Posted on 07/11/2011 7:52:54 PM PDT by Fred
I believe the true answer is tax deductions/reductions across the board for EVERYONE.
Let us keep more of our own money, and let buisness owners bank on the fact that their tax liabilty will be lower thus allowing them to free up cash to expand.
Consumers have more to spend, which drives demand, which will drive the NEED for expansion, and that will actually CREATE jobs.
Simple.... unfortunately too simple for our brilliant leaders..... which I think are ALL in on the ponsie scheme of collecting our money!
” but not as long as the feds are distorting the market by throwing billions at losers.”
Gotta buy those votes!
btw, are you living in one of these bad states? I’m in California and have known/worked with people all over the housing problem spectrum.
From guys buying boats on credit knowing they were going to default on their houses, to guys who bought at the top of the market and are still paying for houses which are upside down literally 60% or more.
It was crazy to watch the guys doing the right thing at the same time as guys paying for their boats instead of their mortgages. And the guy defaulting on his loan was getting incentives to do it!
Sure are crazy times
I had a slight advantage of being born in the depression and having parents had saved enough durring the depression to build a large new home and start a business in 1936.
They also had the lessons of my Great Great Grandfather losing his bank, the First National Bank of Pomona, in the 1980s depression and my father having to shut down a new business in the 1920 depression.
I even saved to pay cash for my airplane which cost more than our home.
I wanted an airplane for a number of years but waited until I could pay cash for it.
Of the hundreds of employees I have had over the years I can count on my 2 hands the number that had more than a pot to piss in because the idiots bought on credit!
>>I even saved to pay cash for my airplane which cost more than our home.<<
You are and were wise. It took me a while (and a dang smart wife) to get wisdom.
I have to ask — did the Air Traffic Controllers ever ask you why you were taxiing your house on Bracket runway R7?
nope, Controlers are very professional, even the ones you might happen to make contact when flying that are close friends!
Pilots are the same, air traffic control is serious business and we treat it with respect since our lives depend on it.
>>Controlers are very professional<<
They are, but I was expecting you to tell me there is no way your house could be taxiing to R7 — Brackett only has 8R and 26L!
Actually, I flew with my dad a few times out of Brackett but from what I saw in their website it is a pretty posh facility compared to “way back when...”
:)
My conpany built the control tower at Bracket.
I kept my plane at Burbank and still have my home in Glendale.
I also used to drag race across the street at the Pomona Drag Strip in 1953 and 1954.
Bookmark
Sure. With events starting now, there will be megatons of free money being printed.
What’s been really galling is knowing people who simply quit paying their mortgage and they lived in their homes almost three years — “free” — until they even got their first notice of foreclosure.
By the time the whole process was over, they had lived in their home “free” for five years (I’ve read many people stay longer), and then discharhged the rest of their huge bills, which were rung up against a looney home equity loan, in bankruptcy.
There was no way anyone could have thought they could pay off the loans they were taking out.
In the meantime, I had to move in 2006, knew the housing crash was coming, but felt we needed to buy for family (not financial) reasons, spent as little as I could and still get what we needed housewise for medical/disability reasons, and have been underwater since 2008. I’d be sinking underwater even more if I hadn’t put down a HUGE downpayment, which, of course, is GONE forever.
Still, I needed a certain house and I got it.
I figured there would be a huge correction. What I didn’t figure on was that we’d have a prez who made things so much worse and who wouldn’t let the housing market right itself. That could not have been any more painful than the pain the Obama administration has inflicted. And that “pain” likely would have led to a recovery, albeit in several years.
As things stand now, I don’t see the housing market returning to what it was pre-2008 ever, certainly not in our lifetime.
The whole mentality has changed. Face it, the vast majority of home purchases were discretionary consumer spending — not to get shelter alone, but to “move up” or “downsize” or change school districts, or get a house with a pool or a house without a pool, etc. etc. etc. People changed houses mostly because they simply WANTED to for some reason, not because they NEEDED a different house.
(Even if you moved for a job, you always have the option to rent.)
Now it’s financially impossible or prohibitive to change houses simply because you want to.
Just like some people used to get a new car every few years, but now are hanging on to clunkers and feeling good about it, people are thinking “this house will do, we’ll make it work.” Staying put is becoming a bigger part of our thinking, for a bunch of reasons, and that could be a permanent influence in the view of homeownership.
Yes.
Complete tax code reform is absolutely necessary — not only fiscally, but to preserve our country, our freedom, and our Republican form of government.
That has to be what we focus on next, after we get this spending debacle permanently under control. (Which, I’m thinking, will require a Balanced Budget Amendment.)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.