OK all these "stimulus" ideas are getting ridiculous

[D2bets]

Now everyone wants their little pet "stimulus" to be added. Republicans want everyone to get a 4% fixed 30-year interest rate? What? And why? Interest rates are already low. Why do they need to manufacture it even lower at a cost to everyone. This is one where the market can take care of itself.

And then they want a $15,000 homebuyer tax credit for everyone. And an auto buyer credit. And on and on. Ridiculous.

Christmas goodies at everyone's expense.

I'm good with some solid infrastructure spending. And I'm good with simple tax rate cuts on the bottom end of the brackets. All these other gimmicks are political BS and mess with the free market way too much. And both parties are piling on.

d1g1t

 

[billbeater]

weatherizing homes... what a fukin joke... we went from high tech computer jobs to winterizing our balls from bullshit! how about free gamblers insurance obama?

 

[rolltide]

I'll take an NFL season bailout, if available?

I think the only jobs available from this stimulus plan are the census takers needed to perform that $1B duty...that and folks to hand out jimmy caps

 

[3peet]

Now everyone wants their little pet "stimulus" to be added. Republicans want everyone to get a 4% fixed 30-year interest rate? What? And why? Interest rates are already low. Why do they need to manufacture it even lower at a cost to everyone. This is one where the market can take care of itself.

And then they want a $15,000 homebuyer tax credit for everyone. And an auto buyer credit. And on and on. Ridiculous.

Christmas goodies at everyone's expense.

I'm good with some solid infrastructure spending. And I'm good with simple tax rate cuts on the bottom end of the brackets. All these other gimmicks are political BS and mess with the free market way too much. And both parties are piling on.

d1g1t

A 4% fixed 30 for everyone?? Well shit why don't we throw credit rating out the window so even the unworthy subprimers can flood into loans sink this market again???????

 

[rolltide]

it was only for borrowers with good credit 3peet. i actually don't mind the reasoning for the idea (but we all know politicians have hidden agendas) which is that folks with good credit and 6-8% mortgages would refinance at 4% and use their monthly savings to reinvest in the economy. But, personally, I don't want the GOVT to make any decisions on people's personal finances...they've done enough harm already. the 2 key points on this proposal are below...

-About 40 million mortgages could be refinanced if this program gets under way. That's equivalent to 80 percent of all the outstanding home loans in the U.S.

-Nationally, monthly mortgage payments could drop by an average of over $400 a month or $5,000 a year for refinanced mortgages.

-Average monthly savings in selected states:
California: $700
New York: $530
Kentucky: $250

 

[Risk44]

Im gonna have to agree with the Repubs on this one.. more disposable income means more spending.. which will get the economy rolling.. an aextra 400 a month can mean a new car..a remodel.... or even a bigger house if you are living comfortably.. I said this MONTHS AGO..

HOWEVER it will probably never happen bc the banks are content to let the people paying above 6% keep paying it.. bc they dont want to lose money..

 

[D2bets]

it was only for borrowers with good credit 3peet. i actually don't mind the reasoning for the idea (but we all know politicians have hidden agendas) which is that folks with good credit and 6-8% mortgages would refinance at 4% and use their monthly savings to reinvest in the economy. But, personally, I don't want the GOVT to make any decisions on people's personal finances...they've done enough harm already. the 2 key points on this proposal are below...

-About 40 million mortgages could be refinanced if this program gets under way. That's equivalent to 80 percent of all the outstanding home loans in the U.S.

-Nationally, monthly mortgage payments could drop by an average of over $400 a month or $5,000 a year for refinanced mortgages.

-Average monthly savings in selected states:
California: $700
New York: $530
Kentucky: $250

You can already refinance pretty easily around 5%, give or take. Why do we need another government program to make it 4% when rates are already historically extremely low? Interest rates are not the problem with the economy right now. How about fixing what's actually broken first.

 

[tocco05]

Im gonna have to agree with the Repubs on this one.. more disposable income means more spending.. which will get the economy rolling.. an aextra 400 a month can mean a new car..a remodel.... or even a bigger house if you are living comfortably.. I said this MONTHS AGO..

HOWEVER it will probably never happen bc the banks are content to let the people paying above 6% keep paying it.. bc they dont want to lose money..

Spending is what caused the problems we are in now. How about people take that extra money and save it.

 

[rolltide]

D2, I see no harm in putting an extra 5k in people's pockets if it's something that can easily be done and with low closing costs. My estimated closing costs for refinancing were completely insane, so I passed. Plus, it's not taking money from one person and giving it to another it's simply decreasing what you're paying on your home

tocco, one of the major problems with the economy right now is that people are reluctant to spend any money. yes, they'd have the option to take the money and save it but, for others, they'd be able to make that purchase that was sorely needed...I'm not talking 50" flat screen, but upgrade a bathroom, add a deck, buy a new car if yours isn't running...basically things that are being put off right now

 

[tocco05]

Roll, people need to quit spending money just for the sake of spending money. People need to start saving their money every chance they can get. If you need to buy something that you absolutely need, then fine, but to take money and to just spend it on shit when you are over extended already makes absolutely no sense.

