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<blockquote data-quote="wkmac" data-source="post: 490314" data-attributes="member: 2189"><p>DS,</p><p> </p><p>Our problem (American) is a bit more complex than what you described. A much more major factor was politicians on both sides of the isle, in one way or another, saw the idea of home ownership as the old proverbial "chicken in every pot" and thus for political gains at election time, gov't policy was twister to in effect push much of this type of behavior and bad economics. </p><p> </p><p>Even today in the latest stimulus bill, there are provisions to in effect, re-accelerate the real estate bubble that would/will make the bubble bigger and push the problem further into the future to blow up later and even worse. Does Obama and the democrats get this blame? Well yeah because they pushed the overall package but to their own demise, this covers up the real culprit behind this and it's republican Senator Johnny Isakson whose personal empire was building a major real estate company in the Atlanta Georgia area. He initailly pushed for a <a href="http://isakson.senate.gov/press/2009/020409housing.htm" target="_blank"><span style="color: red">$15,000 tax credit</span> </a>for first time home buyers but this figure ended up at $8k in the final product. And again all to the glee of Atlanta Real Estate folks as seen <a href="http://www.atlcbr.com/index.aspx?page_id=663&resource_id=4778" target="_blank"><span style="color: red">here</span></a> and <a href="http://www.atlcbr.com/index.aspx?page_id=663&resource_id=4705" target="_blank"><span style="color: red">here</span></a>. Notice in the 2nd item where FHA, Freddie and Fannie will go back to loaning 125% of home values? Seems to me they are priming the very pump again that caused a lot of this mess. </p><p> </p><p>During the Bush years, republicans carried the water of excess while democrats loaded the buckets but hid behind republicans to avoid blame. Now those roles have reversed and big gov't republicans can inflict their own damaged as Sen. Isakson IMO demonstrates. He pushes hard and gets in the end most of his way but when passage of the end product is assured by democrat votes alone, he gets life both ways and can vote against for the record but in truth, his actions are very much a part of what will go down as blame on democrats and President Obama.</p><p> </p><p>You can blame banks and yes you'd not be wrong for doing such but the real driving mechanism behind this are politicians out for the easy score and then business interests who understand the monopoly or cartel effects of these actions and get behind it all. I wonder how many UPSer's would vocally voice objection if 55 Glenlake announced on Monday a 100% across the board pay increase for all UPS employees? I say very few as they would short side view all this to their own self interests but big picture ignore the fact that set economic principles and reality clearly show this action is not sustainable for any lenght of time and would in the end bankrupt the company. The only reason gov't can do this is they hide the truth by having the power to either borrow or print money that increases the debt burden of our future or decreases the value of our purchasing dollar with the assured inflation that is to come. Either way, the working stiff gets screwed in the end while the so-called defenders of the "working man" are in reality actually helping the richer to get richer if you will. </p><p> </p><p>America once had a similar idea of 10% to 25% down and the more you put down, the lower that interest rate went. Also with the virtual free money out there, historical renters turned to homeownership not like was expected but rather with a "temporary living arrangement" mindset and once the conditions they had didn't suit them, the loan was nothing more than a new fancy rent mechanism so they just stopped the payments and waited for the landlord to kick them out and they just moved to another apartment complex to start the cycle all over again. In some cases, maybe even to another gov't program to buy another house. But these early foreclosures were hidden as the "Carlton Sheets" wanna-bes flocked to courthouses around America giving top-dollar for foreclosed properties because the bubble had yet to fully expand. Banks were happy because they had buyers either way. Finally the bubble overheated and popped!</p><p> </p><p>Seems now with hidden republican help, they want to restart that process all over again in the hopes they (democrats) might politically gain from it all. This also explains why Barney 'the dinosaur" Frank slammed the door on Ron Paul the other day when Ron was doing his usual drilling of Federal Reserve pukes like Bernacke. Funny how dems cheered Ron on when they were out of power but then there's that word hypocrisy again!</p><p><img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /> </p><p> </p><p>JMO!</p></blockquote><p></p>
