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09-30-2008, 03:15 PM
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GreekChat Member
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Join Date: Aug 2003
Location: Michigan
Posts: 15,821
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I've not heard this reason given for contributing to the mortgage crunch, but it certainly seemed to contribute, in my view:
Once upon a time in America, your credit card interest was tax deductible. The Tax Reform Act of 1986 eliminated this option. This is, in large part, what led to people taking out home equity loans in mass quantities as their home values rose dramatically in the early to mid 90's. It was pushed as a smart financial decision.. use that home equity to pay off those credit cards and THEN your interest is tax deductible! This is where I've seen a lot of people get into trouble. You roll those credit card balances into a home equity loan or a new mortgage and KEEP USING THOSE CREDIT CARDS. Then your home value drops and BAM. You owe more on your house than you can pay and you have a boatload of credit card debt to boot. Most I know have worked their way out of it, but it's getting tougher and tougher now.
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09-30-2008, 03:16 PM
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GreekChat Member
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Join Date: May 2008
Location: In Mombasa, in a bar room drinking gin.
Posts: 896
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The Democrats saying that it had the support of both parties' leadership in the House and the Republicans needed to deliver their caucus was apparently untrue. Minority Leader John Boehner, Republican Whip Roy Blunt, Republican Conference Chair Adam Putnam, Republican Policy Committee Chair Thaddeus McCotter and Financial Services Ranking Member Spencer Bachus all voted "No" on the bill. Just wishing that the bill had bipartisan support from the House leadership doesn't make it so.
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"I put my mama on her, she threw her in the air. My mama said son, that's a mother buckin' mare."
Last edited by CrackerBarrel; 09-30-2008 at 03:22 PM.
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10-01-2008, 10:08 AM
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GreekChat Member
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Join Date: May 2002
Location: A dark and very expensive forest
Posts: 12,731
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^^^ Hmmm. Untrue as in "a lie" or untrue as in "turned out not to be true"? Is it possible that the Democratic leadership was led to believe that it did have the support of the House Republican leadership?
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10-01-2008, 11:14 AM
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GreekChat Member
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Join Date: May 2008
Location: In Mombasa, in a bar room drinking gin.
Posts: 896
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The way I understand it is that the Republican leadership said that they needed to get something passed and that the Democrats had their support in passing a bailout bill. That may have been misunderstood as they needed to get this passed and would support it. I don't know exactly, but I do know Pelosi and Frank were raising hell about how Boehner didn't deliver the Republican conference. Umm, no kidding, he didn't vote for it himself either.
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"I put my mama on her, she threw her in the air. My mama said son, that's a mother buckin' mare."
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10-01-2008, 03:00 PM
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GreekChat Member
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Join Date: Aug 2006
Posts: 1,358
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Thanks for fixing the link.
I cannot stand it when I read about someone's complete and utter hypocracy. Then, when they are shown as the bald faced liars that they are, they come up with reasons why they should be above the rules.
So true about the Casablanca reference though. I shouldn't be surprised!
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10-01-2008, 11:24 PM
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GreekChat Member
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Join Date: Aug 2003
Location: Michigan
Posts: 15,821
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Yep, I am. Let's throw everything but the kitchen sink into the bill. I didn't look at your link, but I heard on CBS radio tonight that the original bill from Bernanke was 2 pages, the one the House voted down was 110 and the one the Senate was voting on tonight was something like 445! Sheesh!
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10-01-2008, 11:33 PM
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Super Moderator
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Join Date: Feb 2002
Location: Oklahoma City, Oklahoma
Posts: 18,668
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Quote:
Originally Posted by AGDee
Yep, I am. Let's throw everything but the kitchen sink into the bill. I didn't look at your link, but I heard on CBS radio tonight that the original bill from Bernanke was 2 pages, the one the House voted down was 110 and the one the Senate was voting on tonight was something like 445! Sheesh!
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There are two things you should never see being made:
1) Sausage; and
2) Legislation.
I'm sure both processes are completely terrifying.
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S N E T T
Mu Tau 5, Central Oklahoma
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10-03-2008, 04:51 PM
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GreekChat Member
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Join Date: Jun 2003
Location: Hoover, AL
Posts: 364
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So it's now law and there is so much b.s. in it I'm disgusted. I thought this was supposed to be a bailout bill not a I'll scratch your back if you scratch mine, everyone's going to get some, like's become socialists kind of bill.
I will vote against anyone who voted for this bill and vote for anyone who opposed it simply on principle. There was too much obvious pork added to it to get votes. Plus the market should correct itself. the bill was passed and stocks still went down?!?
I'm also inclined to let Wells Fargo buy Wachovia, even though there was already a deal made with Citigroup, simply b/c it doesn't involve the government paying anything for it.
I'm getting off my soapbox now.
Go Notre Dame!
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