Mitt Romney: The theme "Yes, we can" seems to have been replaced with "Well, maybe we can't."
- Thread starter Josh
- Start date
I'm overall not a fan of Mitt, but he makes some great points:
except for this one...
except for this one...
Reality check Mitt...your shit stinks too.
One thing i do agree with the Repubs on is that a program to streamline homeowners into a 4% 30-year fixed would solve two problems rather quickly: 1.) Help prop up the housing market by preventing more foreclosures due to exotic loans and adjustables that are going to flood the market with foreclosures and short sales for some time, 2.) Give homeowners more cash in their wallet every single month. I can't believe no one's putting a similar plan into the stimulus bill.
halik
Lifer
- Oct 10, 2000
- 25,696
- 1
- 0
That's BY FAR the dumbest part of the plan. All that will do is keep real estate values artificially inflated rather than bringing them into market equilibrium.
Even sidestepping the huge issue of fairness and adverse selection (people that overextended get bailed out, which incentivizes risk taking), all this will do is keep the current bubble going. It's akin to putting a floor to tech stock prices post-2000... stupid, stupid idea.
If anything shared equity mortgages should be used to accomplish the goals you've pointed out. Banks have an incentive to keep you in your house and as such they would be willing to assume part of your mortgage balance as their equity.
This will help the people who have a job but may be stuck in an ARM when the fed raises raites. Right now if you own an arm and your rate adjusted in the past 8 months. You are sitting pretty, real pretty. If my arm adjusted today I would be at or below 4%.
I'd jump on that 4% deal right away though because this 1.2 trillion dollar dficit we will be running the next 2 years will create inflation and raise the fed rate.
He is correct....but only about 2.7% of the bill designated as pork. What about the other 97.3% of the bill Mitt?
Pork is of course in the eye of the beholder. Personally I felt 4 billion to ACORN and 66 billion to education is pork and not "stimulus". Then expanded medicare benefits for 88 billion.
The tranfer of wealth payments at 252 billion. No, it isnt a tax cut when you give to people who dont pay taxes. And it wont generate much economic benefit either considering how little the previous 125 billion did. People paid CC bills or saved it. This time wont be different.
Infrastructure looked to have about 90-110 billion of the nearly 900 billion bill.
And that is the point. Expanding federal programs isnt stimulus. It is a lot of money that wont generate a return that targeted infrastructure projects will. Because they wont create any meaningful jobs. Just expand an already inefficient system.
The tranfer of wealth payments at 252 billion. No, it isnt a tax cut when you give to people who dont pay taxes. And it wont generate much economic benefit either considering how little the previous 125 billion did. People paid CC bills or saved it. This time wont be different.
Infrastructure looked to have about 90-110 billion of the nearly 900 billion bill.
And that is the point. Expanding federal programs isnt stimulus. It is a lot of money that wont generate a return that targeted infrastructure projects will. Because they wont create any meaningful jobs. Just expand an already inefficient system.
The circulation of money is what creates jobs regardless of whether or not that money comes in the form of cash or CC. Yes, that includes infrastructure but it is not just limited to infrastructure. There is little to question about whether or not most of these ideas are a stimulus. They are most certainly that. The only real question is whether or not we can stimulate the economy in a more effective way using that same money. I would also like to see more dumped into infrastructure, but I am also very happy with a large amount of the bill. It is hitting this multi-tiered problem at multiple tiers.
As Xavier mentioned, the parts identified by the GOP as 'pork', (and of course that's trusting the GOP's version of it... hahaha) accounts for approximately 2.7% of the bill.
umbrella39
Lifer
- Jun 11, 2004
- 13,816
- 1,126
- 126
No it's not. The housing market is what started this crisis, and I don't consider offering homeowners a sensible gov't-backed mortgage at a reasonable rate, any sort of "bailout."
You act like the housing bubble is still going. It's not. It's long since popped.
There was no man less likely to win the general election in the Republican primary than Mitt Romney, and I'm including Ron Paul in this assessment.
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
Surely we can all agree that the government has tried various methods to curb the destruction in housing values and yet they have continued mostly oblivious to efforts, with the fed rate now about as low as it's even possible to get it. So next up 4% interest rates?
Should work awesomely. In Japan it was or still is possible to get a mortgage at around .5-2% and their economy has been having problems for over a decade now.
Should work awesomely. In Japan it was or still is possible to get a mortgage at around .5-2% and their economy has been having problems for over a decade now.
Given how the economic issue came to a head in the weeks preceeding the election, you are absolutely correct. I bet he wouldn't have picked a twit as his VP, either.
- Aug 23, 2003
- 25,375
- 142
- 116
Yep, the GOP is using the 2.7% to build goodwill with the people.
Which is probably what I'd do too if I was neutered like the GOP was after the 2008 election. They have no power left in Congress, all they can do is raise a ruckus with every bill to get some TV time.
This is true, but I was watching MSNBC the other day and Pat Buchanen made a great point, we are borrowing billions of dollars from the chinese to dispense to people to go to Wal-Mart and buy chinese made goods.
How is that a sound policy?
The only real truth I can glean from this stimulus bill is that no one really seems to have a handle on what's in it, what's really important, and what isn't. It's just a political pissing content being played out on the television.
JSt0rm
Lifer
- Sep 5, 2000
- 27,399
- 3,947
- 126
and of that 2.7% how much is actual waist? I personally would like to see money go to the national endowment for the arts. This money helps support artists. Whats wrong with that? We don't live in some future terminator land where art has no place in society.
If the artists are worth anything they can support themselves. Why should they live off the tit of the taxpayer because their work sucks?
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 21K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter