I haven't been covering Wall Street (Q&A from WSJ) events here but have been keeping up (as much as possible) like the rest of you with various financial MSM reports and news and opinions from bloggers like Calculated Risk.
Our poll finished here, and many of you seemed weary of any more plans to bail out homedebtors or freeze foreclosures. Here are the results of last week's poll:
What's Your Opinion of the Democrats' Plan to Freeze Foreclosures for 90 Days?Of course, this is rather old news by now and I haven't heard much said on the topic in the last week.
A Benefit to the Economy 2 (2%)
A Good Humanitarian Move 4 (4%)
Pandering Before the Election 43 (50%)
Detrimental to a Housing Recovery 26 (30%)
Bad Idea for Other Reasons 10 (11%)
Votes: 85
4 comments:
The sickening feeling which keeps getting stronger is that people who paid too much for real estate or cashed out too much equity will soon have their principle balances reduced and forgiven. Where does it end?
It is sickening to think that future taxpayers might really be on the hook this time. I was listening to 107.7 FM today and they were interviewing someone from Forbes who mentioned the yearly costs of Social Security would dwarf the cost of this bailout. (He put the cost of Social Security payouts at $3 Trillion a year. Perhaps that was an exaggeration -- I'm just repeating what I heard).
Congress has a super-low approval rating at this point and I for one do think they deserve it. I think they need a good cleaning out. Bloggers were on this story since 2004 and they just sat there and did nothing.
I'm rooting for the little banks and the little guys to keep plugging on (if they can) because I think that's the key to a recovery from this. But there's no question that there's real moral hazard in this, and somehow that has to be dealt with.
SO how will all this affect the RE markets both local & National?
This bailout just makes me more afraid to buy a home now, since no one knows for the fallout of the bailout will be??
ban on foreclosures for 90 days? I don't have to pay my mortgage for 90 days? COOL! Free living.
Post a Comment