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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (263625)	12/6/2005 10:21:18 PM
From: Jim McMannis	Read Replies (2) \| Respond to of 1572657

RE:"When Clinton passed the law, it was intended for middle class people that had owned their homes for a long time, had a lot of built up equity, and might need the money to retire or to pay for medical emergencies. There wasn't any RE bubble. Interest rates were 8% and up. It was a tax break for ordinary people! What a concept!" The concept was...the NAR lobby. Anyone with half a brain knows what a major tax cut like that does to prices. There was already a one time 100k exemption for those over 55 years of age. Which in fact fit the criteria you mentioned much more closely.

To: bentway who wrote (263625)	12/6/2005 10:22:17 PM
From: Jim McMannis	Respond to of 1572657

RE:"When Clinton passed the law, it was intended for middle class people that had owned their homes for a long time, had a lot of built up equity, and might need the money to retire or to pay for medical emergencies. There wasn't any RE bubble. Interest rates were 8% and up. It was a tax break for ordinary people! What a concept!" The concept was...the NAR lobby. Anyone with half a brain knows what a major tax cut like that does to prices. There was already a one time 100k exemption for those over 55 years of age. Which in fact fit the criteria you mentioned much more closely. Besides, is 15% all that bad? Sure would help the budget deficit.

To: bentway who wrote (263625)	12/6/2005 10:23:07 PM
From: Road Walker	Read Replies (2) \| Respond to of 1572657

JCP, Good article. re: The 1997 tax-cut bill — proposed by a Republican Congress and signed into law by a Democrat president, Bill Clinton I guess if you want to call it a bubble, you have to call it the "Republican Congress housing bubble". John

To: bentway who wrote (263625)	12/7/2005 4:20:52 PM
From: tejek	Respond to of 1572657

What accounts for the housing boom? Economists have cited a number of fundamental factors, including low interest rates, favorable demographics, and restrictions on development. But the unappreciated force that may have infected a strong housing market with home-buying mania is bad tax policy. Specifically, I mean the Taxpayer Relief Act of 1997, signed by Bill Clinton. And this, from one of our favorite economists, Larry Kudlow: Larry Kudlow hates Clinton and loves Bush. Enough said. ted