August 24, 2010

Recovery Summer! Bottom Drops Out Of Housing Market (Again)
— DrewM

Oof.

Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

Sales were particularly weak among homes priced in the lower to middle ranges. For example, in the Midwest, homes priced between $100,000 and $250,000 tumbled nearly 47 percent.

Robert Samuelson had a good rundown of the problems in the housing market yesterday. Naturally it boils down in good measure to idiotic government policies.

The irony is that, in failure, the GSEs (Fannie Mae and Freddie MAC) have become more important than ever. Private lenders, which once regarded a mortgage secured by a home as a highly safe investment, now see it as highly risky. Few new mortgages are made without government guarantees. The GSEs continue to operate and, along with other government agencies, guaranteed about 95 percent of new mortgages made in 2009, reports Inside Mortgage Finance, an industry newsletter. Since 1990, the government guarantee share had fluctuated between 30 and 50 percent.

This means that sudden withdrawals of support might deepen housing's depression. Economists Phillip Swagel of Georgetown University and Donald Marron of the Tax Policy Center, among others, have made sensible proposals to scale back Fannie and Freddie. But done too quickly, they could backfire.

"This is not a good time to make permanent solutions for housing," says Guy Cecala, publisher of Inside Mortgage Finance. The single-minded promotion of homeownership failed and, paradoxically, undermined the American dream. It contributed to the housing "bubble" and favors housing investment over new industries and technologies. But to end it, we need to make haste slowly.

So the government tries to level the playing field and make it fairer for people to have access to homes they can't afford and they wind up screwing it up for everyone...socializing misery.

At least we've learned our lesson and would never expand government into something as basic and important as health care. Oh, right.

Posted by: DrewM at 06:59 AM | Comments (273)
Post contains 393 words, total size 3 kb.

1
President Brink Puller to the rescue!

Posted by: the captain's log at August 24, 2010 07:00 AM (uFokq)

2
Our country's financial future is just like our nation's borders...

FUNSECURED!

Posted by: the captain's log at August 24, 2010 07:01 AM (uFokq)

3 Boehner just announced a speech in which he will call on Obama to fire his entire economic team, as the "recovery summer has failed" Boehner, the perpetual boner, actually used the word failed referring to Obama. Media is starting to swoon to attack, but Boehner and the GOP now has the Democrats back onto defending the economy, the stimulus, all of that. Sorry Reid. No more "Angle believes she was impregnated by an alien bigfoot" diversions. Sorry Murray, no more "specail interests" attacks on Rossi. You built this. You fucked up You own this. I am just shocked that Boehner had the balls to do this.

Posted by: CAC at August 24, 2010 07:03 AM (lV4Fs)

4 I bought a house this summer.  Decided even if I wind up overpaying some it is worth getting it done before Ogabe Keynes gets through "fixing the problem".  We dodged the "we don't want to make the loan because gosh we aren't guaranteed a profit" mode of the finance guys by about 3 weeks from what I've gathered.

Jugears T Clown is on fire baby!

Posted by: sven10077 at August 24, 2010 07:04 AM (kq1lG)

5 Wheeeeew, next stop DOW 8,000.

Posted by: DJIA at August 24, 2010 07:04 AM (LdYLm)

6
Is that right, CACKLE?

Way to go, Boner!

Put the Democrats on defensive. Finally.

Posted by: the captain's log at August 24, 2010 07:04 AM (uFokq)

7 En Fuego!

Posted by: Rocks at August 24, 2010 07:05 AM (ivAmM)

8 3 CAC,

lost in his vanillahood is the fact that Boner is a pretty good hand at political aikido....

Now if any of the GOP will have the balls to explain to people that "profit is a result of success and to have success there MUST be a margin for failure"

ie valuation of risk is best left in the hands of the lender or investor not subverted by GSEs and pronouncements from Mt "O"limped us

Posted by: sven10077 at August 24, 2010 07:06 AM (kq1lG)

9 But I thought Obama made a law to pay my mortgage for me!

Posted by: dick's house at August 24, 2010 07:06 AM (xmEXV)

10 Kudlow tells us this is great news for King Dollar in 5...4...3...2....

When Boner calls for the firing of Osama Obama I'll listen. He's playing the politics as usual game while the nation is transformed into Kenya West.

Posted by: MrScribbler at August 24, 2010 07:07 AM (Ulu3i)

11  Mr. D Jones.

if we're lucky....frankly I think 7500 by october is a real possibility.

Posted by: sven10077 at August 24, 2010 07:07 AM (kq1lG)

12 President's do make laws, don't they?

Posted by: dick's house at August 24, 2010 07:07 AM (xmEXV)

13 If you like your McMansion, you can keep your McMansion.

Posted by: Barack Obama at August 24, 2010 07:08 AM (FkKjr)

14 Unlike the surge, the recovery summer has failed. Perhaps Obama hasn't been told. Wouldn't want to disturb his vacationssssssssssss. Even Barney Frank is starting to think that selling homes to people who can't afford them might not be an A+ strategy.

Posted by: dagny at August 24, 2010 07:09 AM (iYSHI)

15
Republicans need to instill in everyone's heads that this mess was caused by the failed policies of Barney Franksucker & Chris Dodd.


Play the Democrats game.

Posted by: the captain's log at August 24, 2010 07:09 AM (uFokq)

16 Babe Lee talking about this with some Brit toad on Fox now.

Amazing, they attributed the drop to end of the federal tax credit and unemployment.

IOW, in an "unexpected move" people will not buy a new house if the think they may get laid off!!!

Posted by: Vic at August 24, 2010 07:09 AM (/jbAw)

17

Could someone please show me wherever The American Dream of Home Ownership™ is written down? 

We hear that shit all the time from the MFM when they're championing these eonomy-busting programs - "But but but, what about The American Dream of Home Ownership™???"

Posted by: Burn the Witch at August 24, 2010 07:09 AM (fLHQe)

18 13 If you like your McMansion, you can keep your McMansion.

Posted by: Barack Obama at August 24, 2010 11:08 AM (FkKjr)

If you like your McNuggets you can have your McNuggets (even if you have to climb thru a window to get them)

Posted by: Barack Mussolini Obama at August 24, 2010 07:10 AM (LdYLm)

19 I am just shocked that Boehner had the balls to do this.

Unfortunately it is nothing but empty rhetoric. He should be describing not only the epic fail but what Republicans are going to do about it when the retake congress.

Posted by: Vic at August 24, 2010 07:11 AM (/jbAw)

20 but but but HGTV told me if i painted my house it would add 50,000 dollars in value to my home!!

Posted by: Ben at August 24, 2010 07:11 AM (wuv1c)

21
So the WSJ is speculating that Clinton will be on the ticket in 2012 and Biden will move to SecState.

I'm not buying it. What's in it for Clinton? There is no way a 65-year old Hillary Clinton will be a viable candidate in 2012, especially when she's tied to Obama's Fail Wagon.


Posted by: the captain's log at August 24, 2010 07:11 AM (uFokq)

22

Summer Recovery rapidly turning to Fall FUBAR. Suck the bitter tap root of catastrophic failure Zero.

 

Posted by: maddogg at August 24, 2010 07:12 AM (OlN4e)

23 Nobodies going to start buying until the market hits absolute bottom.

When the value of real estate returns to normal valuations then I could be persuaded to buy a home again.

Posted by: McLovin at August 24, 2010 07:12 AM (o+bH/)

24 17,

Life, liberty, and the pursuit of happiness....

of course that was written when it was understood that it was not the governments role to give you the house or force a bank to lend you the money to get one.

Add in the lack of 'code' in housing, the absence of the mortgage industry forcing the ever climbing cost of land, and the desire for "mega-sized!" homes and the 'dream' was a lot easier to engage in 75 years back.

Posted by: sven10077 at August 24, 2010 07:12 AM (kq1lG)

25 In other news,  most uneducated Republican tools still believe the only way to get a mortgage is to murder Barney Frank's homosexual lover at Fannie Mae.

Posted by: dick's house at August 24, 2010 07:13 AM (xmEXV)

26

Could someone please show me wherever The American Dream of Home Ownership™ is written down? 

it's in the preamble to the constitution.

 

Posted by: Ben at August 24, 2010 07:13 AM (wuv1c)

27

If you like your McNuggets you can have your McNuggets (even if you have to climb thru a window to get them)

Posted by: Barack Mussolini Obama at August 24, 2010 11:10 AM (LdYLm)

But not at 6 am. And we aren't saying the President is wrong. Our donation is in the mail Mr. President.

Posted by: McDonald's Managment at August 24, 2010 07:14 AM (ivAmM)

28 Now if any of the GOP will have the balls to explain to people that "profit is a result of success and to have success there MUST be a margin for failure"

You need to look at the "Profit and earnings ratios" and you'll see things are just fine.

Posted by: Obama the econ genius at August 24, 2010 07:14 AM (tf9Ne)

29 Un Fucking Precedented

Posted by: Deaf, Dumb, and Blind MSM at August 24, 2010 07:15 AM (DYJjQ)

30

17 What's odd is that the left has an on again off again relationship to private property and likes to advance the meme that people should all live in urban centers. Why do they want people to live in private houses if they don't like the suburbs, don't like private property, don't like families, etc. It doesn't follow their general philosophy. Therefore we have to assume that it was a get the vote strategy or an illegal alien adoption strategy (look! he owns a home) and not actually a govt boost to the "dream of home ownership".

How about the dream of a two parent household, job, legal citizenship and at least a high school diploma? That leads to the american dream too and without f-ing everybody else.

Posted by: dagny at August 24, 2010 07:15 AM (iYSHI)

31 23

Absolutely. I have been sitting on the funds to buy a house for two years now. I've looked and really haven't found anything I'd consider worth going into debt for, especially if I'm already going to still lose value on the home (and I'm only aiming for the $100,000-150,000 market).

Posted by: Gaff at August 24, 2010 07:15 AM (PRm1Y)

32 So the WSJ is speculating that Clinton will be on the ticket in 2012 and Biden will move to SecState.

I'm not buying it. What's in it for Clinton? There is no way a 65-year old Hillary Clinton will be a viable candidate in 2012, especially when she's tied to Obama's Fail Wagon.


I don't know why anyone would want to be president in 2012. If you thought taking office in 2008 was a lose lose situation, just imagine 2012. America is almost guaranteed to default during your time in office. By your last year 2016, social security and medicare will be crushing us.

Posted by: Ben at August 24, 2010 07:15 AM (wuv1c)

33

 

Barry: We're renting a $20 million place on your dime. What housing market problem? Oh and Michelle says, let them eat arugula

Posted by: TheQuietMan at August 24, 2010 07:15 AM (1Jaio)

34 In other news,  most uneducated Republican tools still believe the only way to get a mortgage is to murder Barney Frank's homosexual lover at Fannie Mae.

