Posted on 03/13/2008 11:07:18 AM PDT by BGHater
Sen Johnny Isakson Says Checks Would Entice People To Buy
He would know.
As a longtime realtor in Cobb County, Sen. Johnny Isakson has seen housing downturns before. "We had recessions in 1968, 1974, 1982, and 1991, by every measurement, this is going to be a deeper and bigger recession in residential housing. It's a significant event."
Isakson is pitching an idea to his colleagues in Congress: a $15,000 tax rebate check to anyone who agrees to buy a home. Congressional budget analysts project the program would cost $14 billion over the next few years. But Isakson said the rebate checks are well worth the hefty price tag. "If we can convince buyers to come back to the marketplace and buy these houses, then the houses aren't vacant. It's replaced by an owner-occupant, who is there making payments on a loan and helping all of the other houses around."
Senate Republican leaders have signed on to the rebate check idea. But they have to corral support from Democrats. Senate Democratic leader Harry Reid is instead pushing a foreclosure relief proposal called The Foreclosure Prevention Act of 2008, which would offer $4 billion to cities to rehab or knock down foreclosed properties. Reid's Democratic colleague Sen. Bob Casey said, "It's important that we have as much money as possible in the hands of local communities, to get it into communities, where they know how to spend those dollars and help families through this crisis."
Figures compiled for wsbtv.com by mortgage analysts with RealtyTrac show a surge in Atlanta-area foreclosures. In 2006, RealtyTrac reported 33,018 foreclosure filings in the Atlanta region. In 2007, 50,271 people were foreclosed upon.
The Senate is expected to debate both competing foreclosure proposals. Presidential candidates have also publicly announced proposals to ease the housing crisis. Sen. Hillary Clinton has proposed a temporary freeze on all home foreclosures.
“...unless your goal is to gut the economy and siphon all personal wealth to the government.”
On the nose, my friend, on the nose.
To borrow an expression from Bruce Williams, industrial-strength stupid.
That’s exactly the kind of stuff that will go on if this passed.
I’ll approve this on one condition:
The only people to get this rebate are those who paid more than $15000 in federal income taxes in 2007.
At first I was looking for the “Humor” keyword. But then I see it was from the Republicans so it’s like the same thing.
He runs for reelection in 2010.
I can't wait.
BUMP!!
This totally sucks.
Horrible idea.
Greedy bankers and people who believe in the free lunch got us into this mess. I certainly don’t see why I should be penalized for their behavior.
In 1968 the Median Household Income in the U.S. was 7,743 and the Median cost of a home was 20,100 a 2.6 to 1 ratio.
In 2005 the Median Hosehold income was 46,326 and the Median cost of a home was 219,000 a 4.7 to 1 ratio.
These figures are from the U.S. Census Bureau Tables 669 an 942.
Based on affordability, homes were much more affordable in 1968 than they are today. Keep in mind that income and housing coasts can vary significantly from one part of the country to another, as can interest rates. Though the above data does show that a much greater share of household income is required to buy a home today than 40 years ago, with similar downpayment percentages.
It is ALWAYS our money, the government (Congress) has no money of it's own. Even if they use T Bills or Bonds to raise the money, WE STILL PAY IN THE END.
Good Lord! Is this their only answer to anything? Throw money at it! Sheesh!
This would simply increase prices by $15,000, while it lasts. Congress needs to quit playing expensive games, and let the market work.
We no longer have a republican party, it is just which party is the least socialist!
Why not just write everyone a 10 million dollar check. Then we could all retire!
“Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers? It had better not be mine.”
Considering that Congress doesn’t grow money on trees, it will definitely be YOUR money — and MINE. I love that our money is always being stolen in order to support the losers in the country. The responsible citizens are forever being penalized for doing the right thing.
I am getting so disgusted with the whole damn process. Both parties aren't worth a damn! Socialists, the whole lot of 'em.
RE-ELECT NOONE '08!
Where is the NONE OF THE ABOVE option?
Hell! Why stop there? Why not just buy us all a new house for crying out loud!!!!!?!?!?!?!?
On the heals of this, the same people who scream in indignant ponce when a Republican spends a dollar to protect the nation are in favor of bloating the budget for generations with a Risky Tax Give-away that will drive the price of housing back up again. Do they never learn? And where are the REAL Republicans to fight it?
Thanks heaps, you JERK-OFF!
"Senate Republican leaders have signed on to the rebate check idea."
Says it all.
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