Economic Stimulus

[BNaylor]

Good ole Dave Barry jokes speaking of which what ever happened to him?

Wasn't the real Budweiser originally brewed in Czechoslovakia?

He said domestic. So how about Shiner Bock beer. ....

[HotZ28]

Shiner Bock beer, one of my favorites while in San Antonio!

[03cavPA]

http://www.foxnews.com/politics/firs...mber-senators/

Stimulus is Too Heavy on Spending, Say Growing Number of Senators
Some Senate Democrats are joining the Republican chorus in opposition to the $900 billion economic stimulus package.

Sunday, February 01, 2009

President Obama is stressing bipartisanship when it comes to the $900 billion economic stimulus plan being considered in the Senate, and he may get it -- in unity of opposition.

Senate Minority Leader Mitch McConnell, R-Ky., said he "can't believe that the president isn't embarrassed about" the stimulus packages that have passed the House and the Senate appropriations and finance committees.

The Senate is set to take up debate on the plan Monday afternoon. Republicans insist it won't go through in its current form.

"It'll need to change if it'll do any good. I mean, things like $150 million honey bee insurance and $650 million to buy government employees cars is not what the American public had in mind," McConnell said on CBS' "Face the Nation."

Republicans appear to have the support of some Democrats, including North Dakota Sen. Kent Conrad, head of the Budget Committee, and Nebraska Sen. Ben Nelson.

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"I think you have to start from scratch and reconstruct this to start with the problem that created the entire cascade of events that have occurred here, the housing collapse," said Sen. Jon Kyl, the Republican whip.

Conrad agreed.

"Too little is being done about housing, which is central to the crisis," he said.

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While Obama has stressed bipartisanship in the process, all House Republicans were joined by 11 Democrats in opposing the House package.

If it's going to get bipartisan support in the Senate, "you have to change some of the provisions that are in there," said Nelson, who noted he has spoken with colleagues on both sides of the aisle who are concerned with several of the spending provisions. He said many of the spending programs are valuable, "they just don't belong in the stimulus package."

The stimulus package may also run into problems being implemented. A Congressional Budget Office analysis says some agencies may not be equipped to handle that flood of money and will have to put off spending it for a year or two.

That's a problem because the key to a stimulus package is to pump it into the system as quickly as possible.

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It got past the House, but the Senate might actually exercise some judgment and take a harder look at it. This isn't some BS partisan handball match. This country is in grave, serious trouble, and the last package only made it worse, IMO. All it did was reward the banks for malpractice and line the pockets of the offenders. Heck, they can't even tell where it all went.

They need to scrub out all the pork and make darn sure the money goes where it will do the most good. Save the pet projects and pork for later, IF there's any money left after this next fiasco.

[CL8]

All it is stimulating is more corruption and irresponsibility!

[HotZ28]

Instead of giving $25 billion to the car companies, how about giving it to us, with the provision that it can only be used to buy a new Corvette? They get the money; everybody gets back to work; and we all get a new car.

[CL8]

Originally Posted by HotZ28

Instead of giving $25 billion to the car companies, how about giving it to us, with the provision that it can only be used to buy a new Corvette? They get the money; everybody gets back to work; and we all get a new car.

That Sounds like a better idea to me.
I would rather earn the money myself for a new vehicle.

[03cavPA]

http://www.foxnews.com/politics/2009...ousing-crisis/

McConnell Proposes Cheap, Government-Backed Mortgages to Stimulate Economy
For all its promise, President Obama's $900 billion stimulus plan does little to address the underlying cause of the nation's economic crisis: the housing collapse.

FOXNews.com

Monday, February 02, 2009

Senate Republican leader Mitch McConnell on Monday demanded an amendment to the mammoth economic stimulus package to give government-backed, low-interest loans to homeowners -- a revision that he says will both increase the demand for houses and boost the average household income.

"We believe that a stimulus bill must fix the main problem first and that's housing," McConnell told reporters Monday in introducing a plan to offer fixed mortgages of 4 percent to "any credit-worthy borrower."

Under the "Fix Housing First Act" -- an amendment spearheaded by both McConnell and Republican Sen. Lamar Alexander of Tennessee -- new and refinanced mortgages would be available to homeowners for 4 to 4.5 percent.

The amendment will require banks to issue these lower fixed-rate mortgages on primary residences, "both for new homes purchases and for refinances mortgages for responsible homeowners."

And to encourage banks to issue these mortgages, the government will direct Fannie Mae and Freddie Mac to purchase these newly originated loans. Homeowners already holding loans from Fannie and Freddie would also qualify, according to the proposal.

In a radio address Saturday, McConnell said his plan would allow the average family to see its monthly mortgage payment drop by $466 a month, or $5,600 a year. He said that over the life of a 30-year loan, that's a savings of $167,760.

The House passed an $819 billion version of Obama's stimulus proposal last week and the Senate version being debated this week is even larger -- $900 billion. But most troubling to Republicans -- and even some Democrats -- is that no money is allocated in the proposal to go directly toward foreclosure relief and the housing crisis, aside from a $7,500 tax credit for first-time home buyers.

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"It's a terrible idea," added John Tamney, a senior economist at H.C. Waintright Economics in Washington.

"I've always voted Republican, but Republicans have lost their mind on this. It would put more money into the debt economy. The more money that goes there, the less money there is for the entrepreneurial economy," Tamney said.
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Wait a minute. The mortgage industry is what flushed us down the toilet in the first place. Home ownership is not a right, nor is it guaranteed to every single citizen.

