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Anna Eshoo, Enemy Of Cheap Housing


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2008 Apr 10, 10:35am   30,105 views  264 comments

by Patrick   ➕follow (55)   💰tip   ignore  

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I tried to reply to a spam mail Congresswoman Anna Eshoo sent me, but my reply bounced because communication with our "representatives" is apparently one-way only, so I'll post my reply here. I hope it helps her lose a lot of votes in the next election.

From: Patrick Killelea p@patrick.net
Date: April 10, 2008 4:50:51 PM PDT
To: ca14ima .pub@mail.house.gov
Subject: Re: Message From Rep. Anna G. Eshoo

NO NO NO!

STOP IT. STOP keeping housing UNaffordable.

We want CHEAPER houses, not more debt! Are you listening?

Do a poll. Everyone I meet wants cheaper housing. No one wants more debt!

That means you should do everything you can to REDUCE conforming loan limits.

Are you listening?

Patrick

Here's her spam to me:

On Apr 10, 2008, at 9:49 AM, ca14ima.pub@mail.house.gov wrote:

April 10, 2008

Dear Mr. Killelea,

On February 8th, the House and Senate passed an economic package designed to help stimulate the economy by assisting millions of Americans who are struggling in this downturn. This bill provides for tax rebates to 130 million households, including seniors and the disabled, along with tax deductions to help small businesses, and an increase in conforming loan limits for home mortgages to bolster the housing market. The legislation is a bipartisan effort and will specifically target those who need the resources most. Only those who have social security numbers and file their 2008 taxes will receive rebate checks. This leaves no loop-holes for undocumented immigrants to qualify.

The legislation has been sent to the President for his signature.

The following are important specifics of the bill.
(blather about giving away tax dollars what-a-good-girl-I-am deleted)

Housing Provisions
oThe package would boost the size of mortgage loans that the Federal Housing Administration could insure and that Fannie Mae and Freddie Mac could purchase.
oThe FHA loan limit would be permanently increased to a maximum of $720,750 from $362,000.
oFannie and Freddie's conforming loan limits would be increased for one year only to a maximum of $729,750 from $417,000.

This stimulus package is timely, targeted and temporary and represents an important first step toward stimulating the economy.

Sincerely,
Anna G. Eshoo
Member of Congress

#housing

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21   slantedview   2008 Apr 11, 1:46am  

Wow, your letter was pretty rough. You're obviously dead on though.

22   slantedview   2008 Apr 11, 1:50am  

By the way, I heard the NPR story the other day with your interview. I ended up sending a note to the journalist and got a response.

The one thing that bugs me most about bailout reporting and the legislation to date is that neither deals with the fact that many people who stand to be bailed out are in the position they're in simply because they took equity out of their homes. So, the question is, is this bailout a subsidy intended to keep poor innocent folks in their homes, or is it a subsidy for whatever people felt like buying (cars, boats, remodels, vacations) with their home equity?

23   sa   2008 Apr 11, 1:56am  

I heard the NPR story too. One lady commented, People need those Home Equity Loans, They have build a life style around it.

We should add that to constitution. It's a fundamental right of people.

24   HARM   2008 Apr 11, 2:04am  

Great email, but unless you include a very LARGE donation, just expect more boilerplate, and no consideration.

26   BayAreaIdiot   2008 Apr 11, 4:20am  

I would say that any email that calls a Congresswaoman a ’silly tool of the banks’ is not intended to be taken seriously.

Well he could've called her a silly cow if he wanted to be offensive. Silly tool of the banks is accurate and therefore not 'namecalling'. Besides, see HARM @ 9:04am for how to be listened to. Politeness is irrelevant in this case.

27   Peter P   2008 Apr 11, 4:26am  

What does this tell us about Obama?

http://www.reuters.com/article/topNews/idUSN1116676020080411

Obama denounces big corporate pay packages

Pay packages are determined by the market. If someone wants changes, he better be a shareholder.

What is next? Workers of blue states unite?

28   Peter P   2008 Apr 11, 4:31am  

The best weapon against outrageous executive pay is hostile takeover.

29   BayAreaIdiot   2008 Apr 11, 4:41am  

Peter P
the link you provided answers your question:

in a drive to convert middle-class anger about the U.S. economy into votes.

That's all it tells us and nothing else. We know absolutely nothing about this man and have absolutely no idea what he would do if elected. Consequently, I am stunned at his level of support!

30   Peter P   2008 Apr 11, 4:52am  

McCain is surprisingly quiet nowadays.

Who will be his VP? Rice? Romney?

31   sa   2008 Apr 11, 5:08am  

shareholders don't get to approve executives pay.

32   skibum   2008 Apr 11, 5:28am  

The best weapon against outrageous executive pay is hostile takeover.

