Unfortunately, this also means that Barry and the gang will continue to careen through the wilderness, throwing good money after bad until a Darwinian flush occurs.

Because of Frank and the other ‘chicken-in-every-pot’ Communists, this has gotten so out of hand as to cause people to lose their jobs (and thus their homes), and caused the excessive devaluation of the homes we have now.

I really enjoyed reading this. The negative effects of “Hope and Change” will lead straight to socialism-Venzuela style- economics for the USA.

When does the revolution begin?

NoLeftTurn on February 19, 2009 at 1:39 PM

April 15th, 2009

Via Powerline: Earlier this evening, my wife had the Hannity show on television as she was working on dinner, and Sean showed clips of Barack Obama talking about his mortgage plan in which he used the word “crisis” probably twenty or thirty…

Just taking one market as an example . . . How would this scheme help, say, a middle-class person living in Southern California? Prices there have dropped drastically of course, but still not enough to put even a modest home within reach of most working families. $700,000 for a 2 BR, 1200 square foot shack (a term I do not use loosely) in Los Angeles? This is INSANITY. Certainly prices will never be in California what they are in other parts of the country b/c land is finite and so many people want to live in the Golden State. But the market was more competitive in the early 90s after the last bubble burst, and I think it’s safe to say that’s because Washington wasn’t meddling and artificially keeping prices high. If they would stay out of it again this time, and let the people who can’t afford to pay just default or work out their own terms with the lenders, eventually prices would settle at a place where people could start buying again and getting conventional loans to finance. At the other end of the spectrum, I have a piece of property in Florida that I own outright. I would dearly love to sell it, but no one is buying. Of course, I don’t qualify for any “help” because I’m not upside down on the house. But the schmoes down the street who are, are gonna get a bail out.

This Plan o’ Salvation for homeowners is NOT going to make homeownership more attainable — it’s going to do the opposite. And once again, those of us who follow the rules, who don’t get in over our heads, who have enough in the way of basic arithmetic skills to figure out that we can’t afford to fritter half our take home pay away on a mortgage, get stuck holding the bag.

When does the revolution begin?

Ed,
correct me if I’m wrong, but isn’t there another provision which will allow judges to adjust the PRINCIPAL as well? That would even more devastating

.

Having dinner last night, we heard on TV something about the government paying up to $1,000 on the principle each year.

I said to my husband, how can we get them to give us $1,000 a year off our principle? Cause that would be sweet.

“It kills me that the Dems seem to think the right to healthcare is in the Constitution…BUT the right to life is not.

Considering their HIT Squad will be killing off the elderly (and all of us) to save money for the good of the collective, it’s not really that much of a contradiction, is it?

Agreed!

OT: OK man pulled over, investigated for anti-Obama bumper sticker.

Sticker seized. Secret Service goes to home.

Abort Obama, not the unborn

Dissent is no longer patriotic.

faraway on February 19, 2009 at 10:12 AM

Not really off topic is it? First, they take the bumper stickers!

becki51758 on February 19, 2009 at 10:40 AM”

I totally agree. Health care a right but it would be nice if it could be more affordable. We need it because we do get sick, etc but it isn’t something enshrined in our constitution. The right to LIFE is and yet the democrats in particular has enshrined in their platform the supposed “right” to kill the pre-born. What about their right to life???

“Foreclosures are actually resulting in overpriced homes burdened with too much debt being moved into the hands of new buyers, who are paying drastically reduced prices. They can therefore purchase using a traditional mortgage. … Delaying and dragging out the downturn by artificially propping up home prices will arguably work against the market healing.”

And there you have it.
Anything else is just pandering.

blockquote>Better still, we just built a 2,000 student high school without a pool. Who the hell builds a HS without a frackin’ pool?

Bishop

Hey Bishop, just curious, where do you live? Do they really typically put swimming pools in high schools where you live, or were you being sarcastic? Seriously, I live in a far West Texas border town, and no school except the University , has a pool. Too property poor, no money for luxuries like pools.

Pethokoukis: Savior-based economics
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