Replies to This Discussion

Permalink Reply by Grillin' - MmmMmm on March 2, 2009 at 8:09

I actually think the interest rate deduction is applicable as it is supporting the risk being taken. Downpayment plus the covenants of the loan, etc.

I do struggle with the deduction rationale but I also don't think you should change the rules in the middle of the game. Maybe end the deduction but grandfather any loan currently in place. The Realtors and Homebuilders would scream pretty loud if you do that and their lobby is pretty strong. Now the apartment owners, they are a business so they should get a deduction on the interest afforded to their business as a business expense. They also depreciate the asset and pay capital gains when the sell the asset.

I'd be happy to go to a flat or fair tax...one rate for everyone no deductions. That would be fine with me. This progressive discipline tax system with exemptions that phase out as you are successful makes no sense and there is a whole industry built around supporting the monolith. Plus, the current tax code allows the government to try and drive behavoir and control the masses' spending/investing. Another thing I don't like. For instance, because of the tax code, I'm investing in a lot of municipal bonds to avoid the tax. This is fueling local government spending, much of which I disagree with as it is wasteful or could be better focused. But given the opportunity to avoid a 36%...soon to be 41% soon to be whatever...I'll go that route.

Permalink Reply by Bobi Carr ("parker") on March 1, 2009 at 16:37

Mmmarkkk,

I actually agree with you on some points.

But the middle class are the main culprits of borrowing more than they can afford NOT the poor.

I do believe that many homeowners should be given a break of some sore (reduced interest or principal etc.) BUT then have either the whole break or a % to be returned to the government upon a profitable sale (if one takes place in the future).

There is plenty that government can do to address the issues that could work out to alleviate the temporary issues and still recoup most of the money that they throw at the problem.

I BELIEVE THIS WOULD BE RESPONSIBLE USE OF GOVERNMENT FUNDS.

Permalink Reply by Jack Blake on March 1, 2009 at 16:40

All the Aholes who borrowed what they can't pay are idiots!
All the bankd that lent the A holes money are A holes as well!
What the F happened to personal responsibility???????????????!!!!!!!!!!!!!!!!!

Permalink Reply by Jack Blake on March 1, 2009 at 16:46

I stand corrected. They are not A holes. They are poor IDIOTS and I should pay for their poor choices and planning.

Permalink Reply by Jack Blake on March 1, 2009 at 17:09

Ok they may not be idiots- just poor planning. I saved 10 k to put down on my first house. Had to rent for years. Could have got ARM's but never did cause I never wanted a payment more than I could make even in a worst case scenario. Home ownership and wealth should require sacrafice(unless you made a killing in the Haynesville).
People these days think everyhting is a right and a given. People are too soft and need to work and take personal responsibility.
Jack Blake has ranted!

Permalink Reply by Bobi Carr ("parker") on March 1, 2009 at 16:48

Jack,

I was around a bunch of the idiots who lent money to people on adjustable rate mortgages. I NEVER RECOMMENDED AN ADJUSTABLE RATE (PERIOD). I WAS NOT PERSONALLY INVOLVED WITH ANY LOAN THAT WAS.

But they were prevalent. Everything was rosy and people believed that home values would always go up.

I remember the 80's and the S&L crisis, so luckily I didn't buy into the nonsense.

But I can attest that a whole lot of seemingly intelligent people did.

The problems now exist. What ever language you wish to describe the people that are now in a mess is your business, but there is a problem. How about an idea as to how to solve it instead of "&*)__&^^" typing.

Permalink Reply by Jack Blake on March 1, 2009 at 16:57

Free market - No govt intervention - let poor planning greedy bankers go under - let people lose their homes cause they bought more than they could afford.
I live in a modest house, but was a millionaire based on my 401K (not from the Haynesville and not from my house appreciating). Now I only have a 401K values at 700k. I bet on stocks and lost, and it really pisses me off that my investments are losing due to fat cat banks being bailed out and all these idiots wanting welfare howled Jack Blake!!!!!!!!!!!!!

Permalink Reply by Bobi Carr ("parker") on March 1, 2009 at 17:04

Jack,

You make me want to change my party affiliation.

Permalink Reply by Jack Blake on March 1, 2009 at 17:13

Are you an Anarchist or a Socialist now?

Permalink Reply by Cathaus on March 1, 2009 at 17:13

Jack,
But for the grace of God, you and everyone of us could be one of the idiots that you rant about.

Permalink Reply by Snake Stewart on March 1, 2009 at 17:15

Dont let 'em ruffle your feathers me-maw.

Permalink Reply by Bobi Carr ("parker") on March 1, 2009 at 17:22

Jack,

I wish someone would start the common sense party, I would love to join that one.

But like most, I agree with some issues from both sides. So that buts me in the middle.

And as far as I can tell both of the main parties aren't doing much of anything useful.

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