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 411mania » Politics » Blog Entry
In Case You Missed It
Posted by Jake G. on 03.05.2009



While most of the political world tried to figure out if Rush Limbaugh is the new leader of the GOP, I'm keeping tabs on some other developments in the world that may have slightly bigger impacts. This is the 411 equivalent of "In Case You Missed It"... The Democrats just reached a new deal for mortgage bail outs that meets almost all the important requirements. Namely, you can't get money if you haven't tried to pay off your mortgage. It also checks to see if banks gave you a fair loan or if you were one of the many millions of Americans who got caught up in a bank loan scam.

"The concern is that we want to ensure that those people who get relief have tried other avenues," (House Majority Leader Steny Hoyer, D-Md Speaks on Mortgage Bill.) To me this is one of the most important pieces of the puzzle to come down the line in all the stimulus brouhaha of late. Obviously some people got screwed, but others just didn't live up to their end of the bargain. It's nice to see the House Democrats working towards a solution to help weed out the good from the bad. This is another step in the right direction and an absolutely positive sign of the government working for us.

Elsewhere it's business as usual in Washington as the Senate passed a spending bill loaded down with earmarks. While Earmarks themselves aren't always a bad thing, they are typically treated as one in the media. It's easy to throw punches at "pig odor research" but as we learned last year during the debates, some of these items that seem like throw away's such as research on fruit flies that Sarah Palin criticized last year, apparently unaware that, that same research had led to significant knowledge on the battle against Autism, a cause she herself championed. Still it's somewhat alarming to see that the earmarks are getting passed.

John McCain made a play for power attempting to have many of the earmarks removed, but was quickly shut down to further show how little stroke he has left within the Senate. Ironically the bill itself has less earmarks than last year, which does show an improvement but doesn't quite meet up to President Obama's high standards that he insisted be sought out in his stimulus package that was to be kept free of earmarks.

Obama has agreed to sign this bill but has basically thrown down the gauntlet and insisted that the next one will not pass so easily if the earmarks aren't reduced or completely eliminated. Of course many of these earmarks are looked at as a positive thing in the current economic climate as many of them create jobs and are for legitimate projects to improve schools and communities throughout the country. This makes the word earmark not nearly as bad of a word as it was in more prosperous times. This will be a tough battle for Obama to overcome. Despite McCain's grandstanding, it appears as though the two men have similar goals on earmarks.

So what can we take from all of this? We're seeing improvements in Washington, but nothing can be done overnight. The Republicans message is getting muddled by their own party's faults and some Democrats are eager to take advantage of this. However it is good to note that we're seeing some unity from both sides to work on some of the more pressing issues and we're starting to see some progress in some important legislature. Will things be dramatically improved in the next few months? We'll have to see if the Republicans can get their game together with a focused message and a leader, while the Democrats will have to align themselves together on critical issues and not just try to bend and shape things to their will. For his part Barack Obama has stuck to his guns but has been bent a little on certain issues. The line is slowly being drawn in the sand and we'll see if the executive and the legislative branches of government can make sense of it all and show some unity for the common good of the people.

Here's hoping.


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Comments (13)

 
yeah the big problem with this mortage bailout bill, is one it's only a drop in the bucket, and two it really doen't adress the issue, as u can only get help if you're mortage is under fannie or freddie, otherwise your still sol

Posted By: coby preimesbeger (Guest)  on March 05, 2009 at 01:52 AM

 
 
I do feel bad for people who have lost their homes but it is not the job of the federal government to bail these people out.

I can also understand and sympathize with people who have lost their jobs due to the economy and are now facing forclosure, but it is not my responsibility to pay for their home or to make their mortgage payment.

I however have absolutely no compassion or sympathy for the ones who tried to buy a home that could not afford it. I definately have no wish to buy their home for them. That's all this bill does is take our tax money to buy other peoples homes for them. I work my ass off for the money I make for me and my family. I have no problems making my house payments and I should not have to foot the bill for someone else.

The people that were scammed were not innocent. They scammed themselves. When they saw what the payments would be they should have known right then that they could not afford the house, yet they signed for it any way. In economics we were taught that your rent/mortgage should be no more than one weeks pay. I pay less than 1/3 of my weekly pay for my home. When my mortgage is due I pay my regular payment plus add the same ammount to the principle. My 30 year loan will be paid off in 10 years from now. It is not my fault nor is it my job to keep someone else afloat.

To me this is the main problem with Liberalism. They want the ones who are doing what we are supposed to do, to pay for those who either can't or won't do what they are supposed to do. Liberals punish the victims and the law abiding and reward the criminal. I just don't understand how people are okay with this type of politics.


