And Obama doesn’t buy much into his own ‘redistribute the wealth’ ideal anyways…
His own tax return showed $125 of charitable donations. The guy makes 25x what I do and gave away less the whole year than I did in a week.
If you are a rental property owner, there is an easy way around supporting somebody’s baby’s momma, I am about to change my policy to only accepting cash. Remember, banks are your worst enemy when it comes to audits.
I know somebody who did this for years, then when he dumped his B^$TCH ex wife, she reported him to the IRS. His audit lasted for years, and they never got him.
"I’m all for a debate about what Conservatism means, or the pros and cons of Progressivism, but I’m done arguing this crap. Either grow the stones to come out and accuse Obama of Communism, Terrorism, or Treason, and be prepared to present facts to backup that claim or risk an arrest, or stop with the innuendo. We are where we are. I’ll be the first to admit that I don’t like the look of these “stimulus packages” that increase benefits for unemployment or food-stamps (how do we improve the economy by giving money to people who don’t work anyway?), and I hate the idea of bailing out the auto industries, but I’m willing to listen to why he thinks it will help. You can’t move forward by closing your ears to all opinions different then your own, or calling everyone who disagrees with you “clowns” “marxists” or “pukes”.
I agree but as time unfolds we will see what happens.
“won’t get very far with this agenda…I’m unsure if you ever heard what Howard Stern did recently…He planted one of his moron staff uptown in Harlem on 125st…He randomly walked up to African Americans and knowingly switched every idea that McCain was implementing to make it look like Obama wanted the same…People didn’t care,they all answered the same…“We dont care we are voting him”…So I’m supposed to believe that these people are intelligent and understand the issues at hand…Then they asked another black woman why she was voting for BO,her answer…“He is going to pay my mortgage and my gas”… www.youtube.com/watch?v=P36x8rTb3jI …They voted to represent their own…You can throw around your rhetoric and try to impose your college BS to someone else…I paid my dues to get where I am and I won’t sit back accept his socialist agenda…I was brought up to make your own way in this world…Not to rely on someone else to distribute their hard earn wealth to me…I did it on my own…Not through affirmitive action,not through handouts…”
After reading what RookieNYC wrote I realized that he doesn’t like Obama not because of what he stands for…it’s much deeper than that. I will stop posting from here because our beliefs are way too different. It’s emotions that is running this post and nothing else.
Either grow the stones to come out and accuse Obama of Communism, Terrorism, or Treason, and be prepared to present facts to backup that claim or risk an arrest, or stop with the innuendo.
Obama IS a socialist and marxist. There’s absolutely no doubt about that. Have you read his agenda on www.change.gov? Furthermore, I don’t think anyone is facing arrest for pointing out that fact, unless of course we’re about to be in a dictatorship or repeal the First Amendment. Obama and the socialists have destroying the First Amendment on their agenda (through the ironically named “fairness doctrine”), but we’re not quite there yet.
After reading what RookieNYC wrote I realized that he doesn't like Obama not because of what he stands for...it's much deeper than that.
If you’re implying racism, I think that’s ridiculous (although it’s certainly what the left always does). This isn’t a race issue - Obama is a socialist and that is VERY DANGEROUS for our country.
Mike
If you’re implying racism, I think that’s ridiculous
Racism is absolutely the last thing this is about…BO is half white first off,secondly when you bait a certain voter class with a free meal that upsets me…All of his bailing out Main street speeches,spreading the wealth,distributing the wealth bother me deeply…I won’t lie…Other than his political agenda (which is huge) I happen to think BO is an exceptional speaker and I can definitley see his appeal…Things that annoy me is how he can demonize the current administration about bailout packages that were needed because of Democrats like Barney Frank,Chuck Schumer who pressured lenders to lend to high risk individuals…Then when the massive defaults happen it’s easiest to say it’s Bush’s fault…When in fact this entire mess had NOTHING to do with Wall street…It was all to do with MAIN STREET…I didn’t hear one speech from BO on how he was going to clean up the mortgage industry and prosecute the mortgage brokers who created this mess…The people who gave low income,low credit,high risk individuals loans in the first place…Do some research and you will see who had a hand in this…Clinton wanted every American to own a home,and that POS Barney Frank and Chuck Schumer forced lenders to expand their criteria to allow these people to own homes when in reality they should never own anything…These are the issues that bother me…So now he thinks he will clean this mess up by taxing the responsible hard working American to clean up a mess that his own party initiated…This is not Bush’s fault,this is not Wall streets fault, and every single person that keeps bringing it up shows how uninformed they truly are…Best part is BO and Dems voted for this bailout package and you can bet your last dollar he will vote another package for $500 Billion very soon…Then he will bailout the losing auto industry that he should let die…He is protecting the very unions that crippled GM and Ford by doing so…So whats next for BO?..Maybe bailout the airlines also?..I want to see some accountability from the Democrats…All I’ve heard for the last 8 years is how Bush did this and that…Now that eggs are being thrown at BO the lefties cry like a bunch of little girls…I never knew that I was considered selfish for not wanting to share what I worked for my entire life…I never knew that I was expected to share my wealth because Democrats wanted the highest risk class to take loans out and not pay them back…This is all baffling to me…I’m sorry but this isnt about race,it’s about accountability…
One month from tomorrow, U.S. Rep. Barney Frank, D-Mass., will be the keynote speaker at the New Hampshire Democratic Party’s annual Jefferson-Jackson dinner. It is a coveted and high-profile role previously filled by such notables as Hillary Clinton and Al Gore. The Democrats’ choice of House Financial Services Committee Chairman Barney Frank is, therefore, very revealing.
The party announced Frank as the keynote speaker on Sept. 11 — three days after the U.S. government took control of Fannie Mae and Freddie Mac, costing taxpayers untold billions. That takeover probably could have been prevented had Frank not worked to thwart every attempt to limit the risks taken on by the two government-sponsored mortgage giants.
For 16 years reformers in Congress have tried to improve oversight of Fannie Mae and Freddie Mac and prevent the government-chartered companies from putting the housing market and the whole economy at risk. All that time, Frank was involved in efforts to block those attempts, and in the last eight years he was a leader of those efforts.
In 2002, shortly before accounting irregularities were exposed at both companies, Frank said, “I do not regard Fannie Mae and Freddie Mac as problems,” The Wall Street Journal reported. After the Freddie Mac accounting scandal in 2003, Frank said, “I do not think we are facing any kind of a crisis.”
But there was a crisis, thanks in large part to Frank, Sen. Charles Schumer and others on the leash of these companies. In Congress, they made sure there was no additional oversight, no additional limit on executive behavior and compensation, and no further restraint on the growth of the companies’ mortgage-backed-securities portfolios, among other changes.
(All of these needed reforms, by the way, have been championed for years by Sen. John Sununu.)
In fact, Frank & Co. made matters worse by pushing Fannie Mae and Freddie Mac to take on greater risk. They wanted more loans to people who might not qualify for traditional bank financing. And, as The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements — which now means taxpayers will have to make up that capital shortfall.”
Even now, after the government took the companies over (which Frank repeatedly said over the years was not a possibility), Frank opposes limits on the amount of money they can risk on mortgage backed securities — the one reform that might have done the most to prevent the current meltdown and probably would do the most to keep it from happening again.
Barney Frank is the very symbol of Washington’s deliberate refusal to prevent the collapse — the predicted collapse — of Fannie Mae and Freddie Mac. And this is the guy the New Hampshire Democratic Party showcases at its most prestigious annual event. That ought to tell you a lot right there.
Besides their total ignorance about the troubles that Fannie Mae and Freddie Mac were headed towards is the fact that these two men, and other Democrats, helped to make the problem worse.
