Posted on 02/27/2009 6:06:50 PM PST by free-n-TX
You did the best you could. Thanks for sharing your experience.
So when are the churches and charities going to push back. This may further depress the housing prices and market of course, but it will severely cripple the religious charities and outreach - not to mention United Way, Red Cross, American Cancer Society, and all the other big charity agencies. Plenty of rich people make those places go with their charitable gifts. This is one of the most ignorant moves I have ever seen out of government in my life. And what about universities, hospitals, schools who benefit from large charitable donations? The whole economic society is going to come unravelled before this bozo is out.
that is his plan
Right or wrong people buy houses based on among other things the interest deduction. That is fact. Take it away and we will see even more Short Sales and Forclosures. The top end will fall too. Then the next crash we will see is in the commercial market. Lots of empty big boxes out there and more to come. It is not and will not be pretty out there for a long while.
Absolutely! If you tell a mortgage broker it is ok to make and 80 20 loan or a ninga loan or an inflated loan because they changed the ratios they will do it. It is legal. I am an appraiser. Saw it coming too. I am one of the people who did NOT put the car in the garage or the furniture in the living room when it came to value.
>> “Right or wrong people buy houses based on among other things the interest deduction.”
Agreed — to all.
>> “that is his plan”
Every day, this whole situation looks more like it was all INTENTIONAL. And the intent is becoming more obvious: destroy the American economy/capitalism.
DG
“(First they came for the Rich, but I was not Rich so I did not speak out...).”
Actually, in today’s culture it should read, “First they came for the rich, but I was not rich so I celebrated.”
I have been a business owner for forty years and all this makes me sick. I have spent a lifetime trying to achieve my personal goals with my own blood, sweat and tears.. I have spent countless 80hr. weeks giving 100% of my time and effort to my business and those I employ. For anyone to step in and turn my personal dream upside down is just ludicrous. I paid appx. $95,000 in income tax last year and yes when I filed my taxes I’ll get a $6,800. refund because of my mortgage interest which means I still paid $88,600. in taxes and another $12,000 in property taxes. I contribute dearly to our society and yet this insane new president wants to strip that away, and give it to those who prefer not to work so hard. Where is the logic in this? If this passes then I as a business owner will cut back on providing health care benefits to my employees and their families. Plus I’ll eliminate a few jobs along the way. I am a classic example of the enemy of the poor because they think my wealth should be rightfully theirs and I pity them and our country’s future.
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