A Message From Lucianne  




Home Page | Latest Posts | Links | Must Reads | Update Profile | RSS | Contribute | Register | Rules & FAQs
Privacy Policy | Search | Post | Contact | Logout | Forgot Password | Search Using Google

  Topic: Economists, Obama administration at odds
over role of mortgage debt in recovery
Change your user profile.
If you are having trouble posting, please take the time to register.
Your User Name :
Your Password
  I forgot my password
Your Reply  :
Preview Reply     Post Reply
Economists, Obama administration at odds
over role of mortgage debt in recovery

Washington Post, by Zachary A. Goldfarb

Original Article

Posted By:StormCnter, 11/24/2012 5:47:33 AM

One year and one month before President Obama won reelection, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on what do to fix the ailing economy. “I’m not asking you to consider the political feasibility of things,” he told them in the previously unreported meeting. There was a former Federal Reserve vice chairman, a Nobel laureate, one of the world’s foremost experts on financial crises and the chief economist of the International Monetary Fund , among others. Nearly all said Obama should introduce a much bigger plan


Post Reply  

Reply 1 - Posted by: Michaelus, 11/24/2012 7:11:34 AM     (No. 9031443)

In summary - let´s bail out people who bought houses that dropped in value because then these people will go buy new cars and more houses. Brilliant.

  Click Here if you Like this Comment

Reply 2 - Posted by: planetgeo, 11/24/2012 7:37:47 AM     (No. 9031465)

You know why they´re sweating it, don´t you? They have been forced to keep interest rates artificially low up to election time. Now they know they need to let them rise. But if they do, the relatively housing stability they´ve engineered is going to come crashing down as even bigger wave of foreclosures sweeps the country.

They´re stuck. And they are scrambling to come up with some scheme that will get them out of it. Unfortunately, Math never sleeps.

  Click Here if you Like this Comment




Reply 3 - Posted by: skedaddle, 11/24/2012 8:23:33 AM     (No. 9031530)

Seems like 1932 all over again and we all know how that one turned out.

  Click Here if you Like this Comment

   1  person like this.

Reply 4 - Posted by: Country Boy, 11/24/2012 8:26:14 AM     (No. 9031534)

People who can´t pay their mortgage have obviously made mistakes. Why reward making mistakes?

All lib "thinking" revolves around magic.

  Click Here if you Like this Comment

   1  person like this.

Reply 5 - Posted by: ROLFnader, 11/24/2012 8:29:35 AM     (No. 9031545)

It is a well kept secret that revenues are down at Treasury and we know that we are approaching the limit that other countries are willing or able to lend us. So, where does a socialist dictator go when it all starts unraveling? Why- to the makers , of course. They are the stingy ones who put aside money for a comfortable retirement. That´s just unfair and the takers will have to occupy the street again to get some more Social Justice!

  Click Here if you Like this Comment

Reply 6 - Posted by: jntsrgn, 11/24/2012 8:40:13 AM     (No. 9031571)

Just where do they get power to write down the balance of a mortgage? This is insane.
If I loan money and the govt steps in to write down the principle, I will be exercising my 2nd Amendment rights.

  Click Here if you Like this Comment

   1  person like this.

Reply 7 - Posted by: JackBurton, 11/24/2012 9:05:52 AM     (No. 9031607)

the people who know that lending goes hand in hand with economnic growth think that by lowering rates alone, they can stimulate the economy.

While they are lowering rates, they are also strangling and castigating banks for everything that doesn´t go right. Banks realize that they have to be uber careful this time around and ARE ONLY LENDING TO PEOPLE WHO WILL PAY BACK LOANS... and most of those people, being careful as well...

...aren´t borrowing.

Stop the meddling. Let the market work.

  Click Here if you Like this Comment

   1  person like this.




Reply 8 - Posted by: Spidey, 11/24/2012 9:09:18 AM     (No. 9031616)

A lot of these houses are underwater from people refinancing and taking cash out. They blew the money and want to government to eat that cost.It has nothing to do with crashing home values.