Let's encourage more debt.

Yeah, like I trust Fannie and Freddie to oversee anything any more.


http://money.cnn.com/2009/02/03/real...rket/index.htm

Distress sales dominate many housing markets
Repossessed homes and short sales make up a large percentage of sales in many real estate markets.

NEW YORK (CNNMoney.com) -- Real estate values around the nation have collapsed, and sales of foreclosed and "underwater" homes now dominate many housing markets, according to a report released Tuesday.

The report, from Zillow.com, a real estate Web site, revealed that with foreclosures soaring, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.
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Because so many homes are worth less than their mortgage balances, an increasing number have to be sold short. But short sale transactions can take a long time to complete, because lenders have been having trouble keeping up with the flood of requests.
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I know it sounds unkind, but the housing market is finding its own level, where it should have been all along. Housing prices could not continue to rise forever. It's just not possible.

We need to stop rewarding bad decisions. If you're over-mortgaged, how is that my fault? Why do I have to pay for it?

Ok, if you disagree, at least keep it civil.

[HotZ28]

Originally Posted by 03cavPA

We need to stop rewarding bad decisions. If you're over-mortgaged, how is that my fault? Why do I have to pay for it?

Evidently you are not culturally diverse enough to understand the issues. The fact is, some cultures prefer big wheels on their Escalades and big screen TV’s in their over-mortgaged homes! You have to understand this mentality before you can understand, debt is not an issue with these folks, they prefer to live every day like it is going to be their last. Most of these people have been brainwashed into believing that the Government will take care of all their problems, no matter how bad they get. A good example of this “reckless free spending” is happening in Washington right now!

[03cavPA]

Originally Posted by HotZ28

Evidently you are not culturally diverse enough to understand the issues.

My bad. I'm one of those dinosaurs that still believes in personal responsibility and accountability. Good thing they have a few of us left. Who else would they rape for tax money?

Crap. What was I thinking?

[CL8]

Originally Posted by 03cavPA

My bad. I'm one of those dinosaurs that still believes in personal responsibility and accountability. Good thing they have a few of us left. Who else would they rape for tax money?

Crap. What was I thinking?

I called both my senators this week to tell them to vote AGAINST the stimulus package. One office was pretty friendly, the other one said "OK we'll tell him, clik. Both my senators are democrat.

['97ventureowner]

Originally Posted by CL8

I called both my senators this week to tell them to vote AGAINST the stimulus package. One office was pretty friendly, the other one said "OK we'll tell him, clik. Both my senators are democrat.

In my market, the local NBC affiliate reruns Jay Leno shows from the previous week at 3 am. Just as I was reading this, Jay was doing his monologue. He said the following, ( in his Rodney Dangerfield impression)," Yeah, the economy is so bad, I saw my Senator 'stimulating' his own package!"

[03cavPA]

Originally Posted by CL8

I called both my senators this week to tell them to vote AGAINST the stimulus package. One office was pretty friendly, the other one said "OK we'll tell him, clik. Both my senators are democrat.

I contacted all my reps as well. We all need to do that and keep doing it until they get some faint glimmer of understanding that we don't like what's going on in DC.

[BNaylor]

The proposed economic stimulus package is not a stimulus package by any stretch of the imagination.

I received the email below from Senator McCain's PAC. If anyone would like the link to sign the petition to vote NO!!! send me a PM message.

Dear Robert,

Yesterday, the Senate began debate on an economic stimulus package that is intended to get our economy back on track and help Americans who are suffering through these difficult times. Unfortunately, the proposal on the table is big on the giveaways for the special interests and corporate high rollers, yet short on help for ordinary working Americans. I cannot and do not support the package on the table from the Democrats and the Obama Administration. Our country does not need just another spending bill, particularly not one that will load future generations with the burden of massive debt. We need a short term stimulus bill that will directly help people, create jobs, and provide a jolt to our economy.

I believe we need to evaluate every bit of spending in this stimulus proposal with one important criteria - does it really stimulate the economy and help create jobs - if the answer is no, it does not belong in a so-called stimulus package. Furthermore, the stimulus must include significant direct relief to American workers in the form of payroll tax cuts and programs to help homeowners keep their homes. Finally, we need an end game to this stimulus so that when our economy recovers, these spending programs do not remain permanent and saddle our children with a skyrocketing national debt.

I appreciate the discussions President Obama is having with my Republican colleagues, but the time for talking has come to an end and we must now begin some serious negotiation. But as of yet, Republicans have not been given the opportunity to be involved. The House of Representatives passed a stimulus bill without a single Republican supporting it. In the Senate, the Democrat leadership is trying to jam the existing proposal through regardless of reservations from a number of members. With so much at stake, the last thing we need is partisanship driving our attempts to turn the economy around.

I have long been a fighter against wasteful spending in Washington and long an advocate for a balanced budget -- that will never change. I realize we face extraordinary challenges with our economy today, but that is not an excuse for more irresponsibly from Washington. I hope you will join me in saying no to this stimulus package as it currently exists by signing this petition.

Sincerely,

John McCain
Chair, Country First PAC

[HotZ28]

Originally Posted by BNaylor

If anyone would like the link to sign the petition to vote NO!!!

Thanks Bob, I got it, did that and hope it does some good, especially with the 5-billion allocated for the use of ACORN!!

[CL8]

I called my Senators' local AND D.C. phone numbers, as well as Harry Reids(Senate leader) D.C. number and two other Senators not from my state.
If enough of them hear from enough of us, maybe they will get the message the stimulus is NOT a good idea.