Posted by: dick's house

 

I'm in.

 

See what I did there?

Posted by: Blue Hen at August 24, 2010 07:16 AM (R2fpr)

35
Nobody has a job.  Well, except government unions...

I want my liberty - and my right to a non-union job.

Democrat party says - F you.  You will pay for the lavish pensions of all unions.

Posted by: Lemon Kitten at August 24, 2010 07:16 AM (0fzsA)

36 I relocated and bought a house in Aug. 2007. Things had already pretty much  crashed, but I'd still hate to see what my house would go for today. In fact, the house next door is recently renovated and for sale, and is nearly identical to mine.
 I gotta go look up what they're asking.

Posted by: Lincolntf at August 24, 2010 07:17 AM (b09DL)

37 If you like your McMansion, you can keep your McMansion.
Posted by: Barack Obama

You asshole!!!

Posted by: Eco-fascist in a cold-water walkup at August 24, 2010 07:17 AM (9PzaA)

38 28,

indeed....

were there a God the newsies would be sucking lightning bolts for their blind partisanship in assigning "presedential stupidity" as narrative....

O'juggsy being marketed as the second coming of EVERY field's leadership is "rich".

Posted by: sven10077 at August 24, 2010 07:17 AM (kq1lG)

39

Rents in many locations are stabilized, but home sales prices are still falling.

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

Posted by: Jim in San Diego at August 24, 2010 07:17 AM (oIp16)

40

24

Exactly, because I remember growing up thinking The American Dream was about having the opportunity to achieve whatever your little heart desired if you were willing to work. 

Now the American Dream has turned into The American Dream Entitlement of Whateverthefuck I Can Get from Uncle Sam.

Posted by: Burn the Witch at August 24, 2010 07:17 AM (fLHQe)

41 OT:  Obama decides he's not lying enough.  Jobs saved or created was just not getting the job done so will be replaced by new statistical lie, Lives Touched.

"“Lives Touched” is a figure that the U.S. Department of Energy (DOE) uses to track the amount of people who have been positively affected by the Recovery Act funds.  This total would include people who have been provided full time employment (i.e. saved and created jobs) through the Recovery Act and people who at some point have supported a project funded by the Recovery Act."

Don't forget the great children of children unborn who will be paying for this shit.  their lives will be touched, too.

Ahhh, but "lives touched" has such a nice, touchy-feely, kittens-playing-with-a-ball-of-yarn feel to it.  I'm sure nobody will notice that they are unemployed.

Posted by: WalrusRex at August 24, 2010 07:19 AM (xxgag)

42

21 Yeah, but how tied is she to Obama? She's been really careful. I see her advancing the idea that she took the secstate job to keep him from f-ing up globally--the 3am phone call.

She may be able to pull off the nomination but I still think she's too dislikable and shrill to get elected. Also, if the black community sees her as taking away the presidency from Obama, she won't get their turnout, lib or not.

Posted by: dagny at August 24, 2010 07:19 AM (iYSHI)

43 36 I relocated and bought a house in Aug. 2007. Things had already pretty much  crashed, but I'd still hate to see what my house would go for today. In fact, the house next door is recently renovated and for sale, and is nearly identical to mine.
 I gotta go look up what they're asking.

Posted by: Lincolntf at August 24, 2010 11:17 AM (b09DL)

http://www.zillow.com/

Posted by: Radioactive Satellite Of LOVE at August 24, 2010 07:20 AM (LdYLm)

44 41 BtW,

look dude I'm with you of course we have Kleptocrats in total charge of the machine.  They are willfully misusing the EPA, the IRS, and imagined powers like Kelo to screw anyone who does not give them their dane'sgeld to be allowed to use their liberty to create and profit.  It will ONLY get worse if we do not draw a line and say loudly "you've gone this far not a single step further.

They WILL pass crap'n'tax if they hold by whatever means.  When that happens you will look at hot baths/showers daily as a fond memory that is firmly in the past.

Posted by: sven10077 at August 24, 2010 07:21 AM (kq1lG)

45

Could someone please show me wherever The American Dream of Home Ownership™ is written down? 

The same part of the Constitution with gay marriage on demand and the right for Islamists to build victory mosques without any criticism.

Posted by: The Q at August 24, 2010 07:21 AM (pfStM)

46

it's in the preamble to the constitution.

What, the "general welfare" clause?

Posted by: Burn the Witch at August 24, 2010 07:21 AM (fLHQe)

47

Aug. 24 (Bloomberg) -- Federal Reserve Bank of Chicago President Charles Evans said that while the housing market and U.S. economy have shown signs of improvement, recovery isnÂ’t yet assured.

“Although there are some signs of general economic recovery and some evidence of home-price stabilization, we are certainly not out of the woods,” Evans said today in a speech in Indianapolis. The recovery “seems to be extremely modest” and the central bank’s “accommodative policy is appropriate,” he said in reply to an audience question.

In other news Charles Evans is full of shit

Posted by: TheQuietMan at August 24, 2010 07:21 AM (1Jaio)

48 I'm not buying it. What's in it for Clinton? There is no way a 65-year old Hillary Clinton will be a viable candidate in 2012, especially when she's tied to Obama's Fail Wagon.

Ain't buyin' it either.  The only way she can get Obama taint off any future candidacy of hers is to resign before November.

Posted by: CUS at August 24, 2010 07:21 AM (wOGfT)

49 It's a good thing Obama paid my mortgage!

Posted by: Peggy Joseph at August 24, 2010 07:22 AM (pfStM)

50

I'm not buying it. What's in it for Clinton? There is no way a 65-year old Hillary Clinton will be a viable candidate in 2012, especially when she's tied to Obama's Fail Wagon.

Ain't buyin' it either.  The only way she can get Obama taint off any future candidacy of hers is to resign before November.

if anyone challanges obama in 2012 primary it will probably be Howard Dean.

I do think there will be a third party candidate in 2012, actually there might be more than one. There might be a liberal and conservative one.

Posted by: Ben at August 24, 2010 07:22 AM (wuv1c)

51
I don't want to sound like a broken record but I keep asking why no one is sticking Boy Genius Geithner's 'toxic asset' plan back in Obama's face?

Every single one of Obama's economic policies have failed.

Posted by: the captain's log at August 24, 2010 07:23 AM (uFokq)

52

50

I still say that she's the frontrunner to take over Gates' job as SecDef.

Another crack in her glass ceiling.

Posted by: The Q at August 24, 2010 07:23 AM (pfStM)

53 The new homelessness.-It's now Dumpster-iffic !

Posted by: MFM at August 24, 2010 07:23 AM (z+emt)

54

Now the American Dream has turned into The American Dream Entitlement of Whateverthefuck I Can Get from Uncle Sam.

Posted by: Burn the Witch at August 24, 2010 11:17 AM

Don't forget the other part, at least if you work (or want to work) and play by the Old Rules:

Whateverthefuck Uncle Sam can extort from you to pay for the Protected Classes' entitlements....

That's the American Nightmare. And we're living it now.

Posted by: MrScribbler at August 24, 2010 07:23 AM (Ulu3i)

55

OT:  Obama decides he's not lying enough.  Jobs saved or created was just not getting the job done so will be replaced by new statistical lie, Lives Touched.

In six more months, the metric wil be reducd to "existences experiencing some form of quantum entanglement with the eceonomic effects of the stimulus."

Posted by: Cicero at August 24, 2010 07:24 AM (0pBLV)

56

The Commerce Department will report on Aug. 27 that the U.S. economy is growing more slowly than previously thought, expanding at a 1.4 percent pace in the second quarter, according to a Bloomberg survey of economists. The Commerce DepartmentÂ’s initial estimate for the second quarter, released last month, said the economy was growing at a 2.4 percent pace.

 

No word yet if this was unexpected

Posted by: TheQuietMan at August 24, 2010 07:24 AM (1Jaio)

57

What, the "general welfare" clause?


nah, that's the rationale for govt health care.

Posted by: the captain's log at August 24, 2010 07:24 AM (uFokq)

58 Why do they want people to live in private houses if they don't like the suburbs, don't like private property, don't like families, etc.

Means to an end? By insisting mortgages be given to people they know were bad risks for repayment (lack of fiscal discipline, whatever) they could crash the system (a word I use because I don't know the real word) that allows more savvy people to purchase private housing.

...but there are still a couple of corporations/landlords controlling rental housing.  I'm sure they'll be crushed under the energy tax/rationing bill, or a second FinReg.

Posted by: HeatherRadish at August 24, 2010 07:24 AM (9PzaA)

59

52

I do think there will be a third party candidate in 2012, actually there might be more than one. There might be a liberal and conservative one.

Don't forget about me!

Posted by: Ron Paul at August 24, 2010 07:24 AM (pfStM)

60

57

That sounds like something out of a John Kerry presidency.

Posted by: The Q at August 24, 2010 07:25 AM (pfStM)

61

crapola. Trying to sell my house in Florida and just dropped the price; it's now $30000 less than what we paid and that doesn't include the extensive fixup.  I'll bet these bastards next drop the deductions for when you lose your shirt on your house....

They really think it's not our money. We need to starve the beast. 

Posted by: vivi at August 24, 2010 07:25 AM (84HQT)

62
oh no, the WSJ is saying Hillary will be Veep on Obama's 2012 ticket taking Biden's place.

In other words they're gonna swap places.

Posted by: the captain's log at August 24, 2010 07:25 AM (uFokq)

63 Don't forget the great children of children unborn who will be paying for this shit.

Not if I can help it.

Posted by: Nancy "birth control will save the economy" Pelosi at August 24, 2010 07:26 AM (9PzaA)

64 Posted by: WalrusRex at August 24, 2010 11:19 AM

I just now stopped vomiting after reading this when you put it on the earlier thread.

Now I gotta go hurl again.

Posted by: MrScribbler at August 24, 2010 07:26 AM (Ulu3i)

65 61

52

I do think there will be a third party candidate in 2012, actually there might be more than one. There might be a liberal and conservative one.

Don't forget about me!

Posted by: Ron Paul at August 24, 2010 11:24 AM (pfStM)

Hey, I have plans, too!

Posted by: Zombie Ted Kennedy at August 24, 2010 07:26 AM (LdYLm)

66 Every single one of Obama's economic policies have failed.

Posted by: the captain's log at August 24, 2010 11:23 AM (uFokq)

Hater!!!  Country club revenues, Spanish luxury resorts and boob belt manufacturers are all booming.

