McCain decapitated the real estate industry last night..

[Virginia Dare]

how in the hell could he stand there and throw out an off-hand comment about the government stepping in and "re-valuing" properties? What the hell does that mean? How does that work? You can't just throw something like that out and expect it to sprout wings and fly.

If I was in the real estate industry right now I'd be scared to death.

Who the hell is going to go out and buy property right now, even if you are in the position to, with that specter hanging over the industry?

What an irresponsible thing to do.

[ProdigalJunkMail]

1. yep...

you cannot contain stupid...it leaks out every time...

sP

[KittyWampus]

2. almost sounds like something Chavez would do in Veneuela

[Virginia Dare]

3. It does actually, you're talking about nationalizing private property..

sounds like something out of an Ayn Rand novel.

[KittyWampus]

9. if we privatize anything... it should be mineral rights

[Virginia Dare]

11. And oil fields...

I liked when Obama talked about "using or losing" oil fields last night.

[KittyWampus]

15. Oil is a mineral or falls under that category in regards to property rights and ownership

unless I"m totally wrong

[Virginia Dare]

16. Makes sense...n/t

[annabanana]

18. Then we actually CAN talk about "American Oil" and "domestic supplies".

Until this happens such phrases are nonsense.

[Dhalgren]

5. Only Chavez wouldn't be stupid about it.

The idea of helping out homeowners who have been caught in this squeeze is not a bad idea. The idea that you would go on national TV before even vetting the concept and announce that you are going to "re-value" property is stupid - THAT does not sound like Chavez...

[JackRiddler]

12. Actually, it's more like what Miami would do if it ever re-seized Cuba.

[NightWatcher]

4. you think you sold your house for 200K, not so fast, McSame's government might revalue that contract

and thus strike it null. Who is the socialist here?

[Dhalgren]

6. Of course no one has actually seen or heard the

actual details of this "plan", but it sounds to me like the government (whatever that means) will take the "hit". The "government" goes in and buys up the mortgages, THEN revalues the property downward so that the homeowner winds up with a smaller mortgage, with easier payments. Of course this will all be paid for with "McCain's Magic Money" that comes out of thin air. Every time it was even broached last night, McCain talked as though the money would just drop right outa heaven. He is a moron, but what's more, he is counting on all of us being morons, too (but then they all do that, don't they?)...

[anarch]

7. but it, like, sounded so good and gave comfort to frightened homeowners and whatnot

http://evansb.home.comcast.net/~evansb/Pie%20in%20the%20Sky%2034x28in,%201978%20.jpg

[alcibiades_mystery]

13. You can't generate an actual market value if the government is doing that

You have an artificial player spiking prices this way and that.

[Dhalgren]

17. But it's "McCain's Magic Money",

don't you see? He can get all the money he needs and never have to worry about where it comes from! It's Magic!

[dysfunctional press]

8. the government can't set housing prices and make it stick...

a supposedly free-market guy like mcinsane should know that.

[KharmaTrain]

10. He Pissed Off His Base With That One...

So much for "less government", eh?

The rub here is that the bailout bill already included a provision for the Sec. of Treasury to do just exactly that...buy up mortgages and re-value them at whatever "fair market" value means.

The ugly truth that Gramps revealed is the government will have to step in and buy up a lot of junk if it's gonna try to "buy" its way out of this mess. All these bail-outs means the government will become one of the largest mortgage holders and then what? In theory and in time, this junk may have value to it, but the rest of the market will have to re-adjust before that can happen...and that's all but a certainty. When it's all said and done, millions who bought or re-fied over the past 5 years could see their properties lose a lot of value...and then how will the government address that?

[ecstatic]

14. The guy has no clue of what he's talking about. He just rode the clock for 26 years

but has no understanding of how things work. He was in 5th to last place in college, I imagine he's in the same percentile now in the senate.

[El Pinko]

19. Real estate is not an industry.

That aside, prices have a long way to fall, regardless of what that old fart says.

And overvalued speculative bubbles is not a bad thing. It's painful, but necessary.

The bubble made houses completely unaffordable to millions who were unwilling to take out crazy loans for crazy prices.

Fuck the housing bubble, I'm glad it's collapsing.

[Virginia Dare]

20. It depends on what standards you're using..

the census bureau and the IRS think it is.

[El Pinko]

22. ...and the Bushies claim that flipping Burgers is "manufacturing".

I suppose it's an industry as much as any service industry, but realtors are partly to blame for pushing the bubble to insane highs, as are buyers and lenders.

I guess it's my annoyance at their sleaziness coming out...

[nadinbrzezinski]

21. Oh wait, sounds like something I read last week

from a certain piece of legislation that nobody likes

Oh and there is more... some of it is straight from the Great Depression

Yep, right, never done before

:sarcasm: