61% in US Want Government Out of Housing Business — Obama Blows Another $1.5 Billion on Housing Business
Posted by Jim Hoft on Friday, February 19, 2010, 12:07 PM
Barack Obama held a rally for unpopular democrat Harry Reid today in Las Vegas. (Reuters)
Rasmussen reported today that 61% of Americans want government to stay out of the housing business. This comes on the same day the President Obama announced he was going to dump another $1.5 billion into the housing business in Nevada, California, Michigan, Florida and Arizona.
President Barack Obama is unveiling $1.5 billion in housing help, a boost timed to his appearance in the city with the worst foreclosure crisis in the nation.
Obama’s move, detailed by aides in advance of his town hall here Friday, is the latest by a White House determined to show it is helping families rebound from a deep recession. The downturn is taking an election-year toll on Obama’s party as voter frustration builds.
Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada.
The policy wrinkle comes during a two-day Western trip with different agendas for the president. He will be back in town-hall mode, a venue that aides say allows him to connect with people and distance himself from the messy process of Washington governing.
The president is also out to help vulnerable senators protect their seats and, in turn, gain as much legislative leverage as he can.
That’s nice of Obama. Now he’s buying senate seats with your money.
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Horrible… Obama Tells Foolish Supporters: I’m Not Over-Spending… “I’m Running to Pay Down Our Debt”
Published May 23, 2012 at 11:51 pm - 69 Comments
seven commented:
We have to stop his binge spending.
Espresso Logic - The 6th Sense commented:
BHO will go down in history as the sh*ttiest POTUS of all time.
ar05075 commented:
Buying votes with our money has been Obama’s plan for a long time now. Most of the porkulus money is earmarked for that very purpose.
thomas b. commented:
Worst President Ever!
olm commented:
Here comes the misery index.
Why can’t this guy stop spending?
Patman77 commented:
Just spoke with my friend in Vegas. Her husband’s casino building job has been gone for over a year.
She said she’d rather live on the street than give Obama credit for using tax payer money for a publicity stunt.
joe commented:
Why is he back in campaign mode:
He will be back in town-hall mode, a venue that aides say allows him to connect with people and distance himself from the messy process of Washington governing.
We elected him to GOVERN whether he likes it or not. His job is to deal with the messy process. If he can not do this then step aside and let someone else govern. We need a LEADER not a freaking campaigner in chief.
Just Saying commented:
What good is the Housing Money going to do if you don’t have a job to continue to make payments on the house! This man is whacked”
Don Rodrigo commented:
A note about the “five hardest-hit states:”
They are at the crux of the whole financial meltdown. Those five states were dramatically more affected than any of the other 45 (or 52 if you count the way Obama does), not marginally more, but dramatically so. This means that the financial crisis of 2008 should have been contained more successfully than it was. Everyone panicked: Bush, Congress (it was a Democratic Congress then, too), the Fed, you name it.
Because of reckless lending programs near-and-dear to the hearts of Democrats and the Republicans’ weak-kneed refusal to curtail those programs, we elected a President who is hell-bent on making things even worse.
avery commented:
This is more money going to Acorns.
Taqiyyotomist commented:
“Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion
**to help spur local solutions to the problem.**”
What does that part mean? Does this mean “to give money to ACORN and groups like it so their intentionally-defaulting community-organized butts can stay in their homes for free that they lied about their incomes in order to get fed-backed loans for?”
Why do I have a feeling that it does?
What else would it mean?
“to help spur local solutions.” Can’t anyone use plain freakin’ English anymore? What kinda powerpoint “paradigm” codespeak is this?
Some genius in the MSM needs to ask, point damn blank: Who is getting the money, how much is each party or person getting, why are they getting it, and what are they doing with it?
The answer: Lib orgs – all of it – because they’re lib orgs – spending it on champagne, default homeloans, and Benzos.
Katrina and Rodney King Riot Looting Writ Large. When there is no authority and there are no restrictions left, that’s what libs do. Loot like crazy. These are the days they’ve been waiting for.
xiphos commented:
Sure am glad that “Daddy Warbucks” has deep pockets.
jjjjjjjjj commented:
“This comes on the same day the President Obama announced he was going to dump another $1.5 billion into the housing business in Nevada, California, Michigan, Florida and Arizona.”
Is that Constitutional? Does Obama have the power to do that? Doesnt the Congress have to do that?
jjjjjjjjj commented:
Why do other states have to Pay for Failing states?
jjjjjjjjj commented:
Unconstitutional Commerce clause.
Chris commented:
“Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada.”
“Local solutions”? That’s pretty vague. Is the reporter quoting from a White House press release, or is he simply making something up because he actually has no clue what the money will be spent on?
