President Obama!

[moreluck]

He's still focused on this!!!! This article does not say it's ok to loan to people who can't afford to payback......it's a bad idea!!!


"However, President Obama has pledged that low income families would again be able to enjoy home ownership in his recent State of the Union address."

Obama Administration Pressures Banks To Give Loans To People With Weak Credit | JONATHAN TURLEY

 

[Nimnim]

Did you bother to click on the link and read the article? If you had you would have read that applicants would still have to meet established lending guidelines and that safeguards would be in place to avoid a repeat of the early 2000's.

I find it amusing that moreluck includes herself among the normal.

I could very well be mistaken but before the bubble collapsed weren't the established guidelines and safeguards reduced to allow more people to qualify?

I don't think it would be as bad as before, but I can see it being done poorly and thus producing negative results.

Personally I don't think there should be any push to make loans more available while the interest rates are being artificially held low. Really there's no incentive for lenders while the rates are low, let them go up and the lenders will respond.

 

[over9five]

When I saw that piece earlier this morning I thought at first is was another goodie from The Onion but then I realized it wasn't. If they do manage to re-inflate the bubble, use the time to get debt free, downsize your lifestyle cause when it pops again, it will be much worse.

I just can't believe they'd even float the idea, much less put it into action. This is a classic example of the government believing the public is a bunch of idiots who won't remember that this has all happened before (with horrible results).
It is the ultimate in short term thinking.
​Is it a timing thing? Are they hoping the eventual fall will come during the next presidency? This administration will look good in the short term, but the next administration is screwed.

 

[wkmac]

I just can't believe they'd even float the idea, much less put it into action. This is a classic example of the government believing the public is a bunch of idiots who won't remember that this has all happened before (with horrible results).
It is the ultimate in short term thinking.
​Is it a timing thing? Are they hoping the eventual fall will come during the next presidency? This administration will look good in the short term, but the next administration is screwed.

I understand all of the above but ask yourself the other side of the equation. Where are the voices of objection from the so-called experts, economists and the technocrats who really are the ones who run this thing anyhow? Why are they sitting back and allowing the re-inflating of the bubble.

There are a few like former Reagan OMB director David Stockman whose been calling out the crony capitalists and don't think this is America alone going this route. Even the UK is following suit and over there it's the conservative party leading the parade.

I would like to point out one item from the UK to ponder further thought. In the Conservative Home piece we read the following:

The UK housing market is dying. Ignore the expensive enclaves of London and the affluent Home Counties where very few people buy very expensive houses. Look at the ordinary suburbs, like Chingford where I
live, or Dagenham or Bexley. Or the less affluent bits of Kent and Essex, or the Midlands or the North. Here you will find house prices still stuck below their peak of 2007. Which is a good thing by the way. Never forget Labour allowed a decade long boom in house prices from 1997-2007 which saw the average house price across England and Wales almost treble, from £63,000 to £177,000. In London they more than trebled, going from £107,000 to £350,000, peaking early in 2008. When the Left bleat about the lack of “affordable housing”, remind them of why housing is “un-affordable”.

Sound familiar? Now ask yourself this question, how can the laws and actions of our Presidents (Clinton and Bush) along with the Congress and an over-trusting public have caused this problem in England? It can't. It would take policy actions by the UK gov't to cause this so who has the power and clout with both govt's to obtain almost identical policies enacted?

Also raises the question of who really does run this country doesn't it?

 

[moreluck]

Via Beltway Confidential:

President Obama told a $5,000 per-person cocktail reception Wednesday evening that “we can’t have perpetual campaigns” just minutes before adding that, “It’d be a whole lot easier to govern if I had Nancy Pelosi as Speaker.”

Hedge fund billionaire Tom Steyer hosted Obama’s cocktail reception at his San Francisco mansion last night, before Obama transitioned to an even more exclusive $32,400 per person dinner at Ann Getty’s mansion in Pacific Heights ($32,400 is the maximum amount any one person can give a national party committee in one year).

In all, Obama raised more than $2.5 million from wealthy Californians for Democratic Congressional Campaign Committee efforts to regain a Democratic House majority that would return Pelosi to the Speaker’s chair.
​

 

[UpstateNYUPSer(Ret)]

I guess TMZ or WZ didn't catch this news item:

Sequester sympathizers: Obama, Kerry, Hagel give up part of salaries — MSNBC

 

[UPS Lifer]

Did you bother to click on the link and read the article? If you had you would have read that applicants would still have to meet established lending guidelines and that safeguards would be in place to avoid a repeat of the early 2000's.

*

Nimnim makes a good point. My first thought was how can you meet established lending guidelines with weak credit history???? . So, the only way to meet "established" guidelines is to lower the bar. YIKES!