Appraisers were a big part of the housing crash and they were caught between a rock and a hard place. If the didn´t give generous appraisals, they were blacklisted by loan brokers,so they went along to get a check.

The real problem with the continuing mortgage crisis is the people who think they´re entitled to the house.They´ll hang in until the bitter end waiting on an Omama rescue.Sensible people walked away from their house and moved back home or whatever. They don´t get gold stars for that but at least hey recognize reality in front of their face.

Banks aren´t going to make money giving out 3% loans but they´d rather do that than face billions in lawsuits from aggrieved liberal groups.If you make a loan you suckered them in. If you don´t make the loan it´s race discrimination.They also lowered the debt ratio to get people into houses which defy simple math.

Now they want to sue because banks are doing a better job protecting houses in upscale neighborhoods than poor ones. There´s always an angle with these people.How or why would you protect a house that´s had all the wiring, plumbing and appliances stripped from it.

Obama wants to spend even more stimulus fixing these houses up and reselling them to the same type people that destroyed them.

  Click Here if you Like this Comment

   1  person like this.

Reply 9 - Posted by: NorthernDog, 11/24/2012 10:13:45 AM     (No. 9031733)

The government tampering with the housing marketplace is the major cause. First demanding that risky borrowers be given mortgages. Now they keep coming up with schemes that only prolong the problems.
They should have let the housing marketplace hit bottom in 2009. It would have been painful but by now we would be on the road to a stable, firm recovery.

  Click Here if you Like this Comment

Reply 10 - Posted by: MDConservative, 11/24/2012 10:45:44 AM     (No. 9031773)

This is NOT about the ability to pay mortgages; it´s about the choice/ability to spend on anything else for folks stuck with underwater home loans. If my mortgage makes my home unsellable (i.e. I would have to pay off the sale shortage in cash myself with money I do not have), or if I can no longer borrow to buy a new whatever (car, refrigerator, remodel), it translates into lost consumption in the marketplace. In other words, you can´t sell me anything and make money with your goods and services. Get the picture? Harry Homeowner has no money to spend anymore...and Billie Businesswoman isn´t selling Harry anything...so Frankie Factoryworker isn´t needed and gets laid off, just before Billie closes her small biz. Get it now? Those bailouts should have all been predicated on relieving this mess...but, NOOOO! The banks and investment houses, and the foreclosure-threatened got bailed, not the schleps that pay their debts on time to the detriment of other economic activity.

There is a tremendous crash coming to real estate, and it won´t be long in coming as inventory is still incredibly high, and there are also tons of foreclosures just hanging out there that the banks have not pursued yet. Lots of people have long ago just stopped paying, daring the lenders to do something about it.

  Click Here if you Like this Comment

   1  person like this.

Reply 11 - Posted by: lylacat, 11/24/2012 11:00:55 AM     (No. 9031794)

There are a couple of generations of people who lived high on the hog using their credit cards to buy anything they wanted. They were allowed to buy houses they cold not afford, they took money out of the house as the price went up and spent every penny, they use one credit card to pay off another, the are getting college loans to subsidize their life style. They get $30,000 a year from a college loan, and take one course, and the rest of the money buys clothes and vacations. This group of people have no savings. Those who have savings will end up paying for these deadbeats´ bills. We are doomed.

  Click Here if you Like this Comment

   1  person like this.

Reply 12 - Posted by: woofwoofwoof, 11/24/2012 11:47:05 AM     (No. 9031872)

The problem, once it occurs, is not going to just go away.

If you´re going to bail someone out, you can bail out the bank, or you can bail out the homeowner. And if it´s the homeowner - that is, the borrower - you can do it by allowing EVERYONE to refinance even when under water, OR you can make them not underwater anymore by forgiving principal (and *then* they can refinance).

It all stinks. The actual money is all gone, whoever sold the house last at the inflated amount, is the "winner".

But NONE of this is a problem with the economy, the problem is 10,000,000 jobs shipped to China. If you don´t fix that, there is NO solution to real estate or the economy. None. Zip. Nada. Zero.

