Cap and Trade Bill … Bad for the Housing Market
2009 June 30
Here in San Diego, the housing market has yet to bottom out. So, what do you think an additional $1,200+ a year in energy taxes will do to housing affordability?
Peter Schiff appeared on the Glenn Beck Show to talk about the “climate change” bill that’s coming up for a vote, which, since it really won’t make a bit of difference in the climate, is nothing more than the most inefficient tax bill in history. Down with cap and trade!
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They are raising interest rates to shore up the banks. They don’t care diddlysquat about the struggling homeowners. The rising interest rates now will cause more with adjustable mortgages to go into default. This is just a temporary slowing and even if the slow figure holds, the bottom line is more people are going to default despite bailing out Fannie Mae which is basically giving money to the foreign investors like China and Russia. Let them default! The price of housing NEEDS to go down another $200,000! Why should our tax dollars and the Federal Treasury print monies to devalue our dollars to keep people in overpriced housing they could not afford to begin with? They can walk away now and buy cheaper homes.
Hoodia Gordonii
And this is just the tip of the iceberg. When the dust finally settles, both housing prices and mortgage rates will be subsidized by the taxpayer. This, amigos, is just the next step on the glorious road to socialism. It truly does take a village.
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