 

[moreluck]

Obama's % that he gave up amounted to the first 6 mins. of his flight to Denver.

Over. Done. Finito. What's next..........oh yeah, all the entertainment coming to the white house......including Cyndi Lauper.....what is this, the Apprentice or Splash??

I read about Obama's sacrifice at my usual sources........but I didn't think it was signifcant enough an effort on his part to post it!!

 

[wkmac]

I read about Obama's sacrifice at my usual sources........but I didn't think it was signifcant enough an effort on his part to post it!!

Well there is something we can grateful to Obama for after all!

 

[Babagounj]

Had Mitt won , the treasury would have gotten back all but $1.00.
That's the same amount he was paid as Gov. of Mass.

 

[UpstateNYUPSer(Ret)]

Obama's % that he gave up amounted to the first 6 mins. of his flight to Denver.

Over. Done. Finito. What's next..........oh yeah, all the entertainment coming to the white house......including Cyndi Lauper.....what is this, the Apprentice or Splash??

I read about Obama's sacrifice at my usual sources........but I didn't think it was signifcant enough an effort on his part to post it!!

You didn't post it as it didn't reflect negatively on the President.

 

[UpstateNYUPSer(Ret)]

Nimnim makes a good point. My first thought was how can you meet established lending guidelines with weak credit history???? . So, the only way to meet "established" guidelines is to lower the bar. YIKES!

He does make a good point but this was addressed in detail in the article. No one wants a repeat of the Bush fiasco but there are good people with the financial means who would love to buy a home but are hampered by a weak credit history.

 

[UPS Lifer]

He does make a good point but this was addressed in detail in the article. No one wants a repeat of the Bush fiasco but there are good people with the financial means who would love to buy a home but are hampered by a weak credit history.

If you have a weak credit history, generally you have had problems paying your bills or you have way more debt than you can handle with your current income. Your credit score is designed to bounce back as the debt diminishes and the current history of bill paying on time is established.

However, in that article, there is a paragraph that states the Feds are trying to get banks to refinance homes that are underwater and lower the payment for those who owe more than the house is worth. To me, that is a different scenario. The gov is trying to help a current homeowner out. From the banks POV though, this stlll poses a significant risk because the asset will not cover the loan.

​To big to fail comes into play.

 

[moreluck]

Disability Trust Fund Ran Record $31.2B Deficit in 2012; In Deficit Every Year Under Obama | CNS News

 

[Babagounj]

Obama Budget To Propose Prohibiting Individuals From Accumulating More Than 3 Million In Retirement Accounts
But I have personally determined that I will double that to maintain my current lifestyle .

 

[moreluck]

It took Obama only 30 minutes to issue a statement on Ebert, more than three hours to respond (just after 10 a.m.) to Thatcher’s death.

(CNSNews) – More than two hours after the BBC reported the death of conservative British Prime Minister Margaret Thatcher on Monday, President Barack Obama still had not issued a statement on her passing.

But last week, within half an hour of film critic Roger Ebert’s death, the White House tweeted a statement from the president.

As of 10:00 a.m. EDT on Monday, there was still silence from the White House on Thatcher’s death, which the BBC tweeted as breaking news around 6:50 a.m.

Last week, the Chicago Sun-time reported at 2:32 p.m. on April 4 that Ebert had died; The White House tweeted a statement from President Obama at 3:02 p.m.)
​

Priorities!!

 

[moreluck]

CURL: Obama's 1 percent lifestyle hits a nerve - Washington Times

 

[moreluck]

Hypocrite-in-Chief.

(CNSNews)

– President Barack Obama designated April 9 as National Equal Pay Day, even though 70 percent of White House staffers in the top-salary bracket were men, and male White House staffers earn on average 13 percent more than female staffers.

“To grow our middle class and spur progress in the years ahead, we need to address longstanding inequity that keeps women from earning a living equal to their efforts,” Obama said in the proclamation released Monday evening. “That is why I have made pay equity a top priority — from signing the Lilly Ledbetter Fair Pay Act days after I took office to cracking down on equal pay law violations wherever they occur.

And to back our belief in equality with the weight of law, I continue to call on the Congress to pass the Paycheck Fairness Act.”

CNSNews reported on March 15 that 70 percent of White House staffers earning the maximum salary of $172,200 last year were men and 30 percent were women, according to the White House numbers posted on staff compensation. Further, men on the White House staff are paid $86,260.89 on average.

Women on the White House staff are paid an average of $76,162.65. So men on the White House staff are paid about 13.26 percent more than women. Put another way, women earn 88.29 percent of what men earn.
​

 

[moreluck]

Obama Sequester Soul Jam - YouTube

 

[moreluck]