? The government has thrown hundreds of billions in, to prop up the value of real estate in a market which can't afford those values and we just can't seem to find the bottom.... it's just crazy how that's hapenin'.

The government under Bush II threw 700 billions into banks to SAVE BOND HOLDERS, Pubie.

You really ought to try to pay attention to what's really been happening instead of rewriting history to suit your own goofy prejudices.

Bonds? ROFLMNAO...

Oh I hear ya... and if there was a shread of truth that protecting Bond holders was the purpose behind the idiotic bail-out, that would be a HELLUVA point...

Sadly, for you and your failure of a point... Bond holders were one element of a multifaceted basis for the bailout... BUYING THE PAPER WHICH SERVED AS THE PRIMARY RISK TO THOSE BANK... THUS TO THE HOLDERS OF THEIR BONDS AND OTHER DEBT SECURITIES...

The BAIL OUT is propping up the value of real estate by propping up the viability of the mortgages to which that real-estate is secured. The the market is secured to values which are greater than the means of the market to purchase.

PERIOD...

 

[PubliusInfinitum]

fucking idiot politicians still haven't figured out that artificially low interest rates were part of what went wrong

I hear you, but the derivatives are what destroyed the system.

Just like 1929....

I wonder why they needed to create derivatives?

Chris... Why did they create derivitives?

Inquiring minds want to know...

 

[sealybobo]

If the GOP had the right idea, they'd be talking about bringing manufacturing jobs home.

They are right that no stimulous package will work. Why not? Because they sent all the fucking jobs overseas!!! So people lost their jobs, are foreclosing on their homes, unemployment is going high, inflation, trade deficits, etc.

So as long as they keep lowering our wages and turning us into a 100% service industry country, we'll never fix what is wrong.

 

[PubliusInfinitum]

yes, there are bread lines outside my house...you fucking dolt

Once again a rightie can only express himself with fucking dolt.

Maybe not out side your hosue, but a million jobs lost means a lot of people are having problems putting food on their dolt tables.

Do you deny that this is the worse economic plight we have been in since the great depression? I don't know what type of work you are in, but don't feel like you are perfectly safe in any job.

Notice, no fucking dolt lingo here.

I deny it...

There have been dozens of recessions since the end of the Leftist induced depression and while this one will likely turn into a depression, up to this point, it's really not that much of a problem... But with the Left about to piss away a trillion bucks, the US dollar will deflate to jackshit; demand will fall to dick and presto... a near identical repeat of the same mistakes that the left made in creating the FIRST ONE...

The formula to fix this is GET THE GOVERNMENT OUT OF IT COMPLETELY, let the chips fall where they may and let the GOVERNMENT FREE MARKET pick up those pieces and start rebuilding the economy... 1

This has been going on for 2 years... it should have been over 1 year ago. All the Feds are doing is making things WORSE.

 

[Annie]

Now folks, tell me what's wrong with people letting their houses be foreclosed on?

Well there are good aspects of letting the market "correct" and there are bad outcomes.

The good outcome is that the price of homes will fall in line with what the average American workers is making.

One of the bad outcomes is that millions of us would find that the one and only asset we thought we had, the value in our homes, would be reduced considerably. This will psychologically (and financially) devastate many of us who were counting on that money for our retirement.

Another problem is that the glut in the market would last a mighty long time, too, thus the real estate industry, from building to sales would be depressed for decades.

These people are in possession of an asset (?) that is not worth the loan they hold for it. they cannot possibly refinance to get out of an ARM, they cannot afford the payments.

In cases of many recent purchases, that is true.

WALK AWAY. Let the bank foreclose. Wipe the slate clean, rent a home or apartment you can afford. Save some money and rebuild your credit over the next several years. Take the lessons you've learned and start managing your finances better.

For those who did not invest their life saving in a downpayment I agree that might be their best choice.

They have nothing to lose.

But this problem is not limited to those people.

This problem is also effecting people who put down 10% or 20% of the purchase price of the home when they bought it, and who have been paying their mortgages all along.

And, given the crashing prices, if they just walk away (which incidently is not CHEAP TO DO. One cannot "just" walk away, one has to MOVE..that's not cheap) they just lost not only their homes, but the money they put into them, too.

I fail to understand this near complete lack of sympathy that many of you exhibit for those people facing a problem that they had absolutely nothing to do with.

Do you really believe that the only people effected by this problem are those who put nothing down and have only been paying their mortgages for a year or two?

Because if you do, you do NOT understand the true nature of this crises in housing.

I AM NOT saying there are not some in the position you describe, if they have lost their job. However, most that put 20% or more down have conventional mortgages they can afford.

I put 30% down in 95. I've paid on time, every time. Yes, conventional. After 10 years, took out a line of credit, (2nd mortgage), up to 25k. Have used about $15k to help my kids with college. Most of that is paid off.

I paid $129k. Put down $35k. When the loan was at $83k, took out $15k. Was appraised in 2005 at $284k. In 2007 similar homes, (townhome, so similar is very), $319k. They are selling, about 2 months on mkt for $250k. As long as they don't lose 50% of value from this point on, I've made a good investment.