The Obama mega-thread II (merged)

So when the government gives incentives to buy houses it is fueling the bubble which leads to an economic crash , and when it takes away incentives it is stopping people spending money which will lead to an economic crash .

[SteamWake]

Originally Posted by Tribesman

So when the government gives incentives to buy houses it is fueling the bubble which leads to an economic crash , and when it takes away incentives it is stopping people spending money which will lead to an economic crash .

Close but not quite, what caused the bubble was the goverment "suggesting" that the banks make bad loans to people whom obviously could not afford them, artifically inflating the demand, driving up the home prices. Tax incintives had little to do with that.

When these artifically priced houses forclosed or devalued due to market adjustment has a lot to do with the economic crash. Tax incintives had nothing to do with that.

The other factor driving the market down down down is all the doom and gloom and trepidation over the massive debt the Oministration is saddeling the country with. Taxes have a lot to do with that.

Tax incintives for buying a new home should be left alone. After all arent we trying to create jobs? Now is not the time to be dicking around and slapping even more hurt on the people trying to do things 'the right way'.

But cash strapped and in debt beyond measure every feasable way to tax american citizens will be conisidered.

[SteamWake]

Originally Posted by SteamWake

But cash strapped and in debt beyond measure every feasable way to tax american citizens will be conisidered.

Hate to quote myself but...

NY 'stripper' tax..

http://www.nypost.com/seven/03112009...are_158991.htm

[SteamWake]

One more and Ill stop.. since this is now 'consolidated'.

Someone once said "A great leader surrounds himself with compitent, reliable people".

"Good men all of them" (das boot)

http://www.salon.com/opinion/paglia/2009/03/11/mercury/

[Konovalov]

Some article here about President Obama, Wiki, and some bloke from some web based news named WorldNetDaily (WND). Dodgy goings on by WND guy.

[SteamWake]

More quality people in the service of Obama

http://www.wtop.com/?nid=596&sid=1622618

[SteamWake]

Man and I though Kerry was a flip flopper...

Hey Obama which is it "The worst crises since the great depression" or "Not as bad as we thought"

http://www.breitbart.com/article.php...show_article=1

[Frame57]

It is true. The more money you have, naturally the more you spend. The problem is that for it to be viable the money spent has to be real and not credit which gets defaulted. Credit is OK so long as it gets paid in a relatively short amount of time. Credit should only be given to those who are credit worthy. It is just good business.

[AVGWarhawk]

Tax incintives for buying a new home should be left alone. After all arent we trying to create jobs? Now is not the time to be dicking around and slapping even more hurt on the people trying to do things 'the right way'.

Amen! Speaking of the right way...I do not qualify under the new plan for mortgages. I do not get to partake in the reduced income to cost ratio of 31% for the mortgage payment. It would reduce my mortgage by $250.00/month. In short, I get nothing for doing the right thing. Now he wants to reduce my interest write-off to boot. What next?

[SteamWake]

Originally Posted by AVGWarhawk

Amen! Speaking of the right way...I do not qualify under the new plan for mortgages. I do not get to partake in the reduced income to cost ratio of 31% for the mortgage payment. It would reduce my mortgage by $250.00/month. In short, I get nothing for doing the right thing. Now he wants to reduce my interest write-off to boot. What next?

Why all your property will go to the goverment of course.

[AVGWarhawk]

Originally Posted by SteamWake

Why all your property will go to the goverment of course.

I do not think it will come to that but I believe he is getting into things he has no business getting into judging by his experience. Not only that, it is getting stupid. What was last week? It was an entire week of going after Rush Limbaugh Get back on track in Washington!!!!!!!! WTH does Rush Limbaugh have to do with anything?

[SteamWake]

Originally Posted by AVGWarhawk

I do not think it will come to that but I believe he is getting into things he has no business getting into judging by his experience. Not only that, it is getting stupid. What was last week? It was an entire week of going after Rush Limbaugh Get back on track in Washington!!!!!!!! WTH does Rush Limbaugh have to do with anything?

Just a diversion tactic, with the added benifit that if they actually do 'demonize' Mr. Limbaugh they may be able to silence voices of discontent.

Pay no attention to the man behind the curtain. :rotfl:

[Enigma]

Warhawk,

I understand your points, yes.

I still stand firmly to the fact that accusing Obama of being Anti - Home ownership is so silly it's hilarious. That's all.

[Platapus]

I think that before we get too excited here, perhaps we should go back and read the referenced article

" The administration isn't commenting on anything beyond what was proposed in its first budget, submitted last week..."

"housing and banking trade groups are worried that the proposal to cut back on the ability of upper-income families to write off mortgage interest and other expenses is just the opening move in a longer-range effort to reform the federal tax code."

Sounds like more of this "future doom" stuff to me.

"What did the Obama budget propose specifically on mortgage interest and property tax deductions? Starting in 2011, homeowning households with adjusted gross incomes of $250,000 and above could take write-offs only at a 28 percent marginal tax bracket rate. "

Adjusted Gross Income is calculated by taking an individual's gross income and subtracting the income tax code's enumerated deductions, and is an important benchmark determining certain other allowed benefits. $250,000 AGI is pretty rich! and Obama always said he would be taxing the rich more. I wish I had a quarter of a million dollars AGI.

The homebuilders, banks and mortgage associations don't like it but they are only concerned with their profit. "No trade group has offered specific projections of price or sales reductions attributable to the cutbacks, however."

"Obama has not referred to a broader agenda..." Some of his advisors have suggested other things but they are not the President. I am sure the President get all sorts of suggestions they don't take.

Besides this all has to pass Congress. As we have already seen, even the Democrats in Congress are not rubber-stamping what President Obama wants.

As it should be, what the President wants and what Congress may give him may be very different.

This article sounds like another camel's nose to me.

Let's wait until an actual bill is written before getting all spun up.

[August]

Originally Posted by Platapus

I think that before we get too excited here, perhaps we should go back and read the referenced article

" The administration isn't commenting on anything beyond what was proposed in its first budget, submitted last week..."

"housing and banking trade groups are worried that the proposal to cut back on the ability of upper-income families to write off mortgage interest and other expenses is just the opening move in a longer-range effort to reform the federal tax code."

Sounds like more of this "future doom" stuff to me.

"What did the Obama budget propose specifically on mortgage interest and property tax deductions? Starting in 2011, homeowning households with adjusted gross incomes of $250,000 and above could take write-offs only at a 28 percent marginal tax bracket rate. "

Adjusted Gross Income is calculated by taking an individual's gross income and subtracting the income tax code's enumerated deductions, and is an important benchmark determining certain other allowed benefits. $250,000 AGI is pretty rich! and Obama always said he would be taxing the rich more. I wish I had a quarter of a million dollars AGI.

The homebuilders, banks and mortgage associations don't like it but they are only concerned with their profit. "No trade group has offered specific projections of price or sales reductions attributable to the cutbacks, however."

"Obama has not referred to a broader agenda..." Some of his advisors have suggested other things but they are not the President. I am sure the President get all sorts of suggestions they don't take.

Besides this all has to pass Congress. As we have already seen, even the Democrats in Congress are not rubber-stamping what President Obama wants.

As it should be, what the President wants and what Congress may give him may be very different.

This article sounds like another camel's nose to me.

Let's wait until an actual bill is written before getting all spun up.

Damn fine analysis and advice there Platapus