Posted by: Cicero at August 24, 2010 07:26 AM (0pBLV)

67 And just wait till the health/medical sector begins vaporizing under the bombardment from incoming Hellcare mandates and decertifications . This is another 1/6 of our economy these copulating sons of female canines have gleefully trashed. 

Posted by: Minnie Rodent at August 24, 2010 07:26 AM (PZLW0)

68 The mind reels at what the clown car posse will concoct as a politically motivated tonic when Congress returns from recess.

We will begin to hear the word "stimulus" again.

Posted by: Circa (Insert Year Here) at August 24, 2010 07:28 AM (NvFZs)

69

What's odd is that the left has an on again off again relationship to private property and likes to advance the meme that people should all live in urban centers. Why do they want people to live in private houses if they don't like the suburbs, don't like private property, don't like families, etc. It doesn't follow their general philosophy. Therefore we have to assume that it was a get the vote strategy or an illegal alien adoption strategy (look! he owns a home) and not actually a govt boost to the "dream of home ownership".

dagny has it. These neo-communists hate suburbia and families. They want us all to become New Urbanist Soviet Man, dutifully queueing up for the trolley to our statist job, getting buttreamed by the Bawney Fwanks of bureaucracy all the while.

Posted by: Curmudgeon at August 24, 2010 07:28 AM (ujg0T)

70 I love idle speculation. Here's mine. Unable to recover from the loss of power and privledge as a result of losing the House and the position as Speaker Nancy Pelosi will set her sights on the presidency and challenge Obama on both the Liberal and Green party tickets. Nan's the Man in 2012!!!!

Posted by: Rocks at August 24, 2010 07:28 AM (ivAmM)

71

The Associated Press unexpectedly announced its own bankruptcy today, shedding thousands of writing jobs.

Those who previously worked as AP writers are unexpectedly going to live in their parents' basements for the foreseeable future.

Posted by: The Associated Press at August 24, 2010 07:29 AM (pfStM)

72 our house is valued at 65% less than what we paid in 2006...........

Posted by: phoenixgirl at August 24, 2010 07:29 AM (eOXTH)

73

Anthony Weiner and Barney Frank.

 

SUCK ON THAT FOR A WHILE.

Posted by: gus at August 24, 2010 07:29 AM (Vqruj)

74 Unexpected.

I mean, Unprecedented.

I mean, we are so totally freaking screwed.

Posted by: DocJ at August 24, 2010 07:30 AM (dt6br)

75 I still say that she's the frontrunner to take over Gates' job as SecDef.

With the well known Clinton disdain for all things military?

http://redstatepatriot.com/hillary_clinton/

Posted by: CUS at August 24, 2010 07:30 AM (wOGfT)

76

I do think there will be a third party candidate in 2012, actually there might be more than one. There might be a liberal and conservative one.

Ack, if that happens, the patriots are divided and we get a Commiecrat, a la Ross Perot. 3rd parties are a joke.

Posted by: Curmudgeon at August 24, 2010 07:30 AM (ujg0T)

77 The housing market will not recover until two things happen. First the unemployment has to start dropping in reality instead of imaginary BS numbers. Second the prices MUST return to normal. Government interference (which caused the problem to begin with) has held home prices elevated far above what they should be in most locations.

If you look at the long term home prices in the U.S. going back to 1890 home prices basically follow inflation. If you remove inflation as a factor home prices have only increased since 1890 by 0.4% until the artificial bubble was created and then they shot up. In some locations they literally exploded.

People are not going to start buying again until they are reasonable "safe" in their jobs and they have reasonable assurance that the home they are looking at buying will not drop in value by 25% a year after they buy it. (and the banks will not lend on it either for the same reason).

So there is the answer but these things all have one thing in common. We have to get the communists and fascists out of congress and the WH before either one will have the remotest chance of happening. 

Posted by: Vic at August 24, 2010 07:30 AM (/jbAw)

78 btw......there are still arms that will be adjusting through next year.......the bottom has not yet been reached

Posted by: phoenixgirl at August 24, 2010 07:30 AM (eOXTH)

79 Michelle must get on top a lot, because barry fucks up.

Posted by: Berserker at August 24, 2010 07:30 AM (gWHrG)

80 60 Why do they want people to live in private houses if they don't like the suburbs, don't like private property, don't like families, etc.

Means to an end? By insisting mortgages be given to people they know were bad risks for repayment (lack of fiscal discipline, whatever) they could crash the system (a word I use because I don't know the real word) that allows more savvy people to purchase private housing.

...but there are still a couple of corporations/landlords controlling rental housing.  I'm sure they'll be crushed under the energy tax/rationing bill, or a second FinReg.

Posted by: HeatherRadish at August 24, 2010 11:24 AM (9PzaA)

Right. Otherwise it doesn't make sense. It's like their adoration of Islam. It doesn't fit into their philosophy, that's why it has to be about something else; either money or crashing society/economy.

Posted by: dagny at August 24, 2010 07:31 AM (7COQR)

81
We're gonna abolish the evidence Fannie and Freddie, and hit tax payers up to pay for the mess I made.

Posted by: Barney Frank at August 24, 2010 07:31 AM (0fzsA)

82

I've been stopping in at open houses, just to see what's out there. House prices are significantly dropping. Inventory is coming online every day, adding to the unsold stock. This is great from a buyer's perspective - if you can get financing.

This will not turn around overnight. It's going to be a rude awakening for sellers who are determined to stick to their price while more motivated sellers are cutting down to what the market demands. I'm now seeing single homes with a half acre or so going for the same price as 900 sq. ft. condos three years ago.

 

Posted by: kallisto at August 24, 2010 07:31 AM (+FkcS)

83

You just don't get it!

Affordable housing is a right. People deserve to have a home they might be able to "afford" to own.

(And so's health care, by the way. People deserve the best health care society can provide. But ... I tire of the argument, so let me use shorthand: Bush, oil buddies, Wall Street fatcats, etc.)

Posted by: WaterCow at August 24, 2010 07:32 AM (sWynj)

84

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

I bought a house in 2007, right before 'no money down' became a dream once again.  I was prudent in what I was buying, and made sure that I could afford the mortgage payment.  The rent doesn't quite make the payment, but my expenses are such that I'm not hurting, and in another year I should be able to refinance at a much lower rate and start putting the extra money to use.  Actually, if the market continues to suck I may be able to snatch up another house in the same area for dirt cheap.

Posted by: Alex at August 24, 2010 07:33 AM (THLN4)

85
Second the prices MUST return to normal.

Indeed. I don't know what's holding up a 'correction' in this market. It baffles the mind.

When a product doesn't move, the price of product drops, no?

Posted by: the captain's log at August 24, 2010 07:33 AM (uFokq)

86

Hang on now. Barry has a solution!!!!

To help bring stability to the market, the Obama administration will offer $1 billion in zero-interest loans to help homeowners whoÂ’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas.

The Department of Housing and Urban Development plans to make loans of as much as $50,000 for borrowers “in hard hit local areas” to make mortgage, tax and insurance payments for as long as two years, according to an Aug. 11 statement. The Treasury Department will also provide as much as $2 billion in aid under an existing program for 17 states and the District of Columbia, according to the statement.

This ought to solve everything. Brilliant idea Barry

Posted by: TheQuietMan at August 24, 2010 07:34 AM (1Jaio)

87 So the government tries to level the playing field and make it fairer for people to have access to homes they can't afford and they wind up screwing it up for everyone...socializing misery.

It's willful economic destruction, in its most insidious form.

Posted by: Soap MacTavish at August 24, 2010 07:35 AM (554T5)

88 87
Second the prices MUST return to normal.

Indeed. I don't know what's holding up a 'correction' in this market. It baffles the mind.

When a product doesn't move, the price of product drops, no?

Posted by: the captain's log at August 24, 2010 11:33 AM (uFokq)

Credit market has to collapse first. As long as the government wants to artificially inflate prices, nothing will happen

Posted by: Radioactive Satellite Of LOVE at August 24, 2010 07:35 AM (LdYLm)

89 Posted by: WalrusRex at August 24, 2010 11:19 AM

I just now stopped vomiting after reading this when you put it on the earlier thread.

Now I gotta go hurl again.

Posted by: MrScribbler at August 24, 2010 11:26 AM (Ulu3i)

Well, this is Ace of Spades HQ where double posts are not only allowed but encouraged.  And I thought it was important enough to post again, particularly in an economics thread. 

And I agree, the arrogant condescension that allows this is sickening.

Posted by: WalrusRex at August 24, 2010 07:36 AM (xxgag)

90
To help bring stability to the market, the Obama administration will offer $1 billion in zero-interest loans to help homeowners whoÂ’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas.

Well, that's one thing that will halt a much-needed natural price correction in the housing market. What an idiotic plan.

Stop Interfering!

Posted by: the captain's log at August 24, 2010 07:36 AM (uFokq)

91

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

I have considered this option, buy a modest home for me to live in, and then a condo to rent out. Due to past experience as a rental unit owner, I would never want to deal with more than one rental. In a recession, stay away from one BR units. They're quick to go vacant, tenants tend to double and triple up to save rent money.

 

Posted by: kallisto at August 24, 2010 07:37 AM (+FkcS)

92
No more winners & losers in Obamanomics.


Posted by: the captain's log at August 24, 2010 07:37 AM (uFokq)

93

Affordable housing is a right. People deserve to have a home they might be able to "afford" to own.

But they can't. Do they want to create a situation where the govt is part owner of your house? The "state" provides or ensures your housing?

I look at everything they do as something that advances their marxist/communist ideals.

They really don't want people to "own" homes, they could give a rats ass about private property. Private property only hurts them; people who own property tend to be more conservative and stable. I can see their wanting to take over the industry like health care or cars but not encourage actual private property ownership in the real sense.

Posted by: dagny at August 24, 2010 07:37 AM (7COQR)

94 84

Dang! Where are you seeing this happening? I've seen little to none of that up here in the northeast.

Posted by: Gaff at August 24, 2010 07:38 AM (PRm1Y)

95 the Obama administration will offer $1 billion in zero-interest loans

What happens if they never pay it back? 

Posted by: HeatherRadish at August 24, 2010 07:38 AM (9PzaA)

96

Socialism isn't about making everyone equally rich, it is about creating a new over-class while making everyone else equally poor.

Seriously, the whole point of socialism if you bother to read the books is to replace the aristocracy with a dictatorship of the workers, which would then dominate all of the other classes (not just the bourgousie, but the peasantry as well). This is where Leninism is different from socialism, because he envisioned a partnership between the peasants (of the poorer sort, not the ones who owned anything) and the workers.

