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Politics & ReligionWell Since every damn forum has one. Might as well leave it out there. This place is loosely moderated and should not be entered if you're weak of heart.
They want to give large tax breaks to home builder, because they are losing their shirts....???
WTF is this...for years developers and home builders rape the public, then spend their money living the high life from paycheck to paycheck!
I have known too many of them not to have seen this with my own eyes. Now we have to feel sorry for them....Pigshit. All these people getting foreclosed on....boo f&^*in who.....
They want to give large tax breaks to home builder, because they are losing their shirts....???
WTF is this...for years developers and home builders rape the public, then spend their money living the high life from paycheck to paycheck!
I have known too many of them not to have seen this with my own eyes. Now we have to feel sorry for them....Pigshit. All these people getting foreclosed on....boo f&^*in who.....
I haven't read it, but let me paraphrase and you can tell me how close the assumed cliff notes version is:
1. The economy will fall apart unless we prop some people up.
2. Those people have a pretty high net worth to begin with.
3. Anybody who doesn't have a high enough net worth can suck some eggs.
'Bout right?
Perfection.........
Just means that they intend to try to keep the irresponsible, preditory type on top. Personally I think they should regulate the builders harder. Stop them all from building McMansions everywhere, and designate classes for housing types..... Around here, almost all of the starter homes have been demolished by f'ing builders, tearing down a 1800 sqft home, and putting up a 4000 sqft eyesore in its place to do nithing else except make as much money as possible. Of course the towns dont mind because of the increased revenue. But meanwhile all the young couples trying to get their first house have to live in east shit hole, because they cant afford their own towns.
But the section 8 beauties still have a nice home in these towns...meh
Okay. This bailout was first killed in February and even Reid admits its not likely to survive when it goes to the House.
I agree with your broader point, however. There is always a desire among businesses to privatize profit when times are good (cut those taxes!) and socialize losses when they're not (save us!). This has happened in every boom and every recession, regardless of the party that was in power.
Since the Fed kept Bear Stearns from collapsing last month, you are seeing a rush of industries and business associations to get money from the government to prop up their losses. This crap is really pretty small potatoes to what's ahead. This morning I heard CNBC's money bunny Erin Burnett say that the airlines need to be federalized because if you look at their profits and losses since deregulation, it is impossible for the airlines to make a profit. It's total bullshit, but you can carve it in stone that someone close to an airline or an industry analyst at a brokerage planted that turd of an idea in her hollow little head to begin a discussion about more bailouts for the airlines.
But rest well, because the government won't do shit for the airlines, homebuilders or anyone else who isn't a top-ten bank. The people who were supposed to have regulated and provided oversight to the markets for the last eight years have fucked things up so badly that we're flirting with a total collapse of the world banking system. Even the biggest idiots in DC are keenly aware that they need to be prepared to step in if Citibank, UBS, Merrill Lynch or WaMu goes tits up.
Well, the US Government better not be bailing out UBS. If the Swiss are willing to let it tank, then let the fucker go down.
JMO
I agree...but then again they are all so ingrained, with holdings companies, and front companies that it is hard to sort them out.
Quote:
Originally Posted by baldheadeddork
This morning I heard CNBC's money bunny Erin Burnett.
thats some funny shit
I agree, the bailouts are only a stop gap though. No one has really even bothered to size up the actual pile of crap that is about to happen. They are trying to put a bandaid on a chest wound. I really wish the government would be proactive and do the job that they are supposed to be doing, instead of cozying up to the supposed elite.
Builders rack up huge debt by building too many houses that don't sell and want the government to bail them out?
Hmmm, I think I'll go home and max out all of my credit cards (while applying for more), then write my congressman and tell him to propose a bill to forgive all of my debt because I just can't pay it back and I don't want to declare bankrupcy. Because then I wouldn't be able to get more credit cards and do it all over again! How was I supposed to know I shouldn't get in way over my head? NOBODY TOLD ME!!!!
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Real estate developers are heavily regulated, but in a different way from other industries. They have to conform to zoning and building codes, and their lenders should be looking at projects to see if they are economically viable, but they didn't, and developers are usually pathological optimists.
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true that.....
but in the last 10 years profit taking has ramped up to a national epidemic. With everyone crying poor when they fold. Too much greed is never a good thing.
New foreclosure bill
