Podcast: Chuck DeVore On Environmentalism Gone Wild [Hello Cap-n-Trade], I.O.U.’s, Prison Release & Other California Craziness–Like Barbara Boxer

Thursday, August 20th, 2009

Don’t look now, but while the citizenry wrestles over the notion of Health Care legislation and what that all means, a big (literally bigger) pile of odious legislation sits in committee waiting to enslave Americans with taxes and limited lifestyle: Cap-n-Trade. To understand just how awful Cap-n-Trade is, one only has to look at California to catch a clue.

And how IS California these days? Well, the air is cleaner, which is nice, but unemployment is approaching 15-20% generally and nearly 40% in the agricultural industry. In addition, taxes are going up, prison populations are being released, I.O.U.s are being given, and the state has a prohibitive cost of living associated with less jobs.

Can you say misery?

And yet, the very elements that made this mess, sit in the Cap-n-Trade bill. That bill, by the writers admission, will cause unemployment to increase. There is a provision for more welfare to be paid for those who would be put out of work. It’s a mess of a bill, that would make failed California the model for the nation.

Chuck DeVore talks about all of these problems and the solutions. One solution is to start voting conservatives into office. Barbara Boxer wants to visit upon the nation the Great Depression circumstances now in California. She needs to go.

Chuck DeVore will be challenged in the primary by Carly Fiorina. Voters need to look closely at this woman. Fired from HP, fired from the McCain campaign, not interested enough (or too worried about the political implications) to make a stand and vote, Ms. Fiorina has a couple things the Republican leadership love: money and name recognition. Since America is not yet a Fiefdom, it would seem that ideals and character should matter too. I hope California voters pay attention to this race.

Listen to it all on the podcast. It’s informative.

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Killing Real Estate & Driving Down The Market: The Law Of Unintended Consequences

Wednesday, August 19th, 2009

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Where I live, there has been no real estate bubble. Nothing has burst. Still, a new law was put into place that forces banks to draw a name randomly to appraise homes. So, newbie appraisers are coming into neighborhoods where they have no knowledge and giving very under-valued appraisals.

The result? Deals have been scuttled, home prices are being forced to drop and home owners are losing equity.

And this problem was all a result of unintended consequences: The government inserted themselves into a situation trying to “help” and ended up harming the very ones they were trying to protect.



What If The Economy Recovers Sooner Than Convenient?–UPDATED

Monday, May 4th, 2009

For the second straight month, home sales have increased:

There was another ray of hope Monday for the distressed housing market: the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the second month in a row.

Homebuyers taking advantage of bargain prices, low interest rates and a tax credit for first-time buyers pushed the seasonally adjusted index of pending sales up by 3.2 percent to 84.6 in March.

What if the economy is recovering? What if it all happens before the gazillions of dollars Obama is spending happens.

John Fund told me to expect inflation 18 months from now. When the natural capitalistic cycle is monkeyed with the pendulum swings too far the other direction. That’s what I fear happening in the next two years.

UPDATED: Related thoughts from Lorie Byrd.

Cross-posted at href=”http://rightwingnews.com”>RightWingNews



Hot Air: Ed Morrissey

Monday, March 9th, 2009

Minnesota Starts State Shar’ia Loan Program
More state intrusion into private financial markets.



A Tired President, A Timeline Reminder

Sunday, March 8th, 2009

Doug Ross documents the money, power, corruption timeline that resulted in the current economic mess. [This is so important, you need to see it.] AJ Strata adds more.

Greta doesn’t want finger pointing. Why not? How the hell do we avoid future problems if we don’t identify and name those who created the problem? The best way to create this problem again is to ignore how we got here to begin with. And Americans want to be told sweet things and this is troubling Brian Williams’ heart. Funny, when things were good, Mr. Williams didn’t seem troubled by jumping on the ain’t-it-awful bandwagon. It was positively de rigeur to say how bad things were under Bush when the unemployment rate hovered around 4%. Now, under President Obama, suddenly the press wants to tell good stories and there’s nothing good to find?

Worse, low-income loan recipients and lender behavior has not changed. People are getting FHA loans and defaulting before they make one payment. From the Washington Post:

Many industry experts attribute the jump in these instant defaults to factors that include the weak economy, lax scrutiny of prospective borrowers and most notably, foul play among unscrupulous lenders looking to make a quick buck.

The spike in quick defaults follows the pattern that preceded the collapse of the subprime market as some of the same flawed lending practices that contributed to the mortgage crisis are now eroding one of the main federal agencies charged with addressing it. During the subprime lending boom, many mortgage brokers and small lenders milked the market for commissions and fees by making as many loans as possible with little regard for whether they could be repaid.

Once again, thousands of borrowers are getting loans they do not stand a chance of repaying. Only now, unlike in the subprime meltdown, Congress would have to bail out the lenders if the FHA cannot make good on guarantees from its existing reserves. And those once-robust reserves are showing signs of stress, raising the possibility that taxpayers may have to pick up the tab for the first time since the agency was established in 1934.

We need to point fingers, Greta. We need to know WHY this is happening. We need to shame and jail those who are engaging in these vile practices. And the greedy recipients of these loans need to be named and shamed, too. And don’t forget the corrupt politicians mentioned at the beginning. They started this mess and profited from it.

