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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: calgal who wrote (35718)	8/19/2010 11:20:22 PM
From: Hope Praytochange	2 Recommendations Respond to of 103300

RUSH: Get this, folks, this is from USA Today. It was just earlier this week, maybe late last week that we had an informative discussion on this program about why they're never going to scrap the income tax code. They're never going to have a flat tax, the FairTax or whatever, because, I said, people are not gonna ever surrender the power that they have -- social architecture, political power, whatever -- that writing the tax code gives them. "Federal housing policy offers the wealthiest Americans billions in tax breaks without delivering much bang for the buck in increased homeownership, critics told government policymakers Tuesday. 'We aren't getting our money's worth,' Mark Zandi, chief economist of Moody's Analytics, said at a government conference on reforming housing policy. "The government spent $230 billion last year to promote homeownership through tax breaks and spending programs. The biggest chunk -- $80 billion -- went toward the mortgage interest deduction, according to the Congressional Budget Office." The government spent $80 billion? The government didn't spend a dime. This is not the way to characterize this. You go buy a house, they let you deduct the interest on your mortgage, and now they're whining and moaning how much that's costing them. And they're claiming that "housing policy offers the wealthiest Americans billions in tax breaks." Wealthiest? How many of you who have a mortgage consider yourself among the wealthiest Americans? Get ready, 'cause they're gonna eliminate the mortgage interest deduction. That's what this means. This was in the cards. No doubt this was going to happen. All of these things that have been traditional, they're gonna take 'em. The government is outta money. Government doesn't have any money. That's a crisis. It's not a crisis when who don't have any money. It's not a crisis when you're losing your job. No, no! When you lose your job, we're just going to have more spending bills. We're gonna call 'em jobs bills but they're just going to be spending bills. You're going to have speeches from Obama all over the country that mean nothing, that accomplish nothing. But when the government's outta money, when the government's losing money? That's panic time, this is a crisis! So now we have to have a conference on how all of this is costing the government money -- and the home mortgage interest deduction, $80 billion out of the $230 billion this year the government spent to promote home ownership. So you see? They use the tax code to promote home ownership. They also used subprime mortgages, lending money to people that have no business being lent money to 'cause they were never gonna pay it back and calling it affordable housing. And now they're all sitting there in Washington saying, "You know what? We're not getting any bang for our buck here." Okay, so what was the purpose here? What was the purpose of the home original deduction, really? Was it to put people in houses? Was it to facilitate the American dream? Or was it somehow to raise money for the government? How do you like hearing it? How do you like hearing it, folks, that our wizards of smart in Washington are now examining your mortgage interest deduction on the basis that they aren't getting a big enough bang for the buck, that it really isn't helping Washington? It really isn't helping government, and so we're going to have to look at this now. "The government, seeking to overhaul the housing market after the collapse of mortgage giants Fannie Mae and Freddie Mac, is unlikely to touch the politically sacrosanct deduction anytime soon. But analysts suggested that the government's debt -- $8.8 trillion and growing -- meant that housing subsidies might one day face the knife. "'We can't afford it,' Zandi said. ... For now, the government is neck-deep in housing." Fannie Mae and Freddie Mac, yep, good old Barney Frank now saying shut 'em down. Yeah, thanks, Barney. Shut 'em down after you destroyed them. Shut down Fannie Mae, Freddie Mac, after you corrupted both organizations. Yeah, shut 'em down. Let's get rid of the evidence of the failure. That's what they mean when they say shut down Fannie Mae and Freddie Mac: "We gotta get rid of the evidence. The longer these two items stay functioning here, the worse we're gonna look." So I want to know: All of you who vote for Democrats, how does it feel when you hear that the people you elected are looking at your mortgage interest deduction and saying, "Are we getting a big enough bang for our buck here in Washington in paying you to buy your house?" That's corrupt as it can be, and it's perverted. But, that's who we elected. That's who's running things.