  Click Here if you Like this Comment

   1  person like this.




Reply 13 - Posted by: Davids918, 11/24/2012 12:37:30 PM     (No. 9031952)

The constant theme in the article is how the Obama administration failed to do what was needed early enough.

Remember, he had a Dem House and Senate to work with too.

We are a consuming economy.

So, adding taxes and increasing costs for things like gasoline, electricty and water only hurt the average consumer.

Those same inputs are expenses of government as well, so they require more $$$ to fund.

  Click Here if you Like this Comment

   1  person like this.

Reply 14 - Posted by: ltaormina, 11/24/2012 12:41:41 PM     (No. 9031957)

It doesn´t matter what anyone says. Obama meets with all kinds of groups and pretends to listen and then does just what he wants to do. Happened the past 4 years. What a con.

  Click Here if you Like this Comment

   1  person like this.

Reply 15 - Posted by: whyyeseyec, 11/24/2012 12:41:57 PM     (No. 9031958)

@#5: Unless you worked for the govn your entire adult life, then your retirement was well earned......../s

  Click Here if you Like this Comment

Post Reply   Close thread 713149

Below, you will find ...

Most Recent Articles posted by "StormCnter"


Most Active Articles (last 48 hours)

Most Recent Articles posted by "StormCnter"

Easter 2014: A celebration of hope
Fox News, by Rev. Dr. James B. Lemler    Original Article
Posted By: StormCnter- 4/20/2014 7:32:56 AM     Post Reply
Over 2 billion people are celebrating Easter today, April 20, as the calendars of Western and Eastern churches coincide this year, and these billions of faithful people are celebrating HOPE. The Easter message begins with the hopeful news that death has been overcome by life, that hatred has been overcome by love, and that sorrow has been overcome by joy. The elements of the story involve women arriving at a garden tomb and finding it empty, but even better, meeting the risen Lord, the embodiment of life and love. Their lives are changed forever and so are the lives of many, many




Gorgeous Easter Eggs From the
Master Patissiers of France
Slate, by Kristin Hohenadel    Original Article
Posted By: StormCnter- 4/20/2014 6:18:20 AM     Post Reply
Chocolatiers love a holiday, be it Christmas, Valentine’s Day, or Easter. The French version of the Easter Bunny is Easter Bells (les cloches de Pâques)—which allegedly fly to Rome for a few days before the holiday to be blessed by the Pope before returning with chocolate eggs for the kids. But you don’t have to hunt very far to find French chocolate and pastry shop windows full of Easter eggs all trying to out-cute, out-class, or simply out-design one another. Good-looking pastries and other sweets are a modestly priced pleasure in France. But like fashion designers, French patissiers and chocolatiers

Say Goodbye to Taiwan
National Interest Magazine, by John J. Mearsheimer    Original Article
Posted By: StormCnter- 4/20/2014 6:11:05 AM     Post Reply
WHAT ARE the implications for Taiwan of China’s continued rise? Not today. Not next year. No, the real dilemma Taiwan will confront looms in the decades ahead, when China, whose continued economic growth seems likely although not a sure thing, is far more powerful than it is today. Contemporary China does not possess significant military power; its military forces are inferior, and not by a small margin, to those of the United States. Beijing would be making a huge mistake to pick a fight with the American military nowadays. China, in other words, is constrained by the present global balance

The Bundy Ranch Standoff
and Attitudes Toward the State
Reason Magazine, by Brian Doherty    Original Article
Posted By: StormCnter- 4/20/2014 6:05:36 AM     Post Reply
The immediate "crisis" portion of the standoff involving the federal Bureau of Land Management (BLM) and Nevada rancher Cliven Bundy over his cattle grazing on federal land ended last week. Whether this will be end of Bundy´s troubles with the BLM, who have been in court with him over his refusal to pay fees to them for decades, remains to be seen, with the Bundys reporting that they´ve received registered mail from the BLM this week that they haven´t opened yet. I blogged about a lot of the factual background of the conflict here, with links to some relevant court documents. This story

