Will The Government Bailouts Really Help?
Will 2009 be the bottom to the San Diego real estate market bust? Can all the Government bailouts prevent deflation and or depression? Agree or disagree, the video below is worth a look.
Bill Gates questions government bailouts – Bill Gates questions government bailouts. Throwing good money after bad. By Nick Farrell @ Wednesday, December 10, 2008 10:23 AM. Microsoft founder billionaire Bill Gates has slammed governments who consider bailing out their failing …
The Recession & More Government Bailouts – Forecasts & Trends … – The economy, the financial crisis and government bailouts were certainly hot topics for discussion among the large group of family and friends that we entertained over the Thanksgiving holiday and the weekend following. …
Tom Faranda's Folly: Government bailouts, and where to draw the line – Larry Kudlow, economist and CNBC television host and pundit, had a very good posting on his blog this past Saturday. Kudlow's Money Politic$: Where to Draw the Bailout Line? Where to draw the line? That’s the huge political question.
The ID Report – Popular media: Proposed government bailouts? Oh … – Popular media: Proposed government bailouts? Oh, please, no. by Denyse O'Leary ARN correspondent. Michelle Malkin, whose guts I admire, echoes my own view of proposed media bailouts:. I launched a Newspaper Bailout Countdown Clock on my …
Bailout Watch 277: House Republicans Offer Alterna-Plan | The … – Rather than a taxpayer-funded government bailout that replaces private investment, the House GOP plan proposes that the government provide insurance, funded by the participants with a modest FDIC-like fee, which would cover up to 50 …
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At the start of this debacle I thought the bankers had found a cheap and dirty way to get into the real estate business. That is: take the extra cash from the unwashed, leave them with debt and rent them the house they thought they were buying. As it turns out, either the American financial guru’s were asleep in Econ101, or the science of Economics is crap. I never could figure out the “consumer based economy,” apparently, neither have the financial folks. J.P. Morgan once quipped; “I can hire half the workers to kill the other half.” To his credit he never tried. Lenin and Trotsky one-upped Morgan by proving that they could talk workers into killing capitalists for free. I don’t know how this will turn out, but I am not sure that poverty is as bad as advertised.
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The 80/10 loan: You bought a house you can’t afford. Why should the bank bail you out? Jeez, you took out 2 loans because 1 bank knew you could not afford the house you wanted.
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The genesis of this meltdown is the outrageous decriminalization of usury by the United States Congress which allowed predatory lending at stratospheric interest rates, and the perversion of the Internal Revenue Code, rewarding layoffs of American workers, outsourcing of their jobs to the cheapest wog-land labor market, and the offshore relocation of fat-cat corporations with little or no tax liability. Home buyers are mostly what are known in the securities business as unsophisticated investors and when they have gotten sucked into adjustable rate mortgages just so they could get a tiny piece of the American Dream, little did they know that this most predictable of economic disasters would be laid mostly upon them. Congress is a club of millionaire whore lobbyists, run by big-money lobbyists. Example of how we’ve been screwed: the infamous Senate Bill 256, which forbids the discharge of medical and credit card debts, condemning its victims to a lifetime of fiscal misery.
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To those who think only low income people are losing their homes. WRONG….middle-class folks are losing their homes MORE than low income folks are. I think it makes some people feel good to try to put a rationale on this that it has to be people with low income, than to accept the fact that it is middle income folks more so.
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No matter how one looks at it, there’s always going to be housing markets that are overhyped. If somehow those markets can support whatever the hype is all about, the real estate price will remain high. If they don’t then house prices will plummet. A typical example of the latter is Southern Cal (San Diego and the Southern OC come to mind). SF is in an unusual situation. RE prices will continued to go up as long as people are willing to blow their money on housing, even if it’s exorbitantly overpriced. Meanwhile, the city’s infrastructure is crumbling. That can only go that far. As more and more middle-class people and families abandon SF, the city will be stuck with the hyper-rich and the indigent, neither of which will contribute much (or anything) to the tax-base. The moneyed rarely have any desire to plow money into their “beloved” city, and the indigent don’t have any. My bets are on “going down”.
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FANNIE MAE AND FREDDI MAC are the public companies traded on stock market. When there was profit the investors got the profit. When they are in loss WHY Taxpayers are asked to pay for the loss. ??????????????? FANNIE MAE AND FREDDI MAC should NOT be bailed out.
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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.
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Although the foreclosures may have plateau, the correction still has a little ways to go. Sorry, fundamental values stand for SOMETHING and are really your best bet against big losses.
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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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