The car dealers still haven’t been paid, apparently no one in washington knows how to write checks to them.

So there are a pile of cars sitting around that need to be disposed of and no where to send them.

What a great plan.

The 2008 credit has to be paid back. The 2009 credit does not have to be paid back, but it is counted as income and will be taxed accordingly. That’s all well and good, but for those on the cusp of taxpayer, tax-getter… they probably won’t make provision for the tax hit in 2010.

mankai on October 27, 2009 at 2:29 PM

A tax credit is not taxable. Oppose the credit because it’s idiotic, but don’t make false claims like you have to pay tax on the $8K. It’s simply not true.

Didn’t housing help to get us into this mess?

I didn’t go out and buy a giant McMansion that I couldn’t afford. I didn’t go out and take out all kinds of pyramid scheme adjustable mortgages. I have kept my debt low, lived within my means, and have saved money to be ready to invest. Instead of the markets being where they SHOULD be, they’re artificially high, we’re (the responsible people who stayed within out means) being taxed more than we should on the artificial values that are being propped up by our…. taxes….
KMC1 on October 27, 2009 at 5:27 PM

Haha. What a sucker!

Well, hopefully you’ve learned your lesson from all this, and you’ll start behaving more “responsibly” from now on — as that word is defined in Socialist countries.

Those words were never truer than now.

Now the very same thing is happening in student loans because everybody “deserves” a college education. A giant bubble is being created because everybody can get a student loan and nobody has to pay out of pocket for their education.

When EVERYONE can get a student loan, the cost of college goes UP, UP, UP because colleges have NO incentive whatsoever to run efficiently or lower their costs.

Except, the worse thing is, student loans are next to impossible to get discharged/forgiven… they are with you until you die. You can’t buy a house or get a good job these days with a defaulted student loan.

How convenient that the Gov’t has started advertising programs where they will forgive student loan debt in exchange for 10 years of public service! Talk about creating an army of bureaucrats!! And Obama just took over student loans from the private sector (what a coincidence, not!).

The Gov’t is enslaving a whole generation of indentured servants by giving HUNDREDS OF THOUSANDS OF DOLLARS in student loans to anyone who can sign their name (no income documentation required for most Gov’t student loans!!).

This crisis is the Govt’s fault, not the free market’s. If the Gov’t hadn’t flooded the market with cheap money and if people had to pay for (earn) what they buy, the market would keep prices low and would keep most bubbles from happening.

thanks for catching that. I should have recognised that wasn’t a gov site.

I trust them completely with 1/6th of our economy.

marklmail on October 27, 2009 at 2:25 PM

If nobody puts a stop to them, you’re going to have to learn to trust them completely with 100% of our economy.

Terry_Dyne on October 27, 2009 at 3:33 PM

Newt needs some time away from DC.

Obama Money

farright on October 27, 2009 at 3:28 PM

“It was some funds that was fo’given by Obama…from his stash…HAHAHA”

Newt texted me to tell you that you just don’t know how these things work… sometimes you have to cobble together Socialist programs with Communist programs to advance the conservative agenda.

mankai

Bet you thought you were making that up:

Lost in the roaring rhubarb between conservative talk show host Rush Limbaugh and Republican National Committee chairman Michael Steele was Newt Gingrich’s speech last Friday before the Conservative Political Action Conference.

Gingrich was only a few of the score of prominent speakers who offered specific proposals to help Republicans regain control of Congress and the White House — other than the GOP mantra of lowering taxes and reducing spending.

He cited his political action committee’s 12 solutions as the path to economic recovery.

…(4) Homeowner’s Assistance. Provide tax credit incentives to responsible home buyers so they can keep their homes.

http://themoderatevoice.com/26875/the-gospel-according-to-st-newt/

2009, $8k free money…never to be repaid.

Youngs98 on October 27, 2009 at 3:25 PM

Obama Money

Hey Ed – if things don’t work out you can always get an Obama Mortgage. You think I am kidding – that is what the FHA is calling it.

batterup on October 27, 2009 at 3:23 PM

That website (fha.com) is not the FHA (fha.gov). It appears to be a consulting group to help with FHA loans.

Youngs98 on October 27, 2009 at 3:25 PM

Thank you.

2009, $8k free money…never to be repaid.

BTW, did anybody ever bother to investigate how many of those government-financed-downpayment car loans were made to people with nonexistant credit ratings?

Great, a bunch of buyers who can’t afford their homes qualifying for FHA backed loans. Down payment 3%, bad credit history – no problem, borrowing money from family to buy – no problem, because if they default it’s backed by the federal government – the taxpayers!

Hey Ed – if things don’t work out you can always get an Obama Mortgage. You think I am kidding – that is what the FHA is calling it.

On a side note, much like the Cash4Clunkers debacle, it’s been over 4 months and I still haven’t received the money from the IRS.