Thank you L for sending us this podcast by Dick Gaylord, President of the National Association of Realtors. It is apparent from Gaylord’s comments that he feels that the NAR was instrumental in bringing about Bush’s economic stimulus package:
A few days ago, we achieved a remarkable accomplishment. NAR stood along side President Bush as he signed the economic stimulus package that includes increases in both the FHA and conforming loan limits. The new loan limits will be published by HUD within 30 days and will take effect immediately. [This differs from the transcript provided here.]
Gaylord discusses what he believes will be the benefits of this legislation:
Raising the FHA loan limits alone will help more than 130,000 new buyers enter the market, and more than 200,000 people will be able to refinance their costly mortgages. Increasing the GSE loan limits will result in as many as 500,000 refinanced loans and another 300,000 home sales. These are real numbers, with a real impact on our markets, consumers and – of course– our businesses. And, YOU made it happen!
These numbers are in fact rather optimistic estimates, not "real numbers", and whether Realtors "made it happen" is open to debate. Nevertheless, Gaylord makes a pitch for the NAR’s PAC for additional funds:
We must continue our full-court press on Congress to move FHA Reform out of conference, so that the President can sign it into law. We also must urge the Senate to pass the GSE Reform Bill and send it to the President before this session of Congress draws to a close. With the election on the horizon, it’s vital that we pass these two important bills this year. And, once again, YOU can make it happen. If you haven’t already contributed to RPAC, please go to realtor.org/rpac and donate whatever you can today – $20, $50,$100 or more. Every dollar will help ensure that Realtor issues remain a top priority at all levels of government – this year, and long after the election is over.
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The NAR can stand with President Bush on the stimulus package, but I think I will go stand somewhere else.
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Dick Gaylord: “It will give the housing market a big shot in the arm!” “A major shift in the housing market is on the horizon!”
(snicker) The first stage of grief is denial.
ps: Loved the tin cupping … “Please go to Realtor.org RPAC and donate whatever you can today!”
I feel sorry for him now. We should all chip in and donate some books on basic economics.
Linenoise-
There’s a charity worth getting behind. “Econ 101″ texts for legislators and shill economists.
Good idea, Twist. But then we have to make sure that the legs and shills know how to read and comprehend.
Totally deluded. LOL
Just watched the video.
I don’t even know where to START commenting on his warped concept of what is good and bad.
I’ll just say: Y u c k… and go take a shower.
I wish the NAR could do something… anything… to just once make me proud to hold an AZ RE license.
I most certainly won’t be contributing to the PAC.
This is the perfect example of why pacs and special interest lobbying should be curtailed and campaign finance reforms should be enacted. Imagine an industry that has had a primary role in bringing our society to the brink of disaster for its “good business” now shamelessly rallying itself to do even more damage. No need to imagine.