(7) Tonight you blamed the economic crisis on the “failed theories of the last eight years,” yet tonight you also criticized homeowners who put little or nothing down and purchase homes without the ability to pay their mortgages if “something goes wrong.” Sir, which is it?
I don’t know about the rest of you, but I think there should be a time limit to the whining about, complaining about, and blaming of the economy being Bush’s fault. The last two years, where we really hit the deficit hard, were years the Democrats were in power over both branches of Congress. But do you hear anyone whining about that? Not likely, right?
Seriously, Mr. President, enough already! You, as a Senator, helped make this deficit – that is the days you were actually ACTING as a Senator, I mean.
I’m just saying…
Larry Elder opined some truly poignant questions he would liked to have seen asked of President Obama at his first press conference. Of course, as you may remember, the reporters were pre-selected and told ahead of time of their selections. And, as you may also remember, none of the questions Mr. Elder put forth were asked… as a matter of fact, I don’t remember one hardball being tossed at the pc. Makes you wonder if the questions were pre-screened also. This is question six of seven.
(6) The respected nonpartisan Congressional Budget Office studies the effects of the various proposed stimulus plans. The Washington Times said, “CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.” Your comment?
Note: Several blogging communities – including The Huffington Post – say this study never existed. This study did, and does, exist. The Washington Post did not directly quote the report’s wording – but the facts are true. By going to theCBO website listing of publications you will see their 23 page report of the effects of HR1 as presented to the House, dated January 26, 2009. If I am not mistaken, this is where those facts came from. Note that on February 11 the CBO reissued a report dating from February 4, restating information with calculation corrections taken. It does not say who requested the corrections, but I felt, upon reading the report, that a request had been made – that the CBO had not just looked at the report and said “Oh! Dang, we did that wrong!”
I’m just saying…
Enterprising, young Americans go out on Taxpayer’s Clearinghouse Prize Patrol. You’re gonna love this.
I’m just saying…
Barack Obama announces today a $50 – $75 BILLION dollar “bailout” for homeowners. These homeowners are divided into two groups under this plan:
Group 1 – Those who have purchased homes WAY out of their price range, using the corrupt government/private collective venture called “Fannie Mae” and “Freddy Mac”. These are those who not only are not now making their mortgage payments, but have never been able to make them fully on a month to month basis – EVEN BEFORE THE MARKET CRASH OF LAST FALL.
There are an estimated 3 million in group 1
Group 2 – Those who have bought their homes responsibly, pay their mortgages monthly, and now find themselves paying more for their house than it is worth. These people are in a negative equity situation – an upside down, or underwater, loan situation. Make no mistake – group 2 is where they are today because of the government mandates allowing those in group 1 to purchase more home than they ever could HOPE to afford!
There are an estimated 10 million in group 2
Now – which of these groups do you think Obama’s new plan will help? Will it be the 10 million who have fallen victim to government intervention? Or will it be the 3 million who are in over their head?
Well, of course it’s the 3 million. The government is going to invest money to reduce the mortgage payments of these people. Because “foreclosure costs the government and the community more than aiding them will”. So, instead of getting these people out of the housing they cannot afford and getting them into something they can – they are going to buy their houses for them.
The 10 million of us who find ourselves paying on a house that isn’t worth squat now? Well, we “may be able to find lower interest rates by refinancing our homes” and there are “potentially those banks who will be working with their customers who find themselves in this situation”.
Basically, Big Government is betting that the 10 million who have done the right thing will continue to do so. That those 10 million will continue to stay in their homes and make their payments, praying their houses will regain some of their original value. They are betting that none of us will mail in our keys and walk away – something they know the 3 million will do.
Welcome to the age of right being wrong and wrong being right.
I’m just saying…
Merriam-Webster’s #1 Word of the Year for 2008:
1. bailout (noun)
a rescue from financial distress
With politics and the economy foremost on the minds of many, it is no wonder that bailout—a word ubiquitously featured in discussions of the presidency and fiscal policy—took home honors as Merriam-Webster’s Word of the Year for 2008.
Bailout, defined in Merriam-Webster’s Collegiate® Dictionary, Eleventh Edition as “a rescue from financial distress,” received the highest intensity of lookups on Merriam-Webster Online over the shortest period of time. As evident from the 2008 Word of the Year contenders list below, the presidential campaign and financial issues factored heavily in the concerns of our online visitors throughout the year.
Click on each of the other words in the Top Ten List for their definitions in Merriam-Webster’s Online Dictionary:
Traffic to Merriam-Webster Online now exceeds 125 million individual page views per month. This corresponds to approximately ten lookup requests in the Merriam-Webster Online Dictionary or Thesaurus per second. During peak hours, this may increase to more than 100 requests per second.
Read here, at Michelle Malkin’s blogsite.
See, common sense does prevail. Even I, a stay-at-home-and-homeschool-the-last-of-six-kids mom had this figured out. Here’s more proof! Now, if the G-men and the U-men would just pull their heads out of their nether regions and figure it out too!!
Thank you for taking the time to read my comments. I worked in the Automotive Industry for most of my career as a supplier to GM, Ford, Chrysler, Honda of America, Toyota, Nissan, and BMW.
You were exactly right with your comments on Fox & Friends this morning. The UAW has handcuffed GM, Ford, and Chrysler with unreasonable and unrealistic burdens. Their balance sheets will never improve until they shed this weight.
There is another aspect affecting their business and is not being talked about in the media very much.
Having dealt directly with all current domestic automobile manufacturers, there is a distinct difference in how the Big 3 do business with their suppliers as compared to Honda, Toyota, and other foreign automotive assemblers. Toyota, Honda, and Nissan in particular want to make sure they are entering a partnership that insures financial success to all parties.
GM’s business practices generally lead to no profit, tremendous oversight by their internal supplier quality watchdogs, who demand unrealistic expectations, and extremely slow payment in the reimbursement of tooling costs to start new programs. It is not unusual to see reimbursement for tooling costs years after the program has started.
Their business practices are not a tax payer problem, but a terrible management problem. It was a noble idea for the Federal Government to lend them $25 billion to help. It is now known 4 X’s that amount will not cure the root cause of the problem., but only buy them 4 X’s the amount of time.
When a cancer is identified inside a person, it is immediately removed if possible. The Big 3 has a cancer that needs to be removed. It doesn’t take a rocket scientist to understand why they cannot compete profitability. They have parity on supply costs, materials, and energy with Honda and Toyota. So why can’t they compete? It is clearly the cost of labor.
A few years ago I was in Warren Assembly, in (Warren, County, (sic) [Macomb County,] Michigan. Two plants side by side make the Ford Focus and the Ford Expedition. As you drive from [Dearborn] to Warren County, every abandoned shopping center parking lot was full of vehicles. A friend of mine was then the HR Manager for Ford Truck and I asked him why they were still building. His answer astounded me. UAW Labor is paid company wages whether they work or not. America has to wake up concerning this. Until we can get organizations like the UAW to understand the only missing ingredient to creating a level playing field is getting the cost of labor to a realistic level, domestic car makers will never be successful.
I’m just saying…
The New York Times reports that an SEC filing by the automaker states that it won’t have enough cash by January if it continues to lose money at this rate.
So now the government is going back into the car business? Oh, wait! The government doesn’t have its own money, so that means I’m going back into the car business… Oh, wait! I don’t have any money either!! I’ve invested it in bailing out those who bought too much they couldn’t pay for.
I think we’re
I’m just saying…