Barack Obama and the politics of lies
Washington Examiner [DC], by Editorial    Original Article
Posted By: StormCnter- 4/20/2014 5:45:25 AM     Post Reply
That was quite a victory dance President Obama did Thursday while claiming Obamacare is “working” because eight million people have now supposedly signed up for the health care program. He even indulged in some less-than-subtle mockery of Republicans - and by extension the majority of Americans who have disapproved of Obamacare since before it became law. "The repeal debate is and should be over,” Obama said, taking a dig at Republicans who are “going through, you know, the stages of grief … anger and denial and all that stuff …” But a president who is viewed by most Americans as less

Spotlighting a law that stripped
U.S.-born women of citizenship
Los Angeles Times, by Richard Simon    Original Article
Posted By: StormCnter- 4/20/2014 5:43:03 AM     Post Reply
WASHINGTON — Daniel Swalm was researching his family when he came across a disturbing episode in immigration history. That discovery would lead to a move in the U.S. Senate to apologize for action the nation took more than a century ago. Swalm discovered that under an obscure 1907 law, his grandmother Elsie, born and raised in Minnesota, was stripped of her U.S. citizenship after marrying an immigrant from Sweden. Swalm had never heard of the Expatriation Act that required a U.S.-born woman who married a foreigner to "take the nationality of her husband." Swalm, who lives in Minneapolis, found out about the law



Russian Regular Forces To Invade
"NewRussia" Between May 4 And 9?
Forbes, by Paul Roderick Gregory    Original Article
Posted By: StormCnter- 4/20/2014 5:37:58 AM     Post Reply
This “Open Letter to the Friends of Ukraine,” by a guest columnist who writes under the pen name of Irina Gokieli, dated April 19, offers the author’s pessimistic scenario of forthcoming events in what Vladimir Putin now calls “NewRussia.” “NewRussia” encompasses southeastern Ukraine and parts of Moldova. She predicts an invasion by regular Russian troops near the end of the first week of May under the pretext of restoring order, although she does not rule out, as an alternative, an alliance of Putin with certain Ukrainian politicians and oligarchs. Notably the author makes a persuasive case that the long-term consequences

Most Active Articles (last 48 hours)

White House blames fox for
destroying Michelle’s garden

45 replie(s)
Daily Caller, by Vince Coglianese    Original Article
Posted By: Pluperfect- 4/18/2014 3:59:04 PM     Post Reply
The White House is going to war with another fox — and this time, it’s personal. The Wall Street Journal reports that a red fox has been causing chaos around the White House, tripping security alarms, digging up Michelle’s garden and distracting the president from his duties. The Secret Service won’t give any details about how often the fox trips the White House’s obviously sophisticated security alarms, but rest assured, officials say, they’re watching. President Obama was apparently “stunned” to see the fox roaming freely down the oft-photographed White House colonnade, home to the world’s shortest, but most dramatic, outdoor strolls. The bushy-tailed visitor

Students Demand Acknowledgement of
Robert E. Lee´s ´Racist and Dishonorable Conduct´

43 replie(s)
Breitbart´s Big Government, by AWR Hawkins    Original Article
Posted By: Desert Fox- 4/18/2014 12:35:28 PM     Post Reply
A group of seven multiracial Washington and Lee University (W&L) students are demanding the school remove all Confederate flags from campus and "acknowledge" General Robert E. Lee´s "dishonorable side." According to the Roanoke Times, "seven multiracial students, calling themselves ´The Committee,´" have also demanded the school "acknowledge and apologize for participating in chattel slavery." They want recognition of "Martin Luther King Jr. Day on the undergraduate campus" and an end to "neo-Confederates" marching across campus "to the Lee Chapel on Lee-Jackson Day." The students say they will "engage in civil disobedience" if their demands are not met by September 1st. They added: "The

