Mortgage Relief Plan: An Unfair Solution to the Mortgage Crisis

[Stampaholic1961]

For what it's worth......some quotes of Thomas Jefferson..... The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
Thomas Jefferson It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
Thomas Jefferson I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. Thomas Jefferson My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson No free man shall ever be debarred the use of arms.
Thomas Jefferson The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
Thomas Jefferson The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.
Thomas JeffersonVery Interesting Quote In light of the present financial crisis, it's interesting to read what Thomas Jefferson said in 1802:
'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'

 

[ChefBeckyD]

Thomas Jefferson was a very wise man.

Wonder if these could be forwarded to the White House?

 

[Stampaholic1961]

Wonder if these could be forwarded to the White House?

I actually had the same thought!!!

 

[Crystal Patton]

I enjoyed the Thomas Jefferson quotes - Thank you.

 

[chefsteph07]

*This is part of an article that is currently on Yahoo news right now as to where this money is going...50 million for Arts? What is it? 200 MILLION to relocate Homeland Security??? And the Dems say the Repubs have irresponsible spending???*

Read below....

The stimulus included $2.7 billion for seven major justice grants, including the Byrne Grants, which state and local governments use for crime-fighting strategies.

Democrats also got a long list of other projects into the bill whose stimulative effects have been questioned, including $50 million for the National Endowment for the Arts , $165 million for "critical deferred maintenance" at wildlife refuges and fish hatcheries, $200 million for the Department of Homeland Security to relocate its headquarters and $300 million so that the government can buy more fuel-efficient vehicles.

Some experts maintain that all the spending is easily justified.

"You're adding $787 billion to the economy that wouldn't otherwise be there," said Stan Collender , a veteran Washington budget analyst.

Critics counter that too much of the stimulus is unfocused. Independent analysts had two other concerns.

First, they said, the stimulus, as well as the fiscal 2009 budget legislation, may not provide the psychological boost the economy needs. The bills are too difficult for the public to grasp, because they have so many ways of stimulating the economy and the aid isn't clearly visible. Then too, the stimulus' costliest tax break, the $400 annual rebate, Bethune said, "is pretty minimal," since it will add only about $13 a week to most paychecks.

The next biggest tax break, a $70 billion patch in the alternative minimum tax, is "a phantom," he said, since it simply wipes off the books an increase that people will never see. Economists agree: That one's not stimulative. Congress passes it every year; Democrats just loaded it into the stimulus bill to get it out of the way.

The other problem involves the view that Washington isn't being fiscally responsible long term by focusing so much on the near term. The CBO warns that while the stimulus should boost the gross domestic product by 1.4 percent to 3.8 percent this year and 1.1 percent to 3.3 percent next year, long-term uncertainties loom.

The CBO projects that the GDP in 2015 and beyond will be as much as 0.2 percent smaller than it would have been without the stimulus package, dragged down by financing all the debt that's being piled up. In addition, noted the Committee for a Responsible Federal Budget, a bipartisan fiscal research group, the bill will "have a permanent impact on the deficit through higher interest payments on additional public debt."

As Kenneth Thomas , a lecturer in finance at the Wharton School of the University of Pennsylvania , put it, "There's going to be collateral damage. But now the goal is just to put out the fire."

 

[pampchefrhondab]

For what it's worth......some quotes of Thomas Jefferson.....

Thank you so much for sharing these quotes Bev. It's amazing how they fit in today, and very spooky. If we don't learn from history we are doomed to repeat it. How sad our Founding Father's would be if they were here today; however, I wish some way we could bring them back.

I go from mad, to sad, to sick about all the spending our government is doing. We would have to spend $1 million a day since the day Jesus was born to pay back the pkg. which just passed - not including interest. Now they want to do another one.

They were talking on the news this morning of how the mortgage relief will just prolong the missery and that nobody is saying there isn't missery out there. But the free market needs to work itself out. They said home sales in California were up 80% in December. It's already starting to work with the drop of housing prices.

If these changes they are making were so great for our economy why isn't the stock market showing it. Actually they gave some interesting stats - On May 6 last year the stock market was over 14,000 - it has dropped almost every day since the day President Obama was the winning nominee. They said a lot of the problem is his dwelling on how bad it is. Even former President Clinton told him he needs to stop how bad he is talking about the economy.