That is just naive. First, it's a highly inefficient method. Second, the probability of hostile takeovers, especially with the express purpose of curtailing executive pay, is near zero. Third, there is no motivation or rationale from the perspective of of the hostile takeover advocate to act solely for executive pay. I doubt activist shareholders have exec pay on the top of their lists right now, or anytime in the near future.

33   Peter P   2008 Apr 11, 5:29am  

shareholders don’t get to approve executives pay.

But they can fire the board who approves the pay.

Any non-shareholder should not have any say over executive pay because it is none of his f*cking business.

34   Peter P   2008 Apr 11, 5:33am  

Skibum, if executive pay by itself is not significant enough to warrant an arbitrage condition than the excessiveness of the pay is a moot point.

35   EBGuy   2008 Apr 11, 5:52am  

But they can fire the board who approves the pay.
Highly unlikely... although majority shareholder voting for the BOD holds out some hope for reforming the system.
http://harvardmagazine.com/2003/11/making-directors-account.html

36   Peter P   2008 Apr 11, 5:53am  

And then there are proxy wars. Fun!

37   Peter P   2008 Apr 11, 6:05am  

Remember, minority shareholders are not forced to hold company shares.

The best investor protection is the freedom to invest and divest.

Is excessive executive pay unfair? Probably. Should someone do something about it? Only the shareholders should, if they can. Caveat emptor.

38   sa   2008 Apr 11, 6:12am  

Peter says:
Any non-shareholder should not have any say over executive pay because it is none of his f*cking business.

True in your free market which doesn't exist. In current market when tax payers have to take losses, it is my business. Also most people's 401k's are invested in all big companies.

I personally don't have anything against pay on performance. People like gates, jobs and co can take whatever they want. CEO's of oil companies, financial companies (basically not performance based) who get paid huge bonuses just because markets were favourable to them or booked profits early and left others to eat losses later would be my concern.

39   OO   2008 Apr 11, 6:19am  

Peter P,

I have to say this, so excuse me if it offends you.

It seems like you have never worked in the corporate world and you really have no handle of what a "free market" is.

Executive pay is a result of "you scratch my back and I scratch your back" and it has absolutely nothing to do with market pay. How do you determine the executive pay through open market, by bidding? Do you know how you even get into the line of executives available for bidding? Do you know how the board of directors are selected? Have you even participated in something remotely related to selection of board of directors?

What Obama said is exactly right. There is no such thing as pure freedom, if you desire pure freedom, pack and move to Mars. We all live in regulated freedom.

40   Peter P   2008 Apr 11, 6:20am  

Also most people’s 401k’s are invested in all big companies.

Why invest in companies whose leaders don't even own 10% of the shares?

41   OO   2008 Apr 11, 6:23am  

And the sad thing is, Peter P, I don't even think that you are up there in the food chain to enjoy such state of "freedom". You are quite far removed from the powers who are enjoying the "freedom", so why are you defending it?

If I were up there with the powers, I would do everything I could to defend such a "free market". But since I am not, I would like to rattle the cage a bit and regulate the powers up there so there may a chance some day that I can end up at the top of the food chain.

Until then, I am not going to root for other people's causes. I root for my own cause, which is to redistribute the money from the top, gently to people like myself through regulation or whatever force we deem legitimate because we are in absolute larger number. But I don't want to rattle the cage that much because I am still quite satisfied with my social pecking order and I don't want to end up slipping.

42   Peter P   2008 Apr 11, 6:34am  

And the sad thing is, Peter P, I don’t even think that you are up there in the food chain to enjoy such state of “freedom”. You are quite far removed from the powers who are enjoying the “freedom”, so why are you defending it?

Perhaps because it makes no difference one way or the other? Our choice: self-serving politicians or self-serving businessmen.

Until then, I am not going to root for other people’s causes.

And you think regulations will actually work in your favor?

43   Peter P   2008 Apr 11, 6:35am  

If the people "up there" really prefer a truly free market, Ron Paul would have a lot more support.

44   OO   2008 Apr 11, 6:40am  

Regulations will actually work in my favor, because regulations will always have to take care of the the group in larger number, at least in a democratic society. Until I have amassed so much fortune that I start to become one of the 1% controlling 70% of the US wealth, I think regulation will work in my favor. By then, I will donate heavily to politicians through lobbyists for NO regulations whatsoever.

People "up there" never prefer a true free market. True free market does not exist in this world, get that into your head. People "up there" only want free market to their own advantage, which is exactly what we are seeing today. You can't argue that the mortgage market was not truly a free market in the last 5 years, it was as free as it gets. Is that what you want for everything?

45   OO   2008 Apr 11, 6:44am  

A democracy will never be put in real practice until we have self-serving citizens. Everyone thinking thoroughly through about what he wants, what he needs, what other people want and need and try to find a balance in between.

Democracy was obviously in hibernation in this country for the last 8 years since everyone was scared sh*tless because of 911.