Living in the New York Times World
39 replie(s)
American Thinker, by J. Paul Masko    Original Article
Posted By: magnante- 4/19/2014 7:48:36 AM     Post Reply
I began reading the entirety of the first section of the New York Times at nine years old, and continued that practice, more or less, for decades.(snip) ...the power of reverence, intrinsic to what I call the “cascade” of The Times: the near avalanche-like flow and distribution of information through electronic and print networks: through like-minded network newscasts, magazines, local newspaper s, blogs, daytime talk TV, late-night entertainment, statements at media award ceremonies, the celebrity Twitterverse, etc. The cascade rolls through Saturday Night Live, Jon Stewart, The New Yorker, the mouths of third-grade teachers, Elmo, Madonna and Susan Sarandon …through

´America´s royal baby´: How Chelsea´s first
child could give Hillary Clinton a boost in
the polls if she runs for president in 2016

39 replie(s)
Daily Mail (U.K.), by Jessica Jerreat    Original Article
Posted By: Desert Fox- 4/19/2014 7:12:10 PM     Post Reply
For Hillary Clinton, having her own baby grandchild to kiss on the campaign trail, could be one of the biggest boosts to her possible presidential election campaign. Although the former Secretary of State and First Lady has not said if she will run in 2016, the arrival of her first grandchild will soften her image, analysts have said. While Chelsea only revealed her pregnancy on Thursday, supporters of her mother have already started cooing over a possible baby in the White House. With the Clintons having a near-royal status in the U.S., the announcement of a new arrival due this fall has sent

In a Hole, Golf Considers
Digging a Wider One

32 replie(s)
New York Times, by Bill Pennington    Original Article
Posted By: Pluperfect- 4/19/2014 10:48:33 AM     Post Reply
GREENSBORO, Ga. — Golf holes the size of pizzas. Soccer balls on the back nine. A mulligan on every hole. These are some of the measures — some would say gimmicks — that golf courses across the country have experimented with to stop people from quitting the game. Golf has always reveled in its standards and rich tradition. But increasingly a victim of its own image and hidebound ways, golf has lost five million players in the last decade, according to the National Golf Foundation, with 20 percent of the existing 25 million golfers apt to quit in the next few years. People under 35 have especially spurned the game, saying it takes too

Obama: ´For me, Easter is a story of hope,
a belief in a better day to come´

30 replie(s)
Investor´s Business Daily, by Andrew Malcolm    Original Article
Posted By: SurferLad- 4/19/2014 9:16:36 AM     Post Reply
Hi, everybody. For millions of Americans, this time of year holds great meaning. Earlier this week, we hosted a Passover Seder at the White House, and joined Jewish families around the world in their re-tellings of the story of the Exodus and the victory of faith over oppression. And this Sunday, Michelle, Malia, Sasha, and I will join our fellow Christians around the world in celebrating the Resurrection of Christ, the salvation he offered the world, and the hope that comes with the Easter season. These holy days have their roots in miracles that took place long ago. And yet, they still inspire us, guide us, and strengthen us today. They remind us of our

Harry Reid calls dissident Nevada ranchers
´domestic terrorists´ following show of
force against the federal government

30 replie(s)
Daily Mail [UK], by David Martosko    Original Article
Posted By: Attercliffe- 4/19/2014 9:29:17 AM     Post Reply
Senate Majority Leader Harry Reid said Thursday that a family of dissident ranchers and their supporters in his home state of Nevada are ´domestic terrorists,´ citing this week´s standoff with the federal government´s Bureau of Land Management. Cliven Bundy has refused to pay grazing fees for land where his hundreds of cattle roam every day. The land is owned by the federal government, which says he owes more than $1 million. Bundy, however, insists that since his family has been using the land since the 1870s, Uncle Sam can´t collect the grazing fees. A tense standoff developed this week after


Post Reply   Close thread 713149

Home Page | Latest Posts | Links | Must Reads | Update Profile | RSS | Contribute | Register | Rules & FAQs
Privacy Policy | Search | Post | Contact | Logout | Forgot Password | Search Using Google

© 2014 Lucianne.com Media Inc.