Posted By: Jim (Guest)  on March 05, 2009 at 02:11 AM

 
 
Jake, this is the internet. This column didn't completely bash at least one political party or declare things to be utterly broken. There was also a faint message of hope, which hasn't been a viable keyword since October. I fully expect you to rewrite this column.

Posted By: notice (Guest)  on March 05, 2009 at 08:39 AM

 
 
I haven't heard about these "bank loan scams" that Americans have been caught-up in. If fraud is involved, where are the prosecutions or civil actions?

Obama is turning out to be the Congressional Democrats' Bitch just like Busch was the Congressional Republicans' Bitch. I expect Obama to be pawned by the Russians but now his own party.

If you step over this line, your gonna get it.
Ok, If you step over this line, your gonna get it. OK,Ok, If you step over this line, your gonna get it.

Didn't work for Fudd. Didn't work for Busch. Won't work for "Obama the Deficit Hawk" either.

By the way, the mortgage plan will not stop foreclosures because the subsidy is only applied to interest payments without any allocation to principal. Research has clearly shown that those with equity are for less likely to walk away from mortgage and have worked out solutions with lenders. Those without equity are far more likely to walk away from mortgage.

Who cares though because the subsidy will be drawn from Obama's OPM warchest.


Posted By: AdmChesterMynutz (Guest)  on March 05, 2009 at 11:42 AM

 
 
I have to agree with Jim here. If you take out a six figure loan and don't read the fine print, you're an idiot. Unfortunately as I've long suspected there are millions of idiots in America, so many that they tanked the system. Of course the banks weren't minding the store, so it's just as much their fault. Follow the trail to who let the banks do that and government is at fault. According to the founding fathers people are entitled to life, liberty and the PERSUIT of happiness. Sadly many on the left interpret that to mean government provided happiness. It sounds nice to keep people in their homes, but the homes in this case are NOT theirs, they belong to the lender who hasn't been repaid. Helping them keep stolen property is a terrible precedent. I can bend on extending unemployment for those who have simply been laid off in a bad economy and will ultimately be back on their feet to resume making mortgage payments. But the federal government directly paying bills for people scares the sh*t out of me. Where does it end?

Posted By: Shockmaster (Guest)  on March 05, 2009 at 12:32 PM

 
 
Jim - I think you are overestimating the training the typical person receives in economics. It sounds like you know more than the average American. For example, I know that the school district I live in teaches MacroEconomics (country/world wide economics) rather than MicroEconomics (personal finances).

As such, if one doesn't understand the basic financial principles of a household, but are instead told "Hey, you can live in this $250,000 a month house for a mortgage of $750 a month!" and then handed a forty page document written in legalese, it is not surprising that one gets scammed.

This is part of the reason that it is so important to invest more in our public education system.


Posted By: J. Alexander Mitchell (Registered)  on March 05, 2009 at 01:01 PM

 
 
I was wondering I heard that there trying to let judges declare property value in a new bill. Is this true? If so then I dont want to hear from you silly libs that we are not turing Socialist!!!

Posted By: danman (Guest)  on March 05, 2009 at 04:12 PM

 
 
Chester,
Drawing continual lines in the sand did not work for Mohammar Quadaffi either.


Posted By: Jim (Guest)  on March 05, 2009 at 04:43 PM

 
 
The next thing we will see is John McCain apologizing to Rush for being such a lame candidate. All Republicans should apologize to Rush, it's reflex action, kind of like gagging.

Posted By: Rich (Guest)  on March 05, 2009 at 04:45 PM

 
 
I'm sorry Rush Limbaugh! Please forgive me!!!! Oh please Oh please Oh please don't be mad at me!

Posted By: The Republican Party (Guest)  on March 05, 2009 at 08:15 PM

 
 
Jim,

Thanks for adding the Gadaffi example. Spot on. BtW, you can call me Huggie, my friends call me Huggie

Chet Mynutz.


Posted By: AdmChesterMynutz (Guest)  on March 06, 2009 at 11:58 AM

 
 
Actually, I've been using Limbaugh as a smoke screen. While everyone's distracted, I've been committing minor crimes.

Posted By: Andrew Tobolowsky (Registered)  on March 07, 2009 at 02:52 PM

 
 
"I pay less than 1/3 of my weekly pay for my home."


Jim, either you're making a shedload of money, or your mortgage is incredibly affordable. Whatever the case be, and no personal financial disclosure is necessary, but how do you do it?


Posted By: pd (Guest)  on March 12, 2009 at 12:52 PM

 
STAY CURRENT




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