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Republicans Trying to Fix Prices for Mortgages
http://www.foxnews.com/wires/2009Feb02/0,4670,StimulusHousing,00.html
...Meanwhile, Senate Minority Leader Mitch McConnell, R-Ky., told reporters Monday that Republicans would offer a plan to have the government step in to reduce mortgage rates to around 4 percent, which could shore up home prices and lower housing payments for millions of Americans. "A stimulus bill must fix the main problem first, and that's housing," McConnell said. "That's how all of this began. We think you ought to go right at housing first." Republicans want to have banks lower the interest rates to 4 percent or 4.5 percent on 30-year fixed rate loans, up to a certain cap. Rates could drop if Fannie Mae and Freddie Mac agreed to buy the mortgages.
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- Stephen M. Smith
I'm pretty sure I heard something in the last couple of days that housing inventory was finally starting to drop in many areas. The prices have fallen to where people have started buying again.
How is keeping the rates extra low NOT going to cause the home prices to artificially climb, putting the housing market right back in the same mess it's been for the last year or so?
Darnit. McConnell is losing me again. There are so many times I'm ready to cheer for him, but then he goes for the lesser of two evils compromise. If government bailouts and stimulus is wrong, it's wrong all the time, not just when it's a proposal by someone with a (D) after their name.
Your observation about the prices of homes dropping was spot-on. Awesome grab on the memory. McConnell is such a sham, isn't he? I mentioned in todays audio production that when they passed the $750 billion "TARP" in the fall, he emerged with Juddy Gregg to announce it was "the Senate at its finest".
Ugh. He's the focus of a lot of attention because he's seen as the opposition leader down there now. Well when the opposition to Hitler is Stalin, you aren't exactly in a good position, eh? :-)
Be Seeing You!
What's that phrase Gard uses to describe these sort of people?
Oh yeah, "economic dunderheads".
This is especially frustrating to me because a lot of people to whom I am close still believe in the "free market credentials" of the Republican Party. I can't even convince them to seperate the concepts of "conservatism" and the RP, much less get them to understand true free market principles or the ideas of liberty. Perhaps this will serve as a catylist.
Or perhaps not. I keep my hopes high and my expectations low.
Government is not a necessary evil. Rather, it is an evil of such great power that it has been able to convince us of its necessity.
a lot of people to whom I am close still believe in the "free market credentials" of the Republican Party. I can't even convince them to seperate the concepts of "conservatism" and the RP
I know how you feel... My dad is the same way, although now he lives in Costa Rica and no longer pays close attention like he used to. I told him to check out the show. Not sure if he did or not yet. I'll have to get a hold of him again soon.
While driving today, I heard a piece on National Public Radio, which quoted a housing expert/economist as saying that a drop in the price of homes is actually making the volume of home sales increase, and also prices in some areas are beginning to rise (which is a good thing if one needs to sell). I was shocked, after they were talking about how we NEED the big banks, and all this other stuff about how Darwinism doesn't work for the economy.
Why do people think drivel, if purpetuated on NPR, has merit? Is it the crusty, stale presentation?
I think it's the hushed vocal tones and the smooth jazz/world music soundtrack. Makes all the difference - Obama should consider incorporating these elements into his speeches.