However, in both cases the actual leadership would be the 'vanguard' of the enlightened -- a new ruling class. This is the design. This is why socialist Europe and the American socialist left are so elitist at their core. It isn't a by-product. It isn't a bug. It's not just a feature, it's the whole point.

This is why the media celebrates the Clinton mega-million-dollar mega-princess-wedding while millions are jobless. This is why Michelle's million dollar trips to vacation resorts aren't vilified by the democratic propaganda machine (ie the mainstream media) as excessive displays of privileged consumption. The democrats are the new aristocracy, and we are all peasants under them.

Actually, 'peasants' may be a bit optimistic. Serfs may be more accurate.

Posted by: The Atom Bomb of Loving Kindness at August 24, 2010 07:38 AM (CnrIa)

97 The single-minded promotion of homeownership failed and, paradoxically, undermined the American dream.

My plan is working perfectly.

Posted by: Barack Obammy at August 24, 2010 07:39 AM (gbCNS)

98

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

You'll also have to assume that they don't figure out a way to regulate any profit that you make from rent. It's very possible that, if they stay in power, your properties become "rent controlled" while your taxes increase.

Posted by: dagny at August 24, 2010 07:39 AM (7COQR)

99 98- Philadelphia suburbs

Posted by: kallisto at August 24, 2010 07:40 AM (+FkcS)

100

Like I said, a guess. If I had to bet, I say no one challenges Obama. As someone said, who the hell really wants to be President in 2012.

Posted by: Mallamutt

 

True, very true. And yet; who would ever really want to be President? There was an odd moview years back about Jack Lemon and James Garner as two ex-presidents, fleeing some sort of conspiracy. The best scene was when one of them talked about his re-election and noted that over 50 million people had rejected him. That's more rejection than most of use see in our lifetimes, combined.

Posted by: Blue Hen at August 24, 2010 07:41 AM (R2fpr)

101 So I looked at the listing for the house next door. They're asking about 10% more than I paid for my house 3 years ago. Comparing our houses side-by-side, theirs has two or three things I don't (garage under and two driveways), and I have a few they don't (pool, big shed).
The sign just went up yesterday, so I'll be eager to see how long the house lasts. Of course, there are about a hundred others that roughly match the description/price listed online, so it might take forever.

Posted by: Lincolntf at August 24, 2010 07:42 AM (b09DL)

102

100 Socialism=feudalism

What goes around comes around?

Posted by: dagny at August 24, 2010 07:43 AM (7COQR)

103
the Obama administration will offer $1 billion in zero-interest loans

What happens if they never pay it back? 
==================================

Same thing that will happen to Amnestied illegals when they don't pay their fines for citizenship, I reckon.

Posted by: the captain's log at August 24, 2010 07:43 AM (uFokq)

104 102 - I have wondered what the feds could do to mess up my getting a little bit of money from one condo.

Posted by: kallisto at August 24, 2010 07:43 AM (+FkcS)

105 Big Governmenttm  Is there anything it can't do fuck up?

Posted by: Hedgehog at August 24, 2010 07:44 AM (oQIfB)

106 especially when she's tied to Obama's Fail Wagon. I think that's called the Chevy Volt.

Posted by: George Orwell at August 24, 2010 07:44 AM (AZGON)

107 Thank you Jimmy Carter for pushing CRA, and Thank you oh so very much for creating the mess in Iran. If we are lucky, you will only get a few more million people killed before your idiocy runs it's course.


Posted by: DiogenesLamp at August 24, 2010 07:44 AM (eVJ7T)

108

o.t....Today I pull the lever for Joe Miller after work. Fuck that rino Murkowski. I'm pretty jazzed.

Posted by: Bosk at August 24, 2010 07:45 AM (pUO5u)

109 This sucks.

Posted by: Mr Pink at August 24, 2010 07:45 AM (jKJvf)

110 Thank you Jimmy Carter for pushing CRA, and Thank you oh so very much for creating the mess in Iran. If we are lucky, you will only get a few more million people killed before your idiocy runs it's course.


Posted by: DiogenesLamp at August 24, 2010 11:44 AM (eVJ7T)



Big Jim is over in North Korea even as we post to straighten out that whole mess.

Posted by: WalrusRex at August 24, 2010 07:46 AM (xxgag)

111 Haha, drats kallisto. I think three states is a bit much for a commute

Posted by: Gaff at August 24, 2010 07:46 AM (PRm1Y)

112 Being a landlord can be a very expensive proposition. You can be the most conscientious landlord and get taken advantage for years by bad tenants.  The Courts and laws and local regulations are generally stacked against you if your tenant.

Posted by: Penfold at August 24, 2010 07:46 AM (1PeEC)

113 Everything the anti-christ touches keeps unexpectedly turning to shit

Posted by: FlaviusJulius at August 24, 2010 07:47 AM (9cflz)

114 Really this douchebag stole over a trillion dollars. Where did the fucking stimulus money go?

Posted by: Mr Pink at August 24, 2010 07:48 AM (jKJvf)

115 The Department of Housing and Urban Development plans to make loans of as much as $50,000 for borrowers “in hard hit local areas” to make mortgage, tax and insurance payments for as long as two years, according to an Aug. 11 statement.

So, they're going to loan $50k more to people that are already having difficulty meeting their mortgage payments?

Now if that ain't just the pinnacle of brilliance...

Posted by: Blacque Jacques Shellacque at August 24, 2010 07:49 AM (l2E44)

116 102

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

You'll also have to assume that they don't figure out a way to regulate any profit that you make from rent. It's very possible that, if they stay in power, your properties become "rent controlled" while your taxes increase.

Posted by: dagny at August 24, 2010 11:39 AM (7COQR)

That always happens at the local level. State and Feds don't do rent control like that. That is an excellent example of why having not enough home owners and too many renters is generally a bad thing. The best way to keep housing costs down is an ample supply of housing. Rent control ALWAYS kills that dynamic.

Posted by: Jim in San Diego at August 24, 2010 07:50 AM (oIp16)

117 Everything the anti-christ touches keeps unexpectedly turning to shit

There's a Tea Party in Hell on the 666th day of his reign term.

Somehow I expected the anti-Christ to be more...competent.

Posted by: HeatherRadish at August 24, 2010 07:50 AM (9PzaA)

118 #114 Hey!  I just went on a vacation to Alaska.  Great place (only saw the Kenai Peninsula though).


Posted by: GMan at August 24, 2010 07:50 AM (sxq57)

119 Where did the fucking stimulus money go?

I believe at this point we can rule out jobs and housing sales.

Posted by: Circa (Insert Year Here) at August 24, 2010 07:52 AM (NvFZs)

120 You know what we need for this economy.  To fund more mosque building over seas. (as seen at the daily caller).

Posted by: Guy Fawkes at August 24, 2010 07:53 AM (664Zx)

121 118 Being a landlord can be a very expensive proposition. You can be the most conscientious landlord and get taken advantage for years by bad tenants.  The Courts and laws and local regulations are generally stacked against you if your tenant.

Posted by: Penfold at August 24, 2010 11:46 AM (1PeEC)

It sure can be. A good management company is always worth more than you pay. It's never a guarantee, but it sure helps. Having been on both sides of the equation, the breakdown between scuzzy tenants and scuzzy landlords is about 50/50. 

Posted by: Jim in San Diego at August 24, 2010 07:53 AM (oIp16)

122 100 Well said. I also think that a lot of people have figured this out which is why I eagerly await November. The private sector feels their economic freedom is being destroyed by taxes,regulations and corrupt deals to "chosen" groups ( unions, teachers, public service employees) by the elites.

Posted by: jjshaka at August 24, 2010 07:54 AM (Eyfad)

123 Whoever drafted this policy at HUD should be forced to fund it from his/her own pocket.

If your going to go all socialist on us, just tell the lenders and insurers that for a period of 2 years, they cannot collect any mortgage payments, disclaim coverage, cancel or fail to renew a policy. That way, the onus falls on the lenders and insurers who were unfortunate enough to lend these people money or insure their property.

Posted by: Penfold at August 24, 2010 07:54 AM (1PeEC)

124 Where did the fucking stimulus money go?

China.


Posted by: HeatherRadish at August 24, 2010 07:55 AM (9PzaA)

125 This means that sudden withdrawals of support might deepen housing's depression.

So, everything is going according to plan.

Posted by: beasn at August 24, 2010 07:56 AM (aiWtu)

126

o/t

Hubby's explorer died and he went to look at the new little commuter cars and took our 18 year old son with him. He's paying to have a new engine put in the explorer. They decided that the little cars were just too gay. Son called them tampons. I understand what they mean. As a woman, I could just barely drive one, but if a straight guy.....

Posted by: dagny at August 24, 2010 07:57 AM (7COQR)

127 The Most Detailed Schematic Illustration of Democrat Effects on the U.S. Economy You Will Ever See.

The Cement Industry is really down. Word is that transportation funding is in the tank. Until the Gov stops spending money to keep public sector jobs filled, we're screwed.

Posted by: sTevo at August 24, 2010 07:57 AM (yROZf)

128 All the Republicans need to keep saying is "the Democrats spent a trillion dollars of our grandchildren's money for what? A 9.5% unemployment rate, a double dip recession, and and the largest deficits ever. The Democrats have ruined our economy and their answers are 'it could have been worse' and 'more of the same'".

Posted by: Dr. Heinz Doofenshmirtz at August 24, 2010 07:58 AM (Bs34i)

129

I bought my house in 2009 in part because of the 8000 dollar tax credit. I was on the fence about buying, but that pushed me into home ownership.

It doesn't suprise me now that the 8000 dollar offer is gone that people like me, who were on the fence, are deciding to continue to rent.

 

Posted by: Ben at August 24, 2010 08:00 AM (wuv1c)

130 All the Republicans need to keep saying is "the Democrats spent a trillion dollars of our grandchildren's money for what? A 9.5% unemployment rate, a double dip recession, and and the largest deficits ever. The Democrats have ruined our economy and their answers are 'it could have been worse' and 'more of the same'".

Posted by: Dr. Heinz Doofenshmirtz

 

And they promise more of the same, that is, when you can ever get them to answer, or answer without attacking someone.

Posted by: Blue Hen at August 24, 2010 08:01 AM (R2fpr)

131

The Cement Industry is really down. Word is that transportation funding is in the tank. Until the Gov stops spending money to keep public sector jobs filled, we're screwed.

there is an article in our local paper about how the government slipped in a tax on corporations foreign profits, effectively taxing them twice, which will in all likelihood cause these companies to sell their foreign assets.

 

Posted by: Ben at August 24, 2010 08:01 AM (wuv1c)

132 But ... can Obama do a burpee pull up ?

Posted by: MacDaddyZion at August 24, 2010 08:01 AM (GvYeG)

133 130 Where did the fucking stimulus money go?

