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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (172569)12/19/2008 3:46:13 PM
From: ChanceIsRead Replies (1) of 306849
 
I don't know about Bush's approach. Nor do I care.

The greater point I am trying to make is that housing prices will revert to their long term historic norm, eg 3X gross income.

There is nothing any government can do to stop that. The question is whether the government should do anything to subsidize (pay free rent for a period) those in horrible positions WRT their mortgages.

I believe the integral of sharp pain over a short period will be much less that low pain over a much longer time span. There is also the moral hazard question. The constitution gives you the right to pursue happiness, it doesn't give the government the responsibility to ensure anybody's happiness. Quite a sad day when we first trod down that path. The constitution also has a clause on taxation. It reads something like....'all taxes shall be equal.' We could argue until the cows come home about what equal means. I would also raise the question about what tax means. What I pay to the government is clearly a tax. is what I receive from the government a "negative tax" which should be netted against the "positive taxes" I pay??? I sure think so. The intent of the law is clear - the government will deal equitably with all WRT personal finances. This BS about the mortgage interest deduction and now the mortgage bailout offends my nostrils and all my sensibilities.
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