In fact, Frank & Co. made matters worse by pushing Fannie Mae and Freddie Mac to take on greater risk. They wanted more loans to people who might not qualify for traditional bank financing. And, as The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements
These companies were forced to loan money to people who couldn’t afford it in the interest of “being fair.” Rules were relaxed and money was loaned and predictably low income families defaulted on loans that they never had any business getting in the first place and now you and I have to pay for it.
Another liberal policy and another liberal failure. And now we must all pay for it. But hell, they meant well.
As ssmart and incredibly informed you Democrats are I’m %100 sure you are very well versed on the Community Reinvestment Act that Clinon iniated?..Oh you aren’t?..Well here it is…Call the spin doctors up…
Clinton Administration Changes of 1995
In early 1993 President Clinton proposed new regulations for the CRA
which would increase access to mortgage credit for inner city and
distressed rural communities.[7] The new rules went into effect on
January 31, 1995 and featured: requiring numerical assessments to get
a satisfactory CRA rating; using federal home-loan data broken down by
neighborhood, income group, and race; encouraging community groups to
complain when banks were not loaning enough to specified neighborhood,
income group, and race; allowing community groups that marketed loans
to targeted groups to collect a fee from the banks.[5]
In a 1995 congressional hearing on proposed changes to regulation of
the Community Reinvestment Act William A. Niskanen, chair of the Cato
Institute, criticized the proposals for political favoritism in
allocating credit, micromanagement by regulators and concerns about
bank losses and soundness. He said it would be very costly to the
economy and the banking system and that the primary long term effect
would be to contract the banking system. He recommended congress
repeal the Act.[8]
Responding to concerns that CRA would lower bank profitability, a 1997
research paper by economists at the Federal Reserve found that “[CRA]
lenders active in lower-income neighborhoods and with lower-income
borrowers appear to be as profitable as other mortgage-oriented
commercial banks”.[9]
According to a United States Department of the Treasury study of
lending trends in 305 U.S. cities between 1993 and 1998, 467 billion
dollars in mortgage credit flowed from CRA-covered lenders to CRA-
eligible borrowers. The number of CRA mortgage loans increased by 39
percent. Other loans increased by only 17 percent.[10]
"Obama IS a socialist and marxist. There’s absolutely no doubt about that. Have you read his agenda on www.change.gov? Furthermore, I don’t think anyone is facing arrest for pointing out that fact, unless of course we’re about to be in a dictatorship or repeal the First Amendment. Obama and the socialists have destroying the First Amendment on their agenda (through the ironically named “fairness doctrine”), but we’re not quite there yet.
Quote
After reading what RookieNYC wrote I realized that he doesn’t like Obama not because of what he stands for…it’s much deeper than that.
If you’re implying racism, I think that’s ridiculous (although it’s certainly what the left always does). This isn’t a race issue - Obama is a socialist and that is VERY DANGEROUS for our country"
Ah…Property Manager Mike is dishing out his daily dose of drama on these posts. See what you did, now you have RookieNYC believing that I was reffering to racism.
First off, please guys in ANY of my posts please mention to me where I said ANYTHING had to do with Racism? People swing things the way they want to hear them, and what’s worse they get other people involved and they label it as truth.
When I meant “It’s much deeper than that” I was reffering to him being a Democrat. a lot of times when someone has a different view on certain things they tend to bash it saying it won’t work and “You only have half a brain” for believing that. Obviously, these 8 years have been a challenging time for America but please tell me what has Mr Bush done for the American people
these last 8 years? I can admit here that some of the events that has happened wasn’t his fault
but most of the events has been his fault and the personnel around him.
Now as far as that Howard Stern crack, (Which personally I don’t listen to because I believe that is a waste of brain cells) Why didn’t he keep it balanced? Why didn’t he go to Arizona or OKC and ask why are they voting for McCain? would they give a better opinion? we don’t know because it was all one sided. I ALWAYS question the author and their motives when things are one sided.
I’m NOT a Democrat nor am I a Republican I am simply an American who is doing quite well… that ONLY focuses on the ISSUES and nothing else, when you get hooked up calling candidates
Barrack Osama, (Property Mike has), Left wing, right wing, blah, blah, blah then it’s just noise.
