Newsweek: Spending Spree Over April 21, 2008Posted by pf in Expenses and Savings.
Tags: bailout, bankruptcy, debt, economy, GDP, mortgage, net worth, newsweek, spending, subprime
I came across the following article from Newsweek
Essentially, the writer outlines how the spread of credit created a boom in spending that had both positive (increased accessibility to funds for housing, etc) and negative (overspending) effects. Due to the current crisis and the generally indebtedness of our population, the author wonders if the era of free spending which generated significant growth not only in our own economy but for others around the world is over and what it may mean.
In my view – GOOD. I have waxed on about similar topics in the past where I have expressed concern about our country ranging from the dire state of personal finances (too much debt, too little savings) to broader topics such as the crisis we are facing with Social Security and Healthcare.
I remain deeply distressed and concerned about the path we are on and the recent bailout proposals for both businesses and consumers who have made foolish mistakes and may be saved via a taxpayer rescue only strengthen this view. WAKE UP.
Housing Package: Some Sanity April 9, 2008Posted by pf in Taxes, Uncategorized.
Tags: bankruptcy, congress, foreclosure, housing package, john mccain, mortgage mess, speculator, subprime, Taxes
1 comment so far
Today I read an article from Newsweek entitled “Tax Breaks for Bubble Heads“. In it, the author, Daniel Gross outlines “Congress latest dumb idea to fix the housing crisis”. Although I think this thing has too much momentum to stop, I take some small consolation that there are voices of reason trying to be heard. If you share similar views, I encourage you to write about them…maybe the chorus will grow.
Housing Fix April 3, 2008Posted by pf in Expenses and Savings.
Tags: bankruptcy, federal bailout, foreclosure, homebuilders, housing fix, mortgage bailout, subprime mess, subprime mortgage, tax breaks, tax credits
Our federal government is moving at blazing political speed to finalize a $15 Billion band-aid to relieve some of the pressure wrought by the sub-prime mortgage mess. The potential provisions include the following:
- Tax breaks for home-builders (up to 40% of the $15 billion cost)
- Tax credits ($7,000) for purchasing homes already in or facing foreclosure
- Additional property tax deductions for those who do not itemize their tax returns ($500 single / $1000 joint filers)
- $4 billion for states to buy and rehabilitate homes
- $100 million for counseling of homeowners at risk for foreclosure
While I can appreciate the difficult situation our politicians find themselves in (they gotta do something about this if they want to keep their office, don’t they?), I remain generally opposed to the whole thing.