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Addressing the sub-prime crisis with pure BS
Senate OKs housing crisis bill, but big changes loom| |
Excerpt: The $25 billion tax break the plan offers to homebuilders and other businesses absorbing heavy losses and the energy tax package were both dropped from an economic rescue plan enacted in February. Critics of those proposals said they were overly expensive and would not stimulate the economy. |
As usual if there is something that needs to be done you can count on Washington to do the wrong thing. First, how in the hell is giving builders help going to fix anything, since they can't sell what they currently have??| |
Excerpt: But deepening public worries about the housing crisis appear to have emboldened lawmakers to swell the $9 trillion deficit to pay for the measures.
The $7,000 tax credit for the purchase of foreclosed homes, opponents argue, would unfairly reward purchases that would have happened anyway while possibly devaluing other homes. It also could give banks an incentive to foreclose on homes by subsidizing purchases of such properties. |
Right... this is a big help... NOT. How can a tax break help if people cannot afford to buy a house in the first place and banks won't lend any money?| |
Excerpt: The measure calls for a long-awaited modernization of the Federal Housing Administration that would enable more homeowners to refinance into loans backed by the Depression-era agency. |
See above... What good is loan insurance when you can't get a loan??| |
Excerpt: It includes $10 billion in tax-free mortgage revenue bonds to help homeowners refinance subprime loans, a move endorsed by President Bush. |
But that horse left the barn long ago. Now the problem is people with prime loans who can't meet the payments because they have been living way beyond their means in houses they could ill afford and now find their wages stagnant and the cost of living going through the roof.| |
Excerpt: A House bill takes a far different tack, steering tax breaks toward first-time home-buyers and investors in low-income rental housing. The measure is likely to be paired with a broader housing rescue package being drafted by Rep. Barney Frank, D-Mass., the Financial Services Committee chairman, that would have the FHA step in to back $300 billion in refinanced loans for 1 million or more homeowners who otherwise might face foreclosure. |
Closer but still no cigar. This is all after the fact BS that sounds politically good but really does little to help. Someone needs to watch The Grapes of Wrath again and pay attention this time.| |
Excerpt: Under a similar plan by Dodd, the FHA would insure up to $400 billion in loans. |
The current problem is the lack of oversight and runaway lending and borrowing that started under the Reagan administration. This is pure BS to make the Republicans look good and their friends rich.
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Spy photos reveal 'secret launch site' for Iran's long-range missiles| |
Excerpt: A previously unknown missile location, the site, about 230km southeast of Tehran, and the link with Iran's long-range program, was revealed by Jane's Intelligence Review after a study of the imagery by a former Iraq weapons inspector. A close examination of the photographs has indicated that the Iranians are following the same path as North Korea, pursuing a space program that enables Tehran to acquire expertise in long-range missile technology.
Geoffrey Forden, a research associate at the Massachusetts Institute of Technology, said that there was a recently constructed building on the site, about 40 meters in length, which was similar in form and size to the Taepodong long-range missile assembly facility in North Korea. |
If Iran is coping North Korea's missile "expertise" then the only ones who have anything to fear are the bozos who will launch them. You remember how successful North Korea has been in their endeavor.
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Chris M.
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