I voted Democrat this time and over 60 million people did too, what where there motives? “Because he was black” (That is what RookieNYC said) I’m sure SOME people have voted for Obama because he is, I’m sure some people voted for McCain because he is White too so I don’t get hooked up in stuff like that I can only vote for the Candidate who I think based on the issues and the issues only who is right for the job.
RookieNYC:
I’m from New York as well, (born and raised) so I know all about the cost of living there, (My Auto Insurance full coverage was 3100 a year and parking was 475 a month and that was cheap!) Quick! what is the average american houshold income in 2007?..50,233.00, (References: http://en.wikipedia.org/wiki/Household_income_in_the_United_States) What can you do with 50K living in New York City? can you even afford an apartment? I haven’t found one and trust me I’ve looked. unless I’m going to live in The Bronx, Queens and Brooklyn, The commute time is too long) So when things go up like gasoline prices, food costs, (Of course food has to go up because the trucks that are supplying the food run on gasoline). What does the average american do? Also with 1.9 Million jobs this year lost what are they supposed to do? when unemployment goes up crime goes up because people will do anything to survive. It’s all a balance and personally, I don’t mind giving up a little more money to help the economy, job growth and to help America become a better place.
BOTTOM LINE…
Who do you think is more INTELLIGENT???
George W. Bush
or
Barack Obama
I honestly CAN NOT see a scenerio were Obama does a WORSE job than BUSH. Bush has single handedly DESTROYED the Republican party, The ECONOMY, the USA’s reputation around the world, and Finally…John McCains chances of becoming President.
And you guy’s are worried about OBAMA???
Give me a BREAK…YOU voted for “DUBYA”…Now your trying to tell us how bad Obama is going to be???
If your instincts are still as DULL as they were when you supported a MORON…TWICE…I’ll sleep easy reading your CONCERNS regarding OBAMA.
The more I hear this guy bashed…the more I KNOW we’ll be OK!!!
Especially when all the WHINNING is coming from “W” supporters who have an ABYSMAL track record for picking GREAT Presidents.
FDJake,
Bush will not be the President after January. He has done a terrible job and may go down in history as the worst President we’ve ever had. As you said, he has done more to move our country to socialism than anyone could possibly have imagined. Yes, he has destroyed the Republican party and it deserves to have been destroyed.
Having said all that, what’s important is the plan for the future. I don’t think the cure for Bush’s move toward socialism is a President that is an overt socialist. No matter how you slice it, we’re moving farther and farther toward socialism and I don’t like that one bit!
Comrade Mike
Well Mike…
If we do what you suggest, I hope your ready to start from ZERO. Because if we let happen what they did in 1929… YOU LOSE…I LOSE…EVERYONE LOSES!!!
There are times when BIG GOVERMENT is EXACTLY what is needed. When your facing a systemic financial collapse…I’d call that…one of those times!!!
Ask people who worked for Lehman how HAPPY they are that the Goverment screwed up and let the market take that stock to ZERO. This led DIRECTLY to the loss of over $2 TRIILION. Oh…and that money is GONE…VANISHED…BYE, BYE…It’s gone because people BAILED OUT of their stocks as they went to .75cents (Fannie/ Freddie, Lehman, Bear, and on and on…)
We ALL better hope that we get a GREAT BIG DOSE of Socialism here REAL FAST…Because if we DON’T…we’re ALL screwed.
Can you at least undestand Mike’s concern about how some decisions could be made that could critically hurt or kill his rental property business? If the government decided to place a moratorium on evictions (as he has stated is a concern of his), then why would any of his tenants pay rent? They can’t get kicked out at that point. So why should Mike (or any other property owner) be left holding the bag by having to pay the mortgages with tenants having no responsibility to pay? Is the government going to step in and pay the rent the tenants are under contract to pay? Probably not.