China.


Posted by: HeatherRadish

I guess teh 0ne figured they need a bone too. Keep them over there instead of over here looking for payments.

Posted by: sTevo at August 24, 2010 08:02 AM (yROZf)

134 Just you wait and see what I have planned before January. So little time, so much to do. My lackeys will be working overtime while I'm on vacation.

Posted by: Barack Obammy at August 24, 2010 08:03 AM (gbCNS)

135 123:  As discussed previously, day 666 of his term is actually two weeks after the mid-term elections.  (This is contributing greatly the the feeling of foreboding I've been having, no doubt.)

Posted by: DarkLordOfTheIntarWebs at August 24, 2010 08:04 AM (IkEhE)

136

Where did the fucking stimulus money go?

Not to steel. Consider: A half of a trillion dollars to rebuild the country's infrastructure, and the country's largest steel producer doesn't see a dime.

(Doesn't answer your question, but it may illucuidate nonetheless.)

Posted by: FireHorse at August 24, 2010 08:04 AM (sWynj)

137 Correction

I guess teh 0ne's handlers figured they need a bone too. Keep them over there instead of over here looking for payments.
Posted by: sTevo

Posted by: sTevo at August 24, 2010 08:04 AM (yROZf)

138 Where did the fucking stimulus money go?

Posted by: Mr Pink at August 24, 2010 11:48 AM (jKJvf)

 

Barry: These vacations just don't pay for themselves. FORE!

Posted by: TheQuietMan at August 24, 2010 08:04 AM (1Jaio)

139 Where did the fucking stimulus money go?

China.

Posted by: HeatherRadish at August 24, 2010 11:55 AM

Makes all kinds of sense: borrow money from China and give it back. Then pay it back. With interest.


Posted by: MrScribbler at August 24, 2010 08:05 AM (Ulu3i)

140 Wasn't the whole point of inflating the value of home prices to make the banks appear as if they had more capital reserves?

Promoting home ownership was in the government's interest.  It needed more buyers since the economy wasn't exactly growing them in the 70s.  Miss you 20% 30 year rates.  You made cocaine a good investment.

Now it's different.  Instead of the homes actually holding values to shore up bank capital reserves, the Fed just says "trust us.  Look at all this toxic waste we're adding to our balance sheet."

Posted by: wtfci at August 24, 2010 08:06 AM (R4rMI)

141 #144 - well played

Posted by: MacDaddyZion at August 24, 2010 08:06 AM (GvYeG)

142 141 123:  As discussed previously, day 666 of his term is actually two weeks after the mid-term elections.  (This is contributing greatly the the feeling of foreboding I've been having, no doubt.)

Posted by: DarkLordOfTheIntarWebs at August 24, 2010 12:04 PM (IkEhE)

I don't think Obama meets the criteria:




The 27 Characteristics of the AntiChrist

Know how to recognize the beast and not be swayed into believing that someone is the AntiChrist who doesn't match the biblical characteristics.

1. He comes from among ten kings in the restored Roman Empire; his authority will have similarities to the ancient Babylonians, Persians, and Greeks [Daniel 7:24; Rev 13:2 / Daniel 7:7]

2. He will subdue three kings [Daniel 7:8, 24]

3. He is different from the other kings [Daniel 7:24]

4. He will rise from obscurity…a “little horn” [Daniel 7:8]

5. He will speak boastfully [Daniel 7:8; Rev 13:5]

6. He will blaspheme God, [Daniel 7:25; 11:36; Rev 13:5] slandering His Name, dwelling place, and departed Christians and Old Testament saints [Rev 13:6]

7. He will oppress the saints and be successful for 3 ½ years [Daniel 7:25; Rev 13:7]


8. He will try to change the calendar, perhaps to define a new era, related to himself [Daniel 7:25]

9. He will try to change the laws, perhaps to gain an advantage for his new kingdom and era
[Dan 7:25]

10. He will not be succeeded by another earthly ruler, but by Christ [Daniel 7:26-27]

11. He will confirm a covenant with “many”, i.e. the Jewish people [Daniel 9:27]
This covenant will likely involve the establishment of a Jewish Temple in Jerusalem
[see Dan 9:27; Matt 24:15]

12. He will put an end to Jewish sacrifice and offerings after 3 ½ years and will set up an abomination to God in the Temple [Daniel 9:27, Matthew 24:15]

13. He will not answer to a higher earthly authority; “He will do as he pleases”[Daniel 11:36]

14. He will show no regard for the religion of his ancestors [Daniel 11:37]

15. He will not believe in any god at all [except for himself] [Daniel 11:37]

16. He will have "no regard for the desire of women": He will either be asexual or homosexual
[Dan 11:37]

17. He will claim to be greater than any god [Daniel 11:37; 2 Thess 2:4]

18. He will claim to be God [2 Thessalonians 2:4]

19. He will only honor a “god” of the military. His whole focus and attention will be on his military. He will conquer lands and distribute them [Daniel 11:39-44]

20. His arrival on the world scene will be accompanied by miracles, signs and wonders [2 Thess 2:9]

21. Either he, or his companion [The False Prophet], will claim to be Christ [Matt 24:21-28]

22. He will claim that Jesus did not come in the flesh, or that Jesus did not rise bodily from the grave
[2 John 7]. He will deny that Jesus is the Messiah

23. He will be worshipped by many people [Rev. 13:8]

24. He will hate a nation that initially will have some control over his kingdom, but he will destroy this nation [Rev 17:16-18]

25. He will appear to survive a fatal injury [Rev. 13:3; 17:8]

26. His name will be related to the number six hundred and sixty six—but not necessarily in an obvious fashion [Rev 13:17-18].

27. He will be empowered by the devil himself [Rev. 13:2]

Posted by: Radioactive Satellite Of LOVE at August 24, 2010 08:06 AM (LdYLm)

143 Why would anyone buy a home that's not on a golf course? Of COURSE the general market is down! People are moving to the fairways!

Posted by: President Putt-Putt at August 24, 2010 08:07 AM (FcR7P)

144 and number 28 - he will be a dick

Posted by: MacDaddyZion at August 24, 2010 08:07 AM (GvYeG)

145 Why do they want people to live in private houses if they don't like the suburbs, don't like private property, don't like families, etc. It doesn't follow their general philosophy.

They don't actually believe the shit that pours out of their lying mouths.  The democrats dealt-in the middle class on the relaxed standards of redistributionist lending.  In doing so, they directed streams of mind-bogglingly huge sums of money into the GSEs.  They skimmed with their grubby little hands.  It was plain and simple graft.

The lesson that the GOP needs to learn from this is that there's no such thing as "good" social engineering. 

The GOP fell for it to satisfy their "compassionate conservatism" and Rockefeller Republican paternalism impulses on the no-brainer that everybody knows that high rates of home ownership are good for society. 

Anything that everybody knows is suspect right off the bat. 

One thing I know for damned sure is that there is a fairly large percentage of people in this country who cannot make it through life without supervision.  On the one hand, I don't think it's government's job to supervise them (at least until they cross the lines necessary to put them in the graybar hotel or seat them in old sparky where they belong).  On the other hand, it is definitely not government's (read:  "taxpayer's") burden to put these imbeciles in homes that they are too stupid to run.


Posted by: MikeO at August 24, 2010 08:07 AM (lBmZl)

Posted by: the captain's log at August 24, 2010 08:08 AM (uFokq)

147 I'm renting, but I want to buy.  I want to buy land though.  20+ acres with an existing home that's livable.  Plan is to build a new home on the land with a hobby garage.

My main obstacle is choosing a county that is run by intelligent people or one with prospects of intelligent people.  Really this is shorthand for no Democrats.

Posted by: wtfci at August 24, 2010 08:09 AM (R4rMI)

148 be successful for 3 ½ years

Hell, that let's Obama of the hook right there.

Posted by: WalrusRex at August 24, 2010 08:11 AM (xxgag)

149 Being a landlord can be a very expensive proposition. You can be the most conscientious landlord and get taken advantage for years by bad tenants.

Depends on the State you are in. Generally speaking if you are in a blue State the same things that kill their economy also kills the renting business, ergo rent control and other socialist programs.

In SC a renter has some "protections" nothing really unreasonable and you can throw them out after non-payment. That process says that you give written notice of late payment and then after 14 days you go to a "Magistrate's Court" and get an eviction warrant. You can then kick them out including removal of all their stuff to dispose of as you see fit.

Posted by: Vic at August 24, 2010 08:12 AM (/jbAw)

150 The GOP fell for it to satisfy their "compassionate conservatism" and Rockefeller Republican paternalism impulses on the no-brainer that everybody knows that high rates of home ownership are good for society.

My take on Rockefeller Republicans is they just use big government to inflate the value of their wealth.  National park here, social engineering there.  They are reducing the supply of land to inflate the value of their existing holdings.

Next month I will not read about this in the New Yorker.  I won't even read about it in Skeptics.  Bitch Monthly might have a blurb.

Posted by: wtfci at August 24, 2010 08:12 AM (R4rMI)

151

Radioactive Satellite Of LOVE

 

seriously dude?

Posted by: The Great Satan's Ghost at August 24, 2010 08:13 AM (xdmF+)

152 "He will appear to survive a fatal injury " I have my money on fake assassination attempt caused by "racists and bigots".

Posted by: ingenus at August 24, 2010 08:14 AM (+sBB4)

153 My take on Rockefeller Republicans is they just use big government to inflate the value of their wealth.  National park here, social engineering there.  They are reducing the supply of land to inflate the value of their existing holdings.

You are right.  I chose my words poorly.

Posted by: MikeO at August 24, 2010 08:16 AM (lBmZl)

154 You know it's time for a new thread when the grandson of the Lace Wigs guy shows up.

Posted by: The Q at August 24, 2010 08:16 AM (pfStM)

155 One thing I know for damned sure is that there is a fairly large percentage of people in this country who cannot make it through life without supervision.

And they get to vote.

There's a reason the Founders limited the franchise.

Posted by: HeatherRadish at August 24, 2010 08:16 AM (9PzaA)

156 30. and he shall take a bride that doth scare the bejeezus outta mortal men. And this bride will take unto herself the draperies of this nation as her rainment.

Posted by: Blue Hen at August 24, 2010 08:16 AM (R2fpr)

157

3,4,5,6,9,13,14,15,16,17,18,20,21,22,23,26,27
Close but no cigar?

Posted by: dagny at August 24, 2010 08:16 AM (7COQR)

158 158 "He will appear to survive a fatal injury "

I have my money on fake assassination attempt caused by "racists and bigots". Posted by: ingenus

I would take that as " he will dead and henceforth be a zombie of satan". But don't get me going 'cause ace don't like theory sluts.