This was a fluff piece. Without a clear indication of what the money will be spent on, the presumption becomes that it will just be shoveled into the black hole that is the current housing industry. And the money is coming from TARP, so it’s apparently just a means to prop up the banks’ balance sheets further, rather than address the root cause–that the housing market in these areas is WAY overvalued, and that their overall prices need to plummet in order to reflect their actual market value.
This is the desperate act of a bunch of desperate individuals, from the administration officials who clearly don’t have a clue as to why these housing markets are in the toilet, to the banks who are fighting tooth and nail to keep the remainder of foreclosed/defaulted mortgages off their balance sheets (the ones they haven’t managed to shovel off on the Fed, Fannie, and Freddie, at least).
I can’t wait to see this blow up in all their faces, if nothing else because they STILL won’t be able to figure out why they weren’t able to fix the problem.
Jewel commented:
What about pay-go. Which other program that was created to “spur” the economy will be given up to fund this new boondoggle?
jjjjjj commented:
So Obama is rewarding failure and the rest of us have to pay for it? ALL the other states haver to support failure? HOW come? Why?
Scott commented:
He’s trying to save Harry Reid’s seat by spending 1.5 billion of Taxpayer dollars on Las Vegas…Most expensive seat in history???
ar05075 commented:
#20
It’s called communisim…the foundation of Obama’s ideology.
ar05075 commented:
sorry, communism
czekmark commented:
As someone already posted, Obama and his minions ploy is to buy votes with OUR cash. That has always been the strategy of the Dems, and their one and only strategy. The public has committed the ultimate error of letting the Dems into power and they will do everything they can to retain control.
seven commented:
wouldn’t it be cheaper to give people outside of vegas cash to spend there? Give 1 million people 1,500 dollars to spend in Arizona, LA or Vegas.
Nathan R. Jessup commented:
Here is a fun exercise; speaking of socialist agendas, reckless spending, promising to take care of the poor etc.-see if you can guess who this is:
http://the-raw-deal.com/2010/02/19/who-am-i/
Nathan R. Jessup
http://www.the-raw-deal.com
Chris commented:
“Give 1 million people 1,500 dollars to spend in Arizona, LA or Vegas.”
The funny thing is that this would probably be a valid casino comp promotion in Nevada.
Think about it–each casino gets a certain amount of money allocated, first come first served gets an extra $1500 in chips when they check in to the casino hotel, that is counted as a comp. The customer can cash those chips in and use it for their airline tickets, room fare, meals, gambling, the Spearmint Rhino/Sapphire’s, whatever, but I guarantee that money will be going straight into the Vegas economy, even if locals just take advantage of it to get the extra $1500 (for it to actually work as a tourist draw, though, locals would probably have to be excluded from the program).
The problem, of course, comes when the money runs out, which it will almost immediately. It then becomes a casino version of Cash 4 Clunkers–a pulled-forward demand program that will result in a rapid fall-off of business once the casinos pay out their respective allocation.
thomas b. commented:
Obama is just plain dumb. This does not create jobs. It does not solve the underlying problem that people were irresponsible and bought homes they could not afford with loans that were risky. It does not help reset the real estate market.
The only thing it does is delay the inevitable, and cost everyone more in the long run. The banks are managing the foreclosure crisis in a better fashion to control plunging prices by opting to use “deed in-lieu of foreclosure” mechanisms, and other techniques that preserve the value of the home, prevents a flood of product on the market, and keeps people in appropriate housing. What obama is doing is just plain chicago politics, intended to buy votes for his weakened party. Not to save people or this economy.
aprilnovember811 commented:
“Obama’s move, detailed by aides in advance of his town hall here Friday, is the latest by a White House determined to show it is helping families rebound from a deep recession.”
Right, this is trying to buy votes, using money that doesn’t belong to you, government. It is not your money, where do you get off trying to buy votes with taxpayer money? We’re coming for you in November. Reid is toast! Obama is a damn liar!
Dadzilla commented:
I agree with Chris, what do they intend to do with 1.5B? 1. Buy up foreclosures?(new fake housing bubble, new public housing) 2. Help folks headed that way (loans, grants, guarantees) or 3. appoint a commission to develop a plan to task soon to be named executive board members to start the hiring process to find the ideal candidate to try and come up with the most opportune time to start integrating the availability of board members with scheduling……………. until the 1.5B is only a memory?
Ozark Lee commented:
The constitutional aspects of this aside, it is illegal. All of the TARP fund repayments are statutorily required to be returned to the treasury.
Even though he is a lame duck I think that Judd Gregg is going to make some noise about this.
Read the tarp bill.
http://troubled-asset-relief-program.net/bailout-bill-text/
…Lee