 

[3peet]

well first of all these people still stuck in 6-8% mortgages should've caught the refinance boom 3 years ago when there was equity left in their homes to do so.

Now that home values are 90% upside down the only ones benefiting from this 4% mortgage would be the next wave of homebuyers. But refinanceer's? forgetaboutit. Not for atleast 3 years.

 

[Willie99]

well first of all these people still stuck in 6-8% mortgages should've caught the refinance boom 3 years ago when there was equity left in their homes to do so.

Now that home values are 90% upside down the only ones benefiting from this 4% mortgage would be the next wave of homebuyers. But refinanceer's? forgetaboutit. Not for atleast 3 years.

define "90% upside down"

 

[rolltide]

preaching to the choir on that one tocco

i guess my point is that if someone has capped, or even overextended, themselves and have a way to put 5k in their pockets without taking from someone else than do it. we're not going to change mindsets overnight but could loosen some coin up for folks to buy their kids clothes and other necessities that are being ignored right now

by no means is this THE solution but it's a step in the right direction whereas the 'stimulus' will cripple this generation unless we find a way into a third world war in the 2010's. trying to ignite an economy with social programs is about as asinine a solution as i have ever seen

 

[3peet]

Spending is what caused the problems we are in now. How about people take that extra money and save it.

You know I always here this. Spending is what caused problems. So if no ones spending, and companies are continuing to turn in bad numbers quarter after quarter, continue to shed jobs, therefore putting even more people in the unemployment line.

Then whats the solution? You know what people did with the 1st wave of stimulus checks that went out last year? They saved it. Alotta good that did to the economy.

 

[rolltide]

btw 3peet a 6% mortgage is hardly a bad rate for any of these last 5 years...the avg right now is nearly 5.5%. as far as home values, well perhaps some areas (frisco, socal, nyc, so fl) may have dropped 25-30% but 90% is ridiculous. Some areas, like Pittsburgh, did not experience the insane bubble thus did not experience the burst. In fact, most areas of the country would be like my town and not like CA, NY, and FL

 

[3peet]

define "90% upside down"

Where the mortgage is worth more than the value of the home.

 

[3peet]

btw 3peet a 6% mortgage is hardly a bad rate for any of these last 5 years...the avg right now is nearly 5.5%. as far as home values, well perhaps some areas (frisco, socal, nyc, so fl) may have dropped 25-30% but 90% is ridiculous. Some areas, like Pittsburgh, did not experience the bubble thus did not experience the burst.

Hey, who you tellin Roll. 6% is actually a decent number hell we don't have to go back 5, how about 10 or 20? Many would be happy to have a 5.5 - 6.0% interest rate on their payment.

Ok...maybe my 90% is a bit skewed. I work in the markets of the westcoast, southeast, Texas, Georgia and Florida. But mostly in the shortsale and investment markets. Forgive me.

 

[tocco05]

You know I always here this. Spending is what caused problems. So if no ones spending, and companies are continuing to turn in bad numbers quarter after quarter, continue to shed jobs, therefore putting even more people in the unemployment line.

Then whats the solution? You know what people did with the 1st wave of stimulus checks that went out last year? They saved it. Alotta good that did to the economy.

Spending on shit you need I understand. Spending on shit you don't need is what is stupid. What's the point of spending money you don't have? What's the point of spending when you are fucked finacially. I guess people who are in bankruptcy and can't pay their bills shold just say Fuck it, let's go buy a new car, or a big screen or a new computer or IPod or some other stupid shit. Our economy was based on that. Over consumption of goods. People buying shit they didn't need and couldn't afford. People need to stop spending and start saving.

The solution is cut taxes and stop spending by the gov. Get rid of the Fed. Get rid of the IRS. Bring home our troops. Ron Paul is right, we can't continue this. All empires fall because of overspending.

 

[rolltide]

tocco i totally see what you're saying but you're asking folks to change a mindset that permeates this nation, which is not going to happen. actually, the downturn has curbed spending so maybe it would work? (who knows, talking out loud while typing).

I'm just saying if I can get my 5.75% down to 4% for a very small closing fee I'm in! I'm a frugal living sort of guy so I'd take the money and invest it, or put it into a CD, savings acct, etc. Hell, maybe I'd finally update my master bathroom? either way, it would put $$ in my pockets and allow me to decide how to use it. Would some dumbass making 50k with a 300k house and a kid go out and buy a Pioneer 50" with surround sound? of course, but that's some of the beauty in living in the USA. We get to laugh at others

 

[tocco05]

Roll, all I am saying is that it better happen. If it doesn't then I have no sympathy for people who end up fucked financially.