Posted by: sTevo at August 24, 2010 08:17 AM (yROZf)

159

3,4,5,6,9,13,14,15,16,17,18,20,21,22,23,26,27
Close but no cigar?

Posted by: dagny

 

Uh, that would be my cigar.

Posted by: William Jefferson Clinton at August 24, 2010 08:17 AM (R2fpr)

160

"...socializing misery..."

Bingo!  When redistributive policies begin on a small scale distributing the cost to society seems like the fair and just thing to do.  But over time the burden becomes too much even for society as a whole.  In order to fix it people have to be less selfish and think long term.

I'm not holding my breath. 

Posted by: Beagle at August 24, 2010 08:17 AM (sOtz/)

161 If you live in one of the States where home prices exploded (CA, NV, NY, and FL) it is still not a good time to buy a house.

Also if you live in one of the blue States that is on the verge of bankruptcy you do not want to buy a house. An area that is about to be abandoned will have radically falling home prices even if they had not gone up a lot previously.

Real estate prices have ALWAYS been about location, location, location for a long time and that will never change. What makes a location a good thing are a few major factors; number 1 availability of work, then availability of quality schools (primarily grammar school), and then low crime statistics.

Posted by: Vic at August 24, 2010 08:18 AM (/jbAw)

162 Olby seems more like the anti-christ to me.

Posted by: ingenus at August 24, 2010 08:19 AM (+sBB4)

163

3,4,5,6,9,13,14,15,16,17,18,20,21,22,23,26,27

Posted by: dagny

Looks like The Hill blog comment stats to me.


Posted by: sTevo at August 24, 2010 08:19 AM (yROZf)

164

Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

 

Uh oh, some editor at WaPo is going to get canned--he forgot to insert the word "unexpectedly" before the word "plunged."

Posted by: runningrn at August 24, 2010 08:20 AM (CfmlF)

165 I have my money on fake assassination attempt caused by "racists and bigots".

My money is on a sudden violent loss of both arms while playing a family board game when, in a momentary lapse, he fails to heed C3PO's immortal strategy advice.

"Let the wookie win."

Learn it.  Know it.  Live it.

Posted by: MikeO at August 24, 2010 08:20 AM (lBmZl)

166

 30. and he shall take a bride that doth scare the bejeezus outta mortal men. And this bride will take unto herself the draperies of this nation as her rainment.

 

Wiping off diet coke spewed onto my screen and keyboard!

Posted by: runningrn at August 24, 2010 08:21 AM (CfmlF)

167 Obama is less "anti-christ" than he is: - anti-capitalism - anti-middleclass - anti-9/11 widows So, he's more anti-Reagan.

Posted by: ingenus at August 24, 2010 08:21 AM (+sBB4)

168 157

Radioactive Satellite Of LOVE

seriously dude?

Posted by: The Great Satan's Ghost at August 24, 2010 12:13 PM (xdmF+)

My point was to outline what scriptures point to the Anti-Christ. People have a tendency to attribute great evil to Obama, I attribute great stupidity.

The Anti-Christ would have to destroy both the Church and spiritual Israel. I doubt Obama could change the tire on a car.

Posted by: Radioactive Satellite Of LOVE at August 24, 2010 08:21 AM (LdYLm)

169 31. He shall lift up and place above other men one who is not of this world, and who doth make a hash of simple things. And his name shall be Biden.

Posted by: William Jefferson Clinton at August 24, 2010 08:22 AM (R2fpr)

170

Posted by: William Jefferson Clinton at August 24, 2010 12:22

 

Crap. Off sock

Posted by: Blue Hen at August 24, 2010 08:22 AM (R2fpr)

171 Fucks News is covering the GZ mosque imam's tapes...finally.

In true "fair and balanced" style, they are coming down on the excuse-making Ed "Poppin' Fresh" Morrissey side, pointing out that while he said some nasty stuff about America, he's really a good, sincere guy who just wants to build them Bridges of Understanding with the filthy infidels non-Muslims.

Posted by: MrScribbler at August 24, 2010 08:22 AM (Ulu3i)

172 I attribute great evil and stupidity ... which along with the wife does scare the bejeezus out of me ...

Posted by: MacDaddyZion at August 24, 2010 08:23 AM (GvYeG)

173 day 666 of his term is actually two weeks after the mid-term elections.

Math is racist.

Posted by: HeatherRadish at August 24, 2010 08:23 AM (9PzaA)

174 160 My take on Rockefeller Republicans is they just use big government to inflate the value of their wealth.  National park here, social engineering there.  They are reducing the supply of land to inflate the value of their existing holdings.

Ah, yes. The Jackson Hole effect.

Posted by: Derak at August 24, 2010 08:25 AM (xwOKn)

175 32. He shall demonstrate seemingly great powers of leadership, beckoning all the nations of the earth to a (beer) summit. And botch it.

Posted by: Blue Hen at August 24, 2010 08:25 AM (R2fpr)

176 day 666 of his term is actually two weeks after the mid-term elections.

Satan knew he'd have to build in time for a vacation or Obama would never go for it.

Posted by: Lincolntf at August 24, 2010 08:26 AM (b09DL)

177 169 Olby seems more like the anti-christ to me.

Olby's the Diet Coke of evil - only one calorie.

The most likely person to be the AC is George Soros.  Is there any leftist group or agenda that he doesn't have his hand in somewhere?

Posted by: Invitrogen Rep at August 24, 2010 08:26 AM (9hSKh)

178 In order to fix it people have to be less selfish and think long term.

Beagle,

I respectfully disagree.  The only way to fix it is not to play the game in the first place.

Selfishness and short-sightedness are God-given rights.  The problems for everyone else begin when, as a society, we act to provide the selfish and short-sighted with grasp that exceeds their reach.

Posted by: MikeO at August 24, 2010 08:26 AM (lBmZl)

179

My completely wild, no facts, just guessing prediction: Evan Bayh.

Rational: He leaves the Senate at the time he was still up significantly in his re-election race (7 points...not great, but if Chris Dodd had been up 7, he still be running) and is still relatively young. Takes 2 years off, isn't around for when the stuff really hits the fan (and I agree with many of the posters here, the worse is still to come) and can then campaign as a "moderate" Democrat positioning himself between Obama on the left and the "extreme" Republican on the Right.

Like I said, a guess. If I had to bet, I say no one challenges Obama. As someone said, who the hell really wants to be President in 2012.

Posted by: Mallamutt at August 24, 2010 11:37 AM (OWjjx)


I live in Indiana.. there are commercials where some 525 says Bayh knew he was screwing over seniors with his healthcare vote.

He would have lost in November here.

Posted by: Timbo at August 24, 2010 08:27 AM (ph9vn)

180 Funny horserace video from BreitBart.

Posted by: FlaviusJulius at August 24, 2010 08:27 AM (9cflz)

181 Darn runningrn disease.  Caught it last night, haven't quite shaken it off.

#180  Math is racist.

And also Islamophobic!

Posted by: Kratos (Ghost of Sparta) at August 24, 2010 08:27 AM (9hSKh)

182 "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
Winston Churchill

Posted by: jukin at August 24, 2010 08:28 AM (vkkNZ)

183 Why are nitwits always equating hatred with fear? They are separate emotions.

Posted by: FlaviusJulius at August 24, 2010 08:29 AM (9cflz)

184 In true "fair and balanced" style, they are coming down on the excuse-making Ed "Poppin' Fresh" Morrissey side,....

Keep in mind that Fox News is now co-owned by the Saudis so they will always come down on the side of the Muslims now.

Posted by: Vic at August 24, 2010 08:29 AM (/jbAw)

185 33. He will demonstrate his powers over all the nations, by acquiescing to his enemies, betraying his allies and blundering as a cattle into yonder thicket (see Honduras). And all shall bow before him and for some strange reason, he will bow to them!?!

Posted by: Blue Hen at August 24, 2010 08:29 AM (R2fpr)

186

Darn runningrn disease.  Caught it last night, haven't quite shaken it off.

 

Sweet!  My cooties are very powerful, able to transmit across the innertubes!


Posted by: runningrn at August 24, 2010 08:30 AM (CfmlF)

187 148 Y'know...I generally regard such things with tongue firmly planted in cheek...

(Though it can be a fun parlor game to see how it stacks up.  Not to mention that the exercise helps one understand where some of the more off-the-wall opposition is coming from--it's like he can't help stumbling into the comparisons...)

11 and 19 look to be Right Out in any event.  It's safe to say he's a common garden variety tyro tyrant.

Posted by: DarkLordOfTheIntarWebs at August 24, 2010 08:31 AM (IkEhE)

188

33. He will demonstrate his powers over all the nations, by acquiescing to his enemies, betraying his allies and blundering as a cattle into yonder thicket (see Honduras). And all shall bow before him and for some strange reason, he will bow to them!?!

 

Blue Hen!  You are on fire!  Now you have me choking on my chips!

Posted by: runningrn at August 24, 2010 08:31 AM (CfmlF)

189

 "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
Winston Churchill

 

Wow!  Awesome quote, thanks for posting that.  I'm going to hang that on my wall.

Posted by: runningrn at August 24, 2010 08:32 AM (CfmlF)

190 My husband's libtard NY nephew is having a vicious e-mail battle today with my husband and conservative cousin over the mosque.  How D'oh manages to maintain his composure in the face of the little shit's condescending attacks is beyond me. 


Posted by: MFM at August 24, 2010 08:33 AM (UOM48)

191 Die in a fire MFM sock.

Posted by: Jane D'oh at August 24, 2010 08:33 AM (UOM48)

192 Recovery Summer! Bottom Drops Out Of Housing Market (Again)Unexpectedly?

Posted by: kansas at August 24, 2010 08:33 AM (mka2b)

193 "Let the wookie win."

Learn it.  Know it.  Live it.

Posted by: MikeO at August 24, 2010 12:20 PM (lBmZl)

Ace has asked that we refrain from using that "W" term concerning the bride of Bambi. It has been deemed "racist".

Just saying, be advised.


Posted by: Vic at August 24, 2010 08:34 AM (/jbAw)

194

34. He shall commence mighty works, at the cost of great treasue, sweat and graft, and then walk amongst the people, pointing out works that have nothing to do with the mighty works mentioned above. I haven't a freakin' clue why.

 

 

Posted by: Blue Hen at August 24, 2010 08:34 AM (R2fpr)

195

 "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
Winston Churchill

 

Wow!  Awesome quote, thanks for posting that.  I'm going to hang that on my wall.

Posted by: runningrn at August 24, 2010 12:32 PM (CfmlF)

No wonder Obama had to give his bust back to the British.