[QUOTE="wkmac, post: 490314, member: 2189"] DS, Our problem (American) is a bit more complex than what you described. A much more major factor was politicians on both sides of the isle, in one way or another, saw the idea of home ownership as the old proverbial "chicken in every pot" and thus for political gains at election time, gov't policy was twister to in effect push much of this type of behavior and bad economics. Even today in the latest stimulus bill, there are provisions to in effect, re-accelerate the real estate bubble that would/will make the bubble bigger and push the problem further into the future to blow up later and even worse. Does Obama and the democrats get this blame? Well yeah because they pushed the overall package but to their own demise, this covers up the real culprit behind this and it's republican Senator Johnny Isakson whose personal empire was building a major real estate company in the Atlanta Georgia area. He initailly pushed for a [URL="http://isakson.senate.gov/press/2009/020409housing.htm"][COLOR=red]$15,000 tax credit[/COLOR] [/URL]for first time home buyers but this figure ended up at $8k in the final product. And again all to the glee of Atlanta Real Estate folks as seen [URL="http://www.atlcbr.com/index.aspx?page_id=663&resource_id=4778"][COLOR=red]here[/COLOR][/URL] and [URL="http://www.atlcbr.com/index.aspx?page_id=663&resource_id=4705"][COLOR=red]here[/COLOR][/URL]. Notice in the 2nd item where FHA, Freddie and Fannie will go back to loaning 125% of home values? Seems to me they are priming the very pump again that caused a lot of this mess. During the Bush years, republicans carried the water of excess while democrats loaded the buckets but hid behind republicans to avoid blame. Now those roles have reversed and big gov't republicans can inflict their own damaged as Sen. Isakson IMO demonstrates. He pushes hard and gets in the end most of his way but when passage of the end product is assured by democrat votes alone, he gets life both ways and can vote against for the record but in truth, his actions are very much a part of what will go down as blame on democrats and President Obama. You can blame banks and yes you'd not be wrong for doing such but the real driving mechanism behind this are politicians out for the easy score and then business interests who understand the monopoly or cartel effects of these actions and get behind it all. I wonder how many UPSer's would vocally voice objection if 55 Glenlake announced on Monday a 100% across the board pay increase for all UPS employees? I say very few as they would short side view all this to their own self interests but big picture ignore the fact that set economic principles and reality clearly show this action is not sustainable for any lenght of time and would in the end bankrupt the company. The only reason gov't can do this is they hide the truth by having the power to either borrow or print money that increases the debt burden of our future or decreases the value of our purchasing dollar with the assured inflation that is to come. Either way, the working stiff gets screwed in the end while the so-called defenders of the "working man" are in reality actually helping the richer to get richer if you will. America once had a similar idea of 10% to 25% down and the more you put down, the lower that interest rate went. Also with the virtual free money out there, historical renters turned to homeownership not like was expected but rather with a "temporary living arrangement" mindset and once the conditions they had didn't suit them, the loan was nothing more than a new fancy rent mechanism so they just stopped the payments and waited for the landlord to kick them out and they just moved to another apartment complex to start the cycle all over again. In some cases, maybe even to another gov't program to buy another house. But these early foreclosures were hidden as the "Carlton Sheets" wanna-bes flocked to courthouses around America giving top-dollar for foreclosed properties because the bubble had yet to fully expand. Banks were happy because they had buyers either way. Finally the bubble overheated and popped! Seems now with hidden republican help, they want to restart that process all over again in the hopes they (democrats) might politically gain from it all. This also explains why Barney 'the dinosaur" Frank slammed the door on Ron Paul the other day when Ron was doing his usual drilling of Federal Reserve pukes like Bernacke. Funny how dems cheered Ron on when they were out of power but then there's that word hypocrisy again! :happy-very: JMO! [/QUOTE]
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