I’m not trying to fight battles for anyone here. The questions he raises are concerns of mine too. I’m just starting my business because now is the right time for my family to do this. I don’t need government mandates or forced inspections I have to pay for to make business more difficult for me. There has to be some personal responsibility here. If I’m approving tenants to move in & pay rent, I don’t need to government telling me I can’t legally evict them off my property if they don’t hold up to their end of the deal. If they want to come up with some type of aid to help tenants move out when their LL is facing foreclosure, fine. That’s not the tenants’ fault - provided they’re paying rent like they’re supposed to be. The same issues and concerns would also apply for commercial RE as well.
No Justin, I really can’t understand Mike’s concern over this fear as at this point, it’s just that, a fear. There has been no mention of that anywhere that I’ve read EXCEPT from Mike.
Also, Mike is all for another great big depression to “clear the muck” as he puts it (or something similar), as well as having the government stop ALL handouts, including section 8, which again, is my understanding that Mike’s business model relies upon (which I find amusing that he takes something that he is supposedly firmly against).
What concerns me, Justin, is that someone of Mike’s intelligence could want a depression and stop government handouts and all the other crap that he (and others) have proposed and truly thinks that if these events that they are wanting become a reality that they somehow won’t be affected.
I did not vote for Obama. I’m a Republican (though from the posts so far on this board, I’m almost ashamed to admit it). That said, Bush HAS been horrible, and I can’t even fathom how anybody can think that Obama can be worse.
More so, I’m pretty sure that most of can agree (or should be able to) that Obama is a pretty smart guy. Even if he is for half of what many have proposed that he is here, I think that he is fully aware that even heading in that direction would ensure that he is a one term President which no candidate ever wants to be.
Besides that, there is alot more on the line here than Obama’s legacy as a President. The Democrats hold the majority of offices. If they royally screw up, you can bet that the people will respond. Not only does Obama know that, most of the Dems are fully aware of that, too. I seriously doubt that there will be too many sweeping changes that may negatively affect the masses. Prime example, the boon in gun sales recently because many think that since the Dems are in, guns will be out. Now, while it’s always a possiblity, do you really think that with the state of the economy, the deficit, the world, that the first thing on their minds is “great, now we can get rid of guns!!!” Please.
On another note, this presidency is very important for another matter, again, one that I’m pretty sure that Obama is firmly aware. Though it’s a debate that is best handled in another post, he is being hailed as the first black (or African-American, if you prefer) President. How he handles the job will, in essense, reflect whether other minority candidates will even have a chance at getting the job.
Raj
I completely understand Mikes concerns.
The Goverment is taking about slowing FORECLOSURE EVICTIONS. Not people who are eveicted for failure to pay RENT.
One thing that IS happening that is NOT RIGHT is…People who DO PAY their rent on time are being evicted from homes that their SCUM BAG LANDLORDS are losing to foreclosure.
Mike has spent COUNTLESS HOURS explaining to members here how important it is to BUY AT A DISCOUNT. There’s a TON of idiots out there who believed what their REALTORS told them about CASH FLOWING PROPERTIES. These dopes are losing these properties by the DOZEN, their tenants who have PAID their rent get a knock on the door and a Sheriff says TIME TO GO!!!
THAT IS NOT RIGHT…as always WE WILL ALL PAY for the stupidity of a few.
Here’s my bottom line…
Obama is SMART…VERY smart. I firmly believe he is not about to give away the machinery that powers America…BUSINESS. Did you happen to see the lineup he’s put together for his financial advisors???
Volcker, Buffet, Diamond, Rubin, ect…these guy’s know the game…they know what works and what hurts…This guy is a lot smarter than most people here give him credit for.
Remember…if the Goverment decided tomorrow that Mike and other land lords COULD NOT evict anyone because of the economy, how long do you think Mike and other land lords would contyinue to pay their mortgages???
This would take properties that were actually WORKING and turn THEM into LOSERS…I’m sure Mike’s banker friend would be THRILLED!!
There is NO WAY this is happening. It would create a real estate disaster that would make what we have NOW look like a joke.