Posted by: WalrusRex at August 24, 2010 08:34 AM (xxgag)

196 What makes a location a good thing are a few major factors; number 1 availability of work

My mother spent most of last week bitching at me to buy a house*. After the sixth or seventh time we went through "all the work turning up in my search is 3-6 month contracts; even if someone was stupid enough to write me a 30-yr fixed mortgage knowing I'll be funemployed again shortly, what's the point if I have to move out six months after closing?" I gave up.

I would love nothing more than a concrete basement for the litter boxes, but it's not gonna happen as long as the federal government continues to punish companies for having exmployes/using electricity/existing.

* She also spent a lot of time bitching about the streets and sidewalks needing repaving; doesn't understand the tax money that used to go to infrastructure money now gets siphoned off for the free preschool and subsidized public transportation-on-demand for seniors programs she thinks are so awesome.  Sigh.

Posted by: HeatherRadish at August 24, 2010 08:35 AM (9PzaA)

197

So the government tries to level the playing field and make it fairer for people to have access to homes they can't afford and they wind up screwing it up for everyone...socializing misery.

At least we've learned our lesson and would never expand government into something as basic and important as health care. Oh, right.

 

This is an effing big deal, and that's exactly why we're going to keep The House and The Senate!

Posted by: Slo-Joe Biden at August 24, 2010 08:35 AM (CfmlF)

198

"He will appear to survive a fatal injury "

 

Can you get fatally injured on a golf course?

Posted by: TheQuietMan at August 24, 2010 08:35 AM (1Jaio)

199

Ace has asked that we refrain from using that "W" term concerning the bride of Bambi. It has been deemed "racist".

Just saying, be advised.


Posted by: Vic

 

But referring to her as the bride of the anti-Christ is still cool, right?

Posted by: Blue Hen at August 24, 2010 08:35 AM (R2fpr)

200 Posted by: Vic at August 24, 2010 12:29 PM

A Megyn Kelly is a terrible thing to waste....


Posted by: MrScribbler at August 24, 2010 08:36 AM (Ulu3i)

201
Heard an interesting take on the Antichrist.  Since only God know when the appointed time will be,  Satan has to have an Antichrist standing by when God gives the green light for the end times.  So,  Satan has had Antichrists ready to go while waiting for that green light.  Genghis Kahn?  Maybe.   Napoleon?  Probably one.  Hitler?  Yeah.  Obama?  Too fucking stupid and everyone hates him way too early.

Posted by: Dang at August 24, 2010 08:36 AM (Chg7a)

202 I doubt Obama could change the tire on a car.

 

Who cares?  As long as he knows how to use a tire guage, it's all good!

Posted by: 52%er at August 24, 2010 08:37 AM (CfmlF)

203 Heard an interesting take on the Antichrist.  Since only God know when the appointed time will be,  Satan has to have an Antichrist standing by when God gives the green light for the end times.  So,  Satan has had Antichrists ready to go while waiting for that green light.  Genghis Kahn?  Maybe.   Napoleon?  Probably one.  Hitler?  Yeah.  Obama?  Too fucking stupid and everyone hates him way too early.

Posted by: Dang

 

So the farm system has been done a lousy job this season; deal with it.

Posted by: Satan at August 24, 2010 08:38 AM (R2fpr)

204 Ace has asked that we refrain from . . . It has been deemed "racist".

Thanks for the heads-up. 

I respectfully ask that my comment be deleted.

Posted by: MikeO at August 24, 2010 08:38 AM (lBmZl)

205 So Barky's going to give a speech in a couple of weeks on Iraq.  I'll be busy having my ear drums reamed out with a power drill.

Posted by: Jane D'oh at August 24, 2010 08:38 AM (UOM48)

206

So the farm system has been done a lousy job this season; deal with it.

Posted by: Satan

 

And an even worse job of typing.

Posted by: Satan at August 24, 2010 08:38 AM (R2fpr)

207

I do not doubt Bayh would be in a tough re-election campaign right now.

My time frame, however, was when he announced he was leaving, which, IIRC, was around April/May of 2010.

And at that time, he still had a 7 point lead. Not great. But not bad.

Posted by: President B to the O, Hollar! at August 24, 2010 12:37 PM (OWjjx)


I wouldnt have put it past the little twit to be thinking that when he announced his resignation.  Its too late now.

Posted by: Timbo at August 24, 2010 08:39 AM (ph9vn)

208

wow, runningrn has some powerful cooties...I seem to have caught them  here as well.

Stupid, foul B to the O sock.

 

Bwhahahaha!  And I got Jane D'oh too!  I might have to start making notches in my boob belt!

Posted by: runningrn at August 24, 2010 08:40 AM (CfmlF)

209

evan bayh couldn't run against Obama, he voted for every obama endorsed bill

he would be running against his own record.

Posted by: Ben at August 24, 2010 08:40 AM (wuv1c)

210 But referring to her as the bride of the anti-Christ is still cool, right?

Sure, in fact ace said we could freely use "worf" as well.

Posted by: Vic at August 24, 2010 08:40 AM (/jbAw)

211 If someone runs against obama, it will be someone to his left, not his right.

Posted by: Ben at August 24, 2010 08:41 AM (wuv1c)

212

But... but... the car is in D!  Haven't you heard?

 

Posted by: Hussein the Plumber at August 24, 2010 08:41 AM (RkRxq)

213 Can you get fatally injured on a golf course?

Inshallah.

Posted by: HeatherRadish at August 24, 2010 08:41 AM (9PzaA)

214 206

"He will appear to survive a fatal injury "

 

Can you get fatally injured on a golf course?

Posted by: TheQuietMan at August 24, 2010 12:35 PM (1Jaio)


Can we please not give Elin any more ideas...?

Posted by: Tiger Woods, Golf Pimp at August 24, 2010 08:41 AM (IkEhE)

215

So the farm system has been done a lousy job this season; deal with it.Posted by: Satan


Timing is everything,  eh?  Sucks to be you right now.  All those bad asses through history and you might get stuck with an Antichrist who pulls his jeans up too high.

Posted by: Dang at August 24, 2010 08:41 AM (Chg7a)

216 206  If he gets whacked in the noggin from one of his own clubs (or...balls) then be very afraid.

Posted by: unknown jane at August 24, 2010 08:42 AM (5/yRG)

217 A Megyn Kelly is a terrible thing to waste....

Posted by: MrScribbler at August 24, 2010 12:36 PM (Ulu3i)

I suspect she is pretty disgusted with management now.

Posted by: Vic at August 24, 2010 08:42 AM (/jbAw)

218

So the farm system has been done a lousy job this season; deal with it.Posted by: Satan


Timing is everything,  eh?  Sucks to be you right now.  All those bad asses through history and you might get stuck with an Antichrist who pulls his jeans up too high.

Posted by: Dang

Me? If I pull this guy, you get a drooling anti-Christ! As soon as I teach him how to spell it.

Posted by: Satan at August 24, 2010 08:43 AM (R2fpr)

219 O/T:  It almost seems abnormal the way some conservatives/republicans react to Sarah Palin, as though they are ashamed of her or they think she isn't good enough without that ivy league education.  But, apparently the libs/dems are completely unhinged: 
"Finally in a recent radio show, Glenn Beck told a story of a Sarah Palin that casually walked out of airports and into public streets like she was just another citizen. Beck told of his driver asking Glenn to please ask Sarah Palin to wait for him and not just walk out into public alone."  LINK

I remember hearing Beck talk about this and thinking to myself that he should be quiet as he was telling everyone, including the nuts.

Posted by: curious at August 24, 2010 08:43 AM (p302b)

220 Doesn't the anti christ appear after the "rapture'?

Posted by: jewells at August 24, 2010 08:44 AM (l/N7H)

221

So Barky's going to give a speech in a couple of weeks on Iraq

 

I can already hear how it will start:

"When I entered office, the failed Iraq war which I voted against as a Senator was grossly mismanaged by my predecessor, a man who unnecessarily put our troops in harms way in Iraq.  I was not informed of just how dire and how terrible the circumstances that I inherited were.  All that has changed in the last 19 months because policies that I enacted have put us on the right path to success--withdrawing our troops..."

 

You can bet there will be no mention of coalition partners because we went in there unilaterally (at least that's the liberal meme) to overthrow a benevolent dictator who brought peace and stability to the middle east.

Posted by: runningrn at August 24, 2010 08:45 AM (CfmlF)

222 Everything in the age of Obama can be deemed racist. That is except black people with batons shouting out racial slurs and talking about murdering cracker babies.

Posted by: Mr Pink at August 24, 2010 08:45 AM (jKJvf)

223 Doesn't the anti christ appear after the "rapture'?

Posted by: jewells

 

The Rapture, Nancy Pelosi becoming Speaker of the House. It's all the same to me.

Posted by: Satan at August 24, 2010 08:45 AM (R2fpr)

224 If a model can do significant damage with a golf club, imagine what the copilot of the Millennium Falcon could do.

Posted by: FlaviusJulius at August 24, 2010 08:45 AM (9cflz)

225 "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
Winston Churchill


EXACTLY! Bwaa... HAHAHAAHAHAH!

Posted by: Barack Obammy at August 24, 2010 08:46 AM (gbCNS)

226 Dang it, runningrn, so you're the culprit behind my forgotten socks!  *shakes fist*

Posted by: Jane D'oh at August 24, 2010 08:46 AM (UOM48)

227 O/T (guaranteed 100% Bible Code free!):

So Ed More-easy over on HA was talking about Scarborough dissing MSNBC's sorry excuse for a prime-time lineup (again), and managed a fine example of a 'missing the point' moment.  Specifically, he considered the GZM a spent story and a non-issue.

Frankly, he's kinda off on this one.  While GZM probably isn't a core issue for most folks, it's a great way to tell 'who we want doing our business' from 'who we want out of our business'.  So yeah, it's a good guidepost for us still, I think, a veritable Rorschach test for who 'gets' America and who doesn't.

(O/T post gets tied into the Anti-Christ in 3...2...1...)

Posted by: DarkLordOfTheIntarWebs at August 24, 2010 08:47 AM (IkEhE)

228

"So,  Satan has had Antichrists ready to go while waiting for that green light."

It's okay, I've watched a lot of horror movies.  What we're looking for is a big-breasted slut with red eyes, or a 10 year old boy with a Little Lord Fauntleroy haircut.

Posted by: Joanie (Oven Gloves) at August 24, 2010 08:47 AM (HaYO4)

229

If only someone could've seen this economic collapse coming. Too bad we didn't have some lessons from history about taxes and spending, because all of this pain could've been avoided.