 

[chefsteph07]

He's still talking like he's trying to win the election.

 

[erinb]

If these changes they are making were so great for our economy why isn't the stock market showing it. Actually they gave some interesting stats - On May 6 last year the stock market was over 14,000 - it has dropped almost every day since the day President Obama was the winning nominee. They said a lot of the problem is his dwelling on how bad it is. Even former President Clinton told him he needs to stop how bad he is talking about the economy.

The stock market isn't going to show it right now. Stocks have been horrible for quite some time and it's going to take a while for them to "bounce back", just the same as everything else in the economy.

 

[Jean DeVries]

The thing I find so frustrating about this post is that rather than discuss the merits, or lack thereof of the stimulus plan, weighing the pros and cons, and the possibilities, it is turning into political mudslinging and blame.

Whether you support the current administration or not, it is vastly unfair to blame the current situation on it (or the previous one, for that matter), or to not give ideas and action a chance to work. I suppose if nothing was done, there would be complaints about that also.

Would you appreciate it if someone chose you to be their PC consultant, but their sister who had a different PC consultant came to your show and talked about how all the products sucked and it's probably your fault?

(OK, I know the analogy is weak, but it still works.)

A majority of the vocal people on this board aren't Democrats. We get that. Somebody's gotta win. Somebody's gotta lose. That's how a democracy works. Can we all just get over who won and who lost and talk about the issues at hand?

Flame away......

 

[candiejayne]

Jean for President- next time


well said!

 

[susanr613]

Actually Jean, it took a while before this thread started getting really political...and I'm surprised!

 

[legacypc46]

The stock market is the one indicator that does tend to be immediate. From an investment perspective though, there just isn't enough coming out of Washington right now that coincides with free market principles and thereby generate confidence. (That's a non-partisan observation.)

 

[pampchefrhondab]

I hope President Obama's speach is encouraging tonight. We need a boost.

They said 1.9% of mortgages went into foreclosure in 2008. I don't understand how banks can be doing so bad with this number of foreclosures. They said it's actually mostly concentrated in 5 states (FL, MI, NV, CA, AZ).

They also said many banks went under in the recession of the early 80's. It just was not focused on like the doom and gloom is focused on today. Plus free market was allowed to work.

 

[Jean DeVries]

That's because in the early 80's, national news was only on for 1/2 hour a day, and there wasn't time to "sky is falling, sky is falling" it up because they had to move on to a new topic.

 

[Kelly8]

Well for those of you who are not happy with people getting help with their foreclosures, you might be happy to know that we were just sent a collections notice for $83,000 for our house we had bought, lived in, then had sold, then lost the sale, then rented, and now lost. So we are not getting any help-who knows where all that help is that the news keeps talking about. We haven't seen it here in Michigan and we're one of the worst hit! What's funny is that we had it sold again, the mortgage company "lost" our mortgage, and so we lost the sale and now they're trying to collect on it. Now you tell me how that is our fault!? I called the mortgage company and the lady said that the particular person who is dealing with it won't be in until Monday. I seriously feel bad for her already because she's going to have me to deal with!

 

[Intrepid_Chef]

I don't know if it's too late to inject some logic into this conversation, but here goes ....I talked to a mortgage prevention counselor today ... they said people who think the stimulus will go only to people way behind are mistaken. This funding is for ANYONE who is paying more than 31 percent of their income on their house payment. They will be encouraged to refinance for a 5.15 percent interest loan. They also get credit toward their equity to combat the problem of homes losing value due to foreclosures and the economy in general.Depending on whether this is net or gross income, I may fall into this category.So we are not talking about bailing out irresponsible homeowners. We are talking about helping people who are over their heads and got sucked in by predatory lenders or got hit with balloon payments ... or people who had an income loss and are now over their heads.My 2 cents ... which aren't worth squat due to inflation ....

 

[Jennie4PC]

Kelly, I hope you get that hole situation taken care of. I think I would be ticked if the mortgage company lost the sale in my house.