WatchObama administration is at it again, when our government is on the verge of defaulting. We don't even
have enough budget for our education system, etc, and yet Obama still thinks that we should spend
more to save the housing market. We have already spent billions of dollars for the $8K tax credit for
the first time home buyers. Did it create more jobs? Did it help economy? No. Actually, it hurt us
more by prolonging the pain. It was the biggest waste of our tax dollars. We should have spent
that money on directly creating more jobs or maintain/improve our education system.
Now US dollar is worth less, and it is causing inflation which US Government and FED deny. I say
let the housing market run its course sooner, so we can get back on our feet. Speeding up the
process of foreclosure may not be such a bad idea.
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Actually more people fraudulently claimed that 8K credit, than there were Dumb Asses who honestly bought for the credit.
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This administration is hell bent on keeping the bubble afloat. Democrats are known for being aligned with housing bubbles and Republicans with Stock Market.
No matter how much Obama pretends to care for the common man, he still has oblige to democratic party oligarchs and screw the common man in the process.
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Bellingham, WA
Democrats are known for being aligned with housing bubbles
usual partisan blather from ChrisLA
Housing bubbles happened at least FOUR TIMES on "Republican" watches --
The 2003-2006 bubble, when ALL FOUR federal branches of government control were under Republican rule.
This graph:
http://research.stlouisfed.org/fred2/graph/?g=K2
shows how mortgage indebtedness was growing at a 12.5% rate from 2003-2006. Democrats weren't in power then, they hadn't run the House since 1994.
This was a Republican show -- do you really have no shame ChrisLA, in telling such outright lies? Or are you just too factually challenged to be worthy of listening to at all?
Then there was the 1986-89 bubble, caused by the loose-money and looser industry oversight (the "S&L crisis"), plus collapse of the oil patch as gas went under $1.
Then there was the Florida bubble of the 1920s, that was during the heyday of laissez-faire Republicanism.
There was also the California land bubble of the the 1880s had turned to bust in 1888, and most of the Panics of 18xx (and there were many) were also due to under-reguation of the financial sector.
We know that right-wing nutjobs want deregulation. What's impressive is how strenuously they argue for it when the aftermath of deregulation is so clear to see -- we're soaking in it now.
But right-wing nutjobs are also liars; they are going for their ends regardless of the means.
It is really quite odious.
No matter how much Obama pretends to care for the common man, he still has oblige to democratic party oligarchs and screw the common man in the process.
The situation is a bit more black & white than that, ChrisLA.
Obama couldn't afford to have the entire banking system melt-down in 2009 -- if that had happened he'd have lost the Senate too (it was close enough, but at least enough of the right-wing tea party nutjobs that were ran ended up losing).
And he -- and us, I think -- can't afford to have Citibank, BofA, Wells Fargo etc. vanish in a puff of smoke, either.
Not just because of the optics of failing to save the financial system, but the immense disruption this would cause to american enterprise.
Back in 2008 my general understanding was that the financial system is like the cardio-pulmonary system of the economy. You really need it to be functioning.
Now, I don't know anything and perhaps there's a way to wipeout big finance's equity without harming the overall system, but that's a non-trivial outcome to engineer.
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Now US dollar is worth less
This, believe it or not, is a good thing, if you want jobs to come back to the US.
Unfortunately, anything you have to explain to people is a losing argument in this environment.
"strong dollar" is the ultimate 'thought-terminating cliche'.
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If you asked 1000 people I doubt 2 could tell you within 5 trillion dollars how much money is in mortgages now.
http://research.stlouisfed.org/fred2/series/HHMSDODNS
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•1,295 prisoners, including 241 serving life sentences, received $9.1 million in credits, even though they were incarcerated at the time they reported that they purchased their home. These prisoners didn't file joint returns, so their claims could not have been the result of purchases made with or by their spouses, the report said.
•2,555 taxpayers received $17.6 million in credits for homes purchased before the dates allowed by law.
•10,282 taxpayers received credits for homes that were also used by other taxpayers to claim the credit. In one case, 67 taxpayers used the same home to claim the credit.
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Tenouncetrout says
Do you think government will eventually claim charges against these fraudsters?
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The IRS says there was significant abuse and fraudulent claims related to the $8000 First Time Home Buyers tax credit. Pretty shocking... AT LEAST $513 Million in fraud paid out!
That they know of...
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Troy says
Troy, I wish things were that simple.
But that is not true. That is because
Chinese yuan is pegged as are other currencies against
US dollar. Chinese government is raising is by 4 to 5%
a year, and we all know it has no impact. That's because
our inflation is going up more than 4 to 5%.
So let me ask you this. The dollar has been weak for
the last few years. Where are the jobs now? The
unemployment stands at more than 9% still.
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"Democrats are known for being aligned with housing bubbles and Republicans with Stock Market."
Do you even think before you spew partisan nonsense? Who was president during the last housing bubble? Who was president during the tech bubble?
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But I thought I was incapable of compiling a coherent list.
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Troy says
I wonder what their actions will do to our nation long term. Perhaps they trapped themselves into the housing bubble with low interest rates which they can't let go of because the whole house of cards will crash, yet at the same time it is inflationary which will also eventually have a devastating effect.
There is absolutely no certainty in life.
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state says
aren't they all.
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Tenouncetrout says
I'm really confused. There were 2.1 million tax credits claimed. You've provided documentation for about 14,000 that were fraud. Where are the other 1+ million fraud claims so that the frauds outnumber the dumb asses? Were you just making this up? Do you have the information or not? Are you an honest person or just spewing male bovine feces?