Housing Doom

“He who defends everything defends nothing.” - Frederick the Great

November 3rd, 2008

Presidential Election

Here at HousingDoom, we generally try to stay fairly apolitical - we point out stupidity regardless of which side of the aisle it may be on.  We also try to avoid endorsing specific candidates.

This election will affect a number of things over the next 4 years; it is vital that people understand their candidate, and what they are voting for.  It is in the spirit of disclosure that I post this video.

On July 2nd, 2008, Obama made a speech in Colorado Springs.  There were a number of things said which are deeply concerning.  Of further concern, the officially released transcripts are missing a very important statement:

We cannot continue to rely only on our military in order to achieve the national security objectives that we’ve set. We’ve got to have a civilian national security force that’s just as powerful, just as strong, just as well-funded.

Among the things this video mentions:

  • Tying federal funding of schools to their implementation of mandatory "service" programs (50 hours per year in middle and high school).
  • $4000/year tax penalties for college students who do not perform 100 hours per year of community service
  • Taking ("leverage") private sector dollars to encourage [non-profit] innovation.
  • Doubling our "national security" forces (in terms of funding).  The Department of Defense currently has a$515.4 Billion Dollar budget - this is a very large change, and not a good one.
  • Further increasing our oversupply of homes

Service is given; it cannot be forced. Paid compelled labor is a job. Unpaid compelled labor is a form of slavery.

I encourage you to watch the video, and be aware of who and what you are voting for this election.  It is a little on the long side, but it is worth watching.

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November 3rd, 2008

NY Post’s Teri Buhl: NAR’s Doublespeak on Support for Congressman Shays

"A heated debate played out in the media last week when I published a story in the New York Post on Shays’ support of a bill that would bring back no-money-down loans on government-backed mortgages." - Teri Buhl

Think of this post as an extended sidebar entry.  Implode-O-Meter cordially invites Doomers to read this important story about some of the recent contortions in the Down Payment Assistance (DPA) saga.

November 3rd, 2008

Mike Folkerth: Outstanding Idiot Murdoch’s Golden Age “Just Around the Corner”

"In short, Keith Rupert Murdoch believes that infinite exponential growth of commerce, population, mineral extraction, energy production, and agricultural products have no barriers whatsoever …"

I thought that Doom friend Mike Folkerth’s description recalled the fevered imagination of Ray Kurzweil. What do Doomers think? (thanks Mike for the permission to re-post :) )

 


Outstanding Idiot of the Year Award

by Mike Folkerth

Good Monday Morning Middle America, your King of Simple News is on the air.

So tomorrow is the big day when we will finally, after a very long anticipated wait, celebrate the end of political campaign commercials. I don’t know how John McCain has time to campaign, he calls my house three times per day.

But for today, we have to get away from politics and try and stay ahead of whatever it is that is gaining on us.

I was going to wait until late December to award my King of Simple “Outstanding Idiot of the Year” award, but a clear cut winner has emerged that I am confident cannot be overcome. Therefore, I will make the presentation early this year to 77 year old, Keith Rupert Murdoch.

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November 3rd, 2008

US Government Squirming over Agency Debt Guarantee

Hank Paulson desperately needs enthusiastic buyers for GSE Agency Debt, especially among the foreign central banks that have been dumping the stuff consistently since early July.  However, there are hard limits to how firm a guarantee he and his friends are willing to give on this debt.  If the daylight between agencies and his own Treasury Debt starts to disappear it could depress the price of America’s own sovereign debt, even threaten the US dollar’s world reserve currency status.

Thus, it is important to carefully parse the text of this hopefully headlined Reuters story.[1]

The U.S. government could explicitly back a limited amount of Fannie Mae and Freddie Mac unsecured debt to bolster confidence in the housing finance companies, JPMorgan Chase & Co. analysts said.

So let’s hope the cenbanks read the headline and skip the story, eh?

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November 3rd, 2008

Crack of Doom: Peaceful Americans Voting for Change

UPDATE:

Before we start, have a look at this extraordinary story [1] and even more extraordinary image from today’s business section of the Toronto Globe & Mail;


I tried a little experiment yesterday.  Visited Google News - Elections and performed some searches on the front page (about 60 election headlines and 40 key sentences of text).  Iraq? nil.  Afghanistan? zilch. War? 5 hits — toward, toward, warn, unaware, aware.  Well, one of them was right :(

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November 3rd, 2008

As Promised, Here’s The Bailout Gang Again

Tomorrow’s the election.  Americans,

GET OUT AND VOTE!

Here’s the Senators that voted "NO":

- Waye Allard (R-Colo.)
- John Barrasso (R-Wyo.)
- Sam Brownback (R-Kan.)
- Jim Bunning (R-Ky.)
- Maria Cantwell (D-Wash.)
- Thad Cochran (R-Miss.)
- Mike Crapo (R-Idaho)
- Jim DeMint (R-S.C.)
- Elizabeth Dole (R-N.C.)
- Byron Dorgan (D-N.D.)
- Michael Enzi (R-Wyo.)
- Russ Feingold (D-Wisc.)
- James Inhofe (R-Okla.)
- Tim Johnson (D-S.D.)
- Mary Landrieu (D-La.)
- Bill Nelson (D-Fla.)
- Pat Roberts (R-Kan.)
- Bernie Sanders (I-Vt.)
- Jeff Sessions (R-Ala.)
- Richard Shelby (R-Ala.)
- Debbie Stabenow (D-Mich.)
- John Tester (D-Mont.)
- David Vitter (R-La.)
- Roger Wicker (R-Miss.)
- Ron Wyden (D-Ore.)

The only senator absent was Ted Kennedy, so if your senator is not on this list, assume the voted "YES".

We are only posting the results of the "Bailout, Round II".  That’s the one that counted:

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