Next time, huh, socialists??

Posted by: gator at August 24, 2010 08:47 AM (aOKEC)

230

Dang it, runningrn, so you're the culprit behind my forgotten socks!  *shakes fist*

 

Sorry Jane!  Teh Bamster made me do it!


Posted by: runningrn at August 24, 2010 08:48 AM (CfmlF)

231 Embrace the hobo. 

Posted by: Fritz at August 24, 2010 08:49 AM (GwPRU)

232 35. he shall inherit wars that began in the days of his predecessors. And he shall claim them, and their thoughts, as his own, when convenient. And he shall alter the very fabric of time itself , that his dumbass comments shall disappear, like the olive tree in a monsoon, and be banished from the sight of men.

Posted by: Blue Hen at August 24, 2010 08:49 AM (R2fpr)

233

This might not be a bad time to become a landlord, if you choose your area carefully and buy prudently, and assuming the bottom doesn't continue to crater.

I'm not seeing it.

We had to rent out our old house when we moved and couldn't sell it.

We're paying much more in interest than in principal and the house value is either staying the same or going down. How is that a good thing?

Not to mention that we have to save more money in case of repairs that will eventually be needed.

Posted by: Mama AJ at August 24, 2010 08:49 AM (XdlcF)

234

Everything in the age of Obama can be deemed racist. That is except black people with batons shouting out racial slurs and talking about murdering cracker babies.

 

Hey!  We see you got the same memo!

Posted by: State Controlled Media at August 24, 2010 08:49 AM (CfmlF)

235 Isn't a 27% drop, in any market over the space of one month, correctly viewed as a Crash of said market?

Posted by: louis tully at August 24, 2010 08:51 AM (K/USr)

236

It's okay, I've watched a lot of horror movies.  What we're looking for is a big-breasted slut with red eyes, or a 10 year old boy with a Little Lord Fauntleroy haircut.

In the last movie I saw with an Anti-Christ, "Babysitter Wanted", the King of All Demons was a little boy. He had horns and ate raw babysitter meat.

Posted by: gator at August 24, 2010 08:51 AM (aOKEC)

237 I doubt Obama could change the tire on a car. We tires are the change we have been waiting for... Hmm, that didn't help.

Posted by: Michelins the world over at August 24, 2010 08:51 AM (FcR7P)

238

Isn't a 27% drop, in any market over the space of one month, correctly viewed as a Crash of said market?

Depends. Who's President? Dem or Repub?

Posted by: gator at August 24, 2010 08:53 AM (aOKEC)

239 I wonder, how many jobs does Larry Summers have to fail at before he becomes un-hireable?

Posted by: Steve (aka Ed Snate) at August 24, 2010 08:54 AM (psRwv)

240 Why would anyone buy a house now?  first, who needs more debt?  And even if you could pay cash for your house, why put your cash into a declining asset?  sold my place in 07 and have been renting since.  Won't go back in anytime soon, either.

Posted by: louis tully at August 24, 2010 08:55 AM (K/USr)

241 "as a black man, Barack can be shot while pumping gas at a gas station"

Posted by: The Woman which cannot be named at August 24, 2010 08:56 AM (+sBB4)

242

"...the King of All Demons was a little boy. He had horns and ate raw babysitter meat."

Well, babysitting's dangerous.  Getting phone-stalked by serial killers, attacked by possessed dolls or eaten by a 10 year old is just part of the job. 

Posted by: Joanie (Oven Gloves) at August 24, 2010 09:00 AM (HaYO4)

243 the recovery is so bad that the HQ can only afford 2 posts before 1 pm.

Posted by: Ben at August 24, 2010 09:00 AM (wuv1c)

244 This sniping is counterproductive.  Kudlow needs to get Geithner and Frank on to explain the real facts to you economic illiterates.

Posted by: ed at August 24, 2010 09:01 AM (Urhve)

245 Olby seems more like the anti-christ to me.

The guy's barely in charge of his own bathtub, let alone omnipotent enough to be the Anti-Christ.

Heh.

Posted by: Additional Blond Agent at August 24, 2010 09:02 AM (PMGbu)

246 And even if you could pay cash for your house, why put your cash into a declining asset

You need a place to live and hyperinflation is coming to a town near you.

Posted by: Buzzsaw at August 24, 2010 09:05 AM (tf9Ne)

247 @Mama AJ

Then your lucky. Granted, my landlord experience is based on NYC, which, while having low property taxes (compared to Long Island, Westchester or NJ) otherwise makes property ownership and deriving monies from ownership to be a distinctly unpleasant experience.

Posted by: Penfold at August 24, 2010 09:06 AM (1PeEC)

248

I had a real common-sense fairly conservative economics professor a couple of years ago.  Of course, part of the curriculum was to teach Keynsianism.  He allowed us to take it apart pretty thoroughly (although I had to do most of the heavy lifting there). 

I wonder how much more pushback he's getting now, in light of Keynes' abject failures?

Posted by: Truman North at August 24, 2010 09:07 AM (e8YaH)

249

Isn't a 27% drop, in any market over the space of one month, correctly viewed as a Crash of said market?

Depends. Who's President? Dem or Repub?


I say this is officially a 'market correction'. 

Posted by: MFM Style Guide at August 24, 2010 09:09 AM (wOGfT)

250 BREAKING:  OBAMA HOUSING MARKET ROPE-A-DOPE SPELLS PERFECT BUYING OPPORTUNITY... MILLIONS REJOICE

Posted by: Truman North at August 24, 2010 09:11 AM (e8YaH)

251 Olby seems more like the anti-christ to me.

The guy's barely in charge of his own bathtub, let alone omnipotent enough to be the Anti-Christ.

Heh.

Posted by: Additional Blond Agent

 

36. And the Anti-Christ shall elevate his rubber ducky, and the ducky shall be feared and repected above all men. And the ducky shall rule with an iron rod (and squeaker), and provide the Biden with adult supervison

Posted by: Blue Hen at August 24, 2010 09:12 AM (R2fpr)

252

Isn't a 27% drop, in any market over the space of one month, correctly viewed as a Crash of said market?

Depends. Who's President? Dem or Repub?

 

Absolutely!  Under George Bush 5% unemployment was a recession, under Obama almost 10% is a summer of recovery.   We're glad you wingers are finally getting up to speed!  We do have our credibility to protect, after all!

Posted by: State Controlled Media at August 24, 2010 09:12 AM (CfmlF)

253 "If Washington seems out of ideas on how to get the private-sector jobs machine running again, there’s a pretty straightforward reason — the people in government have virtually no experience in business.

"In a major departure from prior administrations, youÂ’d be hard-pressed to find anyone in the current administration with any real business experience."

http://tinyurl.com/23cm6ts

Posted by: CUS at August 24, 2010 09:15 AM (wOGfT)

254 OT: (Iowa State Fair - this weekend)

Sgt. David Murillo stated in a report on Friday night, "On-duty officers at the fairgrounds advise there was a group of 30 to 40 individuals roaming the fairgrounds openly calling it 'beat whitey night.' "

More evidence of the healing of the racial divide

Posted by: Radioactive Satellite Of LOVE at August 24, 2010 09:15 AM (LdYLm)

255 Ain't buyin' it either.  The only way she can get Obama taint off any future candidacy of hers is to resign before November.

Posted by: CUS

 

That would be perfect if Hillary resigned and then ended up as the Dem candidate against Palin.  Then the Left could just STFU with the "Palin is a quitter" meme based on Sarah resigning as Alaskan governor. 

Posted by: Speller at August 24, 2010 09:21 AM (qaOKJ)

256 Sgt. David Murillo stated in a report on Friday night, "On-duty officers at the fairgrounds advise there was a group of 30 to 40 individuals roaming the fairgrounds openly calling it 'beat whitey night.' "

More evidence of the healing of the racial divide

Posted by: Radioactive Satellite Of LOVE

 

And the likelihood of anyone being prosecuted for a 'hate' crime is?

Posted by: Blue Hen at August 24, 2010 09:24 AM (R2fpr)

257 Big Jim is over in North Korea even as we post to straighten out that whole mess.

Posted by: WalrusRex at August 24, 2010 11:46 AM (xxgag)


The man simply has an unerring nose for stupid.

Posted by: DiogenesLamp at August 24, 2010 09:51 AM (eVJ7T)

258 251 I wonder, how many jobs does Larry Summers have to fail at before he becomes un-hireable?
Posted by: Steve

There is no limit on government job failures. In fact I think they get raises.

Posted by: kansas at August 24, 2010 09:54 AM (mka2b)

259

our house is valued at 65% less than what we paid in 2006...........

 

You couldn't see that real estate was outrageously overpriced in 2006?  You    shoulda known when the appraisal on the house you werer purchasing was done with google earth.

Posted by: steve at August 24, 2010 10:02 AM (glQ/d)

260 26. His name will be related to the number six hundred and sixty six-but not necessarily in an obvious fashion [Rev 13:17-18].
     6             6          6
Barack Hussei  nObama- 

Posted by: kansas at August 24, 2010 10:03 AM (mka2b)

261

Indeed. I don't know what's holding up a 'correction' in this market. It baffles the mind.

When a product doesn't move, the price of product drops, no?

 

Why would the bank EVER lower the price???  They already got your money or will get your money via bailout.

Why is this so hard to grasp?


Posted by: steve at August 24, 2010 10:15 AM (glQ/d)

262

I say this is officially an unexpected 'market correction'. 

Posted by: MFM Style Guide at August 24, 2010 01:09 PM (wOGfT)

FIFY

Posted by: TheQuietMan at August 24, 2010 10:27 AM (1Jaio)

263 Indeed. I don't know what's holding up a 'correction' in this market.

It's called, "the government".

Posted by: Blacque Jacques Shellacque at August 24, 2010 10:38 AM (l2E44)

264 Yeah, and my realtor keeps telling me that banks have been holding back foreclosures from the market and that inventory is expected to hit soon.  I don't know how much of that is realtor bullshit, but if it isn't housing prices could take a big dip in the near term.

Posted by: doug at August 24, 2010 11:36 AM (I6iFS)

265 Just got the county's proposed property taxes notice today...even with their rose colored glasses on, they're forced to say my crib lost over $70K value since last year and would now sell for less than I paid for it in pre-bubble 1989.

That's some "change" you can fuck'n'a believe in.

Posted by: Purple Avenger at August 24, 2010 11:53 AM (3ZDkU)

266 The only way she can get Obama taint off any future candidacy of hers is to resign before November.

Please.  The last thing I need to think about is Hillary's 'taint'.

Talk about vomiting.

Posted by: jorgxmckie at August 24, 2010 02:26 PM (290l2)

267 xxx

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