So, we have those who cannot afford homes defaulting and then wanting taxes to increase so they can be bailed out by those who were responsible. As James Joyner says:

It’s dangerous for a republic to operate on the basis of the lower classes voting themselves a larger share of the earnings of the upper classes. It’s one thing to appeal to a sense of noblesse oblige and quite another to treat others’ wealth as a piggy bank to be raided at will.

The fact is, there is no “magical” way to get out of the mess we’re in now. Not making the mess worse would be a nice start.

Americans elected a man who can speak well but has zero leadership ability and even less judgment when it comes to picking people who can do the job. Evidently, he has to be the smartest man in the room. That’s scary for a variety of reasons. And he’s tired:

Imagine sitting in a board meeting of a once successful company, one focused on an abysmal income statement, and the chairman reveals he’s overwhelmed.

Or it’s half-time in the locker room of a football team with a storied past, one down by about 3 touchdowns, and the head coach looks at each of you players and states that he’s overwhelmed.

Or you’re the patriarch of a large and usually propsperous family farm, one that’s coming out of a dreadful growing season, one where family members are looking to you for wisdom and you state that you’re simply overwhelmed.

Yes, imagine. So a mess made by the government, citizens who don’t want to point fingers (mostly because they’d be pointing at themselves) and a President who’s fatigued. Sounds like a recipe for success!



Cassy Fiano

Tuesday, March 3rd, 2009

Buy A House In Detroit For $7,500
Democrat policies make housing affordable!



Rick Santelli Rants And You’ll Love It

Monday, February 23rd, 2009

Just in case you haven’t seen it yet, I’m sharing with you the sentiment from CNBC host Rick Santelli:

Want to get involved in your city and protest the government’s takeover of ….well, everything, sign up here at the TCOT action committee’s Tea Party group. This Friday, a nationwide protest is being planned.

Conversely, ACORN has decided to break into foreclosed homes in protest: “this is our house now”. Expect more of this, too.

I got this link from Right Wing Video. You need to visit there every day. Good stuff.



Bad Economic News

Wednesday, December 3rd, 2008

This economic news more than just about anything else bothers me:

The ADP Small Business Report has shown that:

  • Total small business employment: -79,000
  • Goods-producing sector: -47,000 small business jobs
  • Service-providing sector: -32,000 small business jobs
  • Small businesses cutting employees mean that big businesses don’t need what small businesses are producing. I suspect these numbers will get worse at the start of the new year. Obama or no, the economy is going to continue to contract. If people have money, they’re not going to spend it. In fact, some of the business movement this year (travel, for example) happened because the trips were already planned. Next year will probably be worse. Time will tell.

    Then, I can be overly pessimistic about this sort of thing. But maybe I’m not too pessimistic. Maxed Out Mama says and this is tangential but related because small businesses losing jobs at precisely the time when people need the money to save their homes:

    I apologize in advance; here’s where I lose my temper and the cussing starts. The borrower’s mortgage payment more than doubled over the first few years of this transaction. Even if the borrower make it through the fourth year, the borrower is still almost always going to lose the home unless the borrower’s income increases pretty hugely, or unless the borrower had saved a 7% downpayment. But very few of such borrowers would take such a mortgage; these things were marketed to those who really didn’t have the money to buy.

    If borrower’s income remains the same or increases moderately, borrower will lose the home. If the home appreciates only moderately, the borrower will lose the home.

    So there are two conditions, and only two conditions, in which such a loan will not result in the borrower usually losing the home – the home must appreciate far beyond the historical norm, AND the borrower must have a major increase in income to pay the actual amortized cost of the refinanced mortgage.

    At an APR of 6.5%, the amortizing mortgage payment would be about $1,820 on a 30 year. You have to have significant equity to get that rate, and a decent credit score. Thus, to escape this loan the borrower is going to have to pay substantially more plus have good credit, plus be able to pay about 1K more monthly.

    I don’t think this will be over anytime soon. 2009 is going to stink, I think.

    Cross-posted at RightWingNews.com



    Want To Buy A House?

    Wednesday, November 19th, 2008

    Want To Buy A House?
    There are deals to be had….



    The Housing Crisis Creates A Socialist Utopia–Just As Obama Envisioned It

    Monday, September 29th, 2008

    Here’s how the Democrats “solved” the housing crisis a few years back:

    And then there is this video that covers visually, what I’ve written about before, about what caused the financial crisis:

    Here’s an inconvenient truth: President Bush was smarter than Nancy Pelosi about this housing mess. John McCain tried to do the right thing while Obama was too busy redistributing wealth to himself.

    This bailout is sticky politically for the Dems in the short term because middle-class people (yes, Barack Obama, America has a middle class that you evidently don’t think is necessary) vote. Long-term though, policies like the Dems put forward achieve all sorts of ends: the elites are enriched further empowering them to lord over the working class. Far from a society that is fairer, the Left is trying to achieve a socialist’s dream–a ruling oligarchy and the masses to serve them.

    Communist regimes have a few fabulously rich who dress and talk like the common man (Castro, old what’s-his-name in China) but live like lavished princes. Obama, Pelosi, Dodd, Schumer and their ilk are no more for the common man than Castro or Chavez. They talk about being for the people when the people they really work for is themselves. It’s disgusting.

    What is more disgusting is that people buy this bilge and believe it.

    H/T Reader Dan and GatewayPundit who is talking about the “goon squads”, aka useful idiots. Every regime needs them. Barack Obama has plenty.

    Cross-posted at Right Wing News