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bitmasher's picture
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"Making Home Affordable" Added to Housing Woes

http://www.nytimes.com/2010/01/02/business/economy/02modify.html

Quote:
“The choice we appear to be making is trying to modify our way out of this, which has the effect of lengthening the crisis,” said Kevin Katari, managing member of Watershed Asset Management, a San Francisco-based hedge fund. “We have simply slowed the foreclosure pipeline, with people staying in houses they are ultimately not going to be able to afford anyway.”

I realize I've been linking to a lot financial articles last couple of posts, but I'm surprised and somewhat appreciative of the fact that the NY Times is swinging such a heavy stick at the current white house and congress which has created or aided/abetted many of these programs. Its good journalism.

expatriate's picture
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Re: "Making Home Affordable" Added to Housing Woes

I still haven't heard anyone explain to me why it's my job to foot the bill for someone else's financial irresponsibility.

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Re: "Making Home Affordable" Added to Housing Woes
expatriate wrote:
I still haven't heard anyone explain to me why it's my job to foot the bill for someone else's financial irresponsibility.

Because theyn have a "right" To have stuff even if they don't have the means to pay for it.

cowgal's picture
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Re: "Making Home Affordable" Added to Housing Woes

Dang, and here I thought it really WAS one of my rights!! I'm crushed! lol

expatriate's picture
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Re: "Making Home Affordable" Added to Housing Woes

Yeah, but since when do they have a right to MY stuff?

I saw today that Obama told Congress to drop increased income taxes on higher brackets to pay for health care, and instead wants to tax "Cadillac" health care plans to fund health care for the uninsured. Mind you, one of those "Cadillac" plans is Tricare -- the plan that active duty military and military retirees use. Now there's something for the taxpaying population to think about. If you think you're paying too much for health care now, think how much you're going to pay for your health care PLUS someone else's health care!

Personally, I've reached my limit when it comes to redistributive economics. I'm tired of being punished for my success in order to reward someone else's failure. There's no way this country will regain economic prosperity when it's led by people who view the rich as parasites and the poor as saints. That mindset has destroyed economies around the globe from Cambodia to Zimbabwe.

I was recently thinking back to being a kid in 1973, riding the train into Chicago and seeing the Sears Tower being built. Even in the midst of Vietnam and the oil embargo, our nation once had a "can do" attitude and a sense of optimism. We were building skyscrapers, building big engineering projects, putting men on the moon, etc. Our architecture was futuristic. Our superheroes represented our highest values. Science fiction viewed the future in optimistic terms where humanity had risen to new levels. We were the best nation in the world, saw ourselves as the source of freedom and democracy, and challenged other nations to follow our lead.

Now it seems the only skyscrapers and impressive engineering projects you see being built are being built abroad in places like the Middle East or China. We've become neurotic, consumed with guilt, and fixated on self-flagellation. Our superheroes are now tortured souls with fuzzy morality. Science fiction now sees a pessimistic future where we've screwed up everything. I can only hope that in upcoming elections conservatives take the lead and say, "You know what? We're a great nation and we're not going to apologize for it. We're going to put ourselves first, because other nations are doing that and kicking are butts because we're dealing from a position of weakness. Rather than fixate on everything that's bad with America, we're going to focus on what's good, take pride in it, and make it our #1 priority to put ourselves on top." That, in my opinion, is the winning message in upcoming elections.

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Re: "Making Home Affordable" Added to Housing Woes
Quote:
Yeah, but since when do they have a right to MY stuff?

Since January of 2009 when they swore in Dear Leader. Don't you know haveing Democrats in power is like a marriage. It's now OUR stuff.

cowgal's picture
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Re: "Making Home Affordable" Added to Housing Woes

Well then I want a DIVORCE! And I want to keep my stuff! Evil!

Expat, most people who currently have health care insurance would fall under what they consider "cadillac" health care. Its like we're going to be punished for even having insurance. Its totally whacked. Not sure what the percentage is for the tax they're considering right now, but at one time it was in the 35-40% range, which just blew me away. You end up paying taxes on the value of the insurance. What I want to know is what happens if you're self employed and pay for your own "cadillac" health care plan? Tax yourself on what you pay already?

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Re: "Making Home Affordable" Added to Housing Woes

Yep cowgal, seems that they want to force you to buy an insurance policy or be fined for not doing so, however, if you do buy a policy and it is a good policy, well then you are going to have to pay a fine.....err...uhh..I mean Tax, on that policy. banghead

I think a member that I have not seen on here in a great while coined the appropriate phrase for this, "Stupidity of monolithic proportions "
(Captain_Obvious)

expatriate's picture
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Re: "Making Home Affordable" Added to Housing Woes

Let me guess...a public option wouldn't be a Cadillac plan, would it? It reminds me of how things used to work in Muslim countries long ago. People were afforded religious freedom in accordance with the Quran, but non-Muslims were subject to an "infidel tax" and afforded second class privileges. Sure, you can go with a private insurance plan, but you'll pay through the nose for it.

bitmasher's picture
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Re: "Making Home Affordable" Added to Housing Woes

Obama actually campaigned against taxing health insurance, he blasted McCain for proposing the same idea that he is endorsing now. Hypocrite.

What's amazing to me, is that the CBO has released several studies of the proposed senate and house health reform plan and neither actually drive down health care costs on average for anybody. So that basically means that those taxed on their health insurance see a net increase in their health care costs.

I would like to see some health care reform that makes it more attainable for citizens; however I think they should be focusing on the supply side (more primary care physicians, more hospitals, more preventive care) rather than demonizing the insurance companies.

There is some evidence that Medicare part D actually worked (expanded under the Bush administration). "Worked" being defined as it brought more people into prescription drug coverage and it drove down the cost for all involved.

expatriate's picture
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Re: "Making Home Affordable" Added to Housing Woes

Obama also promised at least eight times on the campaign trail that the health care debate would be transparent, and we can see how he's followed through on that one. As Nancy Pelosi has pointed out, he stood for a lot of things during the campaign.

Want to make health care more attainable? Cut taxes and regulation and make it easier to do business in this country. Better to have jobs that enable people to pay for their own health care AND contribute to the economy than to tax the successful and put a drag on the economy. This is yet another example of why leftist politics are anathema to an economy. Rather than teach a hungry man to fish, a leftist would rather steal a fish from someone else and tell the poor man it's the fisherman's fault he's hungry.

As Winston Churchill said, "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery."

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