46   Peter P   2008 Apr 11, 6:55am  

People “up there” only want free market to their own advantage, which is exactly what we are seeing today.

So you can be assured that any new regulation will also be an implementation of their version of Free Market. ;)

You can’t argue that the mortgage market was not truly a free market in the last 5 years, it was as free as it gets. Is that what you want for everything?

It was not free because people were not allowed to fail.

47   StuckInBA   2008 Apr 11, 7:20am  

My guess. Peter P simply makes a wild one-liner remark to pick an argument. There is always some intellectual basis to it, but ...

48   Peter P   2008 Apr 11, 7:23am  

The argument is quite relevant, don't you think? I thought the thread was about policy makers trying to decide what is good for the people. ;)

Look, I don't have to peddle Free Market. I can go back to sushi talks...

49   OO   2008 Apr 11, 7:24am  

I only know one thing: I, and people in my financial position are not the biggest beneficiary of the current "free market" or whatever market you want to call it. So I want a change. To be more precise, I want a change that will redistribute the X millions or billions that people "up there" make to the rest of us, even if I don't get the biggest stake in the redistribution of wealth.

Why do I want such a change? Because I don't think the people "up there" deserve their millions. I have no problems with Warren Buffet, Steve Jobs or even Bill Gates making whatever they made, I have lots of problems with Wall Street making what they make.

50   Peter P   2008 Apr 11, 7:33am  

I have no problems with Warren Buffet, Steve Jobs or even Bill Gates making whatever they made, I have lots of problems with Wall Street making what they make.

Who are you to judge? ;)

My moto:

Nobody deserves to have anything. Everybody deserves to get anything.

51   BayAreaIdiot   2008 Apr 11, 7:40am  

Peter P

I want to say in advance that I'm not trying to be offensive - I only jest.

But every time you get on your free market "high horse" followed by nihilism, when challenged, I have an almost uncontrollable urge to quote Inigo Montoya:

"You keep using that word. I do not think it means what you think it means"

52   Ed S   2008 Apr 11, 7:51am  

Peter P,

I don't comment frequently (but read every thread). I value your contributions and don't want to seem like I'm piling on but I need ask (and sincerely ask) do you really believe the comments you make? Do you really believe that:

Pay packages are determined by the market.

or

They (Shareholders) can fire the board who approves the pay.

Tell me the truth, Peter P, you don't really believe these, do you? You're really just a fun loving Randian/Libertarian who enjoys throwing out baiting comments for grins, right?

Right?

53   Peter P   2008 Apr 11, 7:55am  

Well... I will leave you guessing. ;)

54   DennisN   2008 Apr 11, 8:18am  

Maybe the 2nd Amendment exists for the purpose of culling the income outliers.

Hey to heck with sushi. Local corn (from greenhouses here) is on the market. Fresh corn and BBQ pork tonight! :)

55   Peter P   2008 Apr 11, 8:24am  

Fresh corn and BBQ pork tonight!

What marinade?

56   danville woman   2008 Apr 11, 8:30am  

To capitalize on the rising Chinese renmimbi, try
www.everbank.com They carry the renmimbi (yuan) as a currency play. The transaction is expensive .75% to buy and another .75% to sell but it may be worth it if one holds it for a while. The bank is FDIC insured.

57   OO   2008 Apr 11, 8:39am  

Honestly I would not touch Everbank's Yuan deposit.

Yuan is NOT a freely convertible currency. I wonder how Everbank achieves that, legally that is. All exchange in and out of country is strictly controlled by the Foreign Exchange Bureau, which doesn't allow individuals to exchange more than ~$2500 worth a day pp for investment purposes.

Also, the upside of Yuan is very much capped. I predict the most it will go is around 6.5, there is already massive factory bankruptcy in southern China (so far more than 5000 factories went under, median size employing several hundred workers each).

So buying Yuan may make you a patriotic American because you are pushing up Yuan and driving down USD so as to slow down outsourcing, but that may not make you a happy investor in a year or two.

58   DennisN   2008 Apr 11, 8:47am  

Peter,

Tonight I'm just experimenting by brushing on Otafuku Yakisoba sauce. Regular grocery store BBQ sauces have too much sugar in them and all they do is burn. I'm offset flame slow-BBQ cooking so-called country-style ribs (sliced pork shoulder).

59   Peter P   2008 Apr 11, 8:49am  

Yakisoba is a good sauce. For corn, just a touch of light soy sauce is good too. :)

60   Peter P   2008 Apr 11, 8:53am  

I wonder how Everbank achieves that, legally that is.

I don't know. Perhaps they are using cash-settled futures contracts?

http://chicagomercantileexchange.org/files/renminbi_factcard.pdf
http://quotes.ino.com/chart/?s=CME_RMB.K08.E

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