Raj & fdjake,
Both very good posts as always from you. I 100% agree with what you’re saying about people being forced to move b/c of idiot property owners who either bought wrong or decided to take that rent money and use it for things besides the mortgage. Very very wrong. Our tenants rely on me to make sure the mortgage, ins., property taxes, etc. are paid. Likewise I rely on our tenants to pay their rent on time. I can’t understand the lack of commitment of some LLs who squander that money away on other things and then have paying tenants put out because of their mistakes.
I am in no way hoping for a depression. I am, however, for reforming a lot of the broken programs we currently have. Welfare really needs to change. We shouldn’t have people who are perfectly able to work just sitting on their couches for years. I also think it’s pathetic we pay people more to have more kids (up to a limit of 5, I believe). The system, as it is now, is set up to where there is almost no incentive for these people to get out and do something. They’d barely make more (if at all) by working a min. wage job so they choose to stay on welfare. And what about campaign reform? Those hundreds of millions of dollars could have gone to some great programs to help our people. The media will continue to cover the candidates whether they’re spending millions on ads or not.
I agree that complete sweeping change of everything is not very likely. Most campaign promises never become a reality. I am a fairly conservative Christian man, so it’s hard for me to identify with much of anything the Democratic party stands for. I also agree w/ rookie that those who worked hard should see the benefits of their efforts. I certainly did not pay my own way through college and serve my country so people on welfare can buy a new big screen tv. Some of the things President Elect Obama has said should have people concerned about some of his proposals. In all fairness though, I shuddered when I saw Sen. McCain saying on TV the fundamentals of our economy were sound. I just hope the people in power realize home ownership, financial freedom, etc. are not RIGHTS of the American people.
No Justin, I really can't understand Mike's concern over this fear as at this point, it's just that, a fear. There has been no mention of that anywhere that I've read EXCEPT from Mike.
Raj, you are correct that this is just a concern of mine at this point. It is not a fear, because there’s no point to fear what I have no control over. However, the dems have been talking about a moratorium on foreclosures. If the economy collapses, why wouldn’t they pass a moratorium on evictions. FDJake is absolutely right - it would just exacerbate the problem, but the bailouts they have undertaken so far are also exacerbating our country’s long term health. Our country is broke and yet they’re still printing money like there’s no tomorrow.
Also, Mike is all for another great big depression to "clear the muck" as he puts it (or something similar), as well as having the government stop ALL handouts, including section 8, which again, is my understanding that Mike's business model relies upon (which I find amusing that he takes something that he is supposedly firmly against).
Like it or not, our country is past the point of no return. We’ve promised far more than we can deliver and the country WILL fail, it’s just a matter of when (within the next few years). I’d just as soon that it happen now, so that we can start over based on the principles that made this country great. I am 100% for stopping all handouts, including Section 8. My business won’t be affected by stopping Section 8, because I believe that people would get off their lazy butts and actually work, if they were faced with the choice of working or being homeless. I take Section 8 now because that’s the idiotic system we have and taking Section 8 helps fill units.
BTW, I suggested that people visit Obama’s webpage www.change.gov a couple of days ago to read about his scary agenda. Well, TOO LATE - they’ve taken his socialist agenda off the webpage!
Though it's a debate that is best handled in another post, he is being hailed as the first black (or African-American, if you prefer) President.
I thought Bill Clinton was the first black president.
Mike
Different post, Mike, though that was kind of my point on the matter (in a way anyway). We all know that Obama is only half-black. In fact, if we go by the way most census takers used to when determing race, Obama would be considered white because his mother was white.
The real point on this is that in today’s world most people are a mix of this and that somewhere down the line. The one thing that I hope would be changed with this administration is the use of the politically correct [fill in blank]-American. You’re either American or you’re not, plain and simple. How stupid does it sound to say African-American President?
Raj
Raj,
Personally, I couldn’t care less about his color. However, I am VERY concerned about his policies.
Mike