[quote=cooprider]This isn’t off-topic IMO. Where are all the Obama cheerleaders now?
No way to spin this one:
• A temporary $3,000 tax credit to companies for each new job created in the United States over the next two years.
• Penalty free withdrawals from 401(k) and IRA retirement accounts up to a maximum of $10,000 this year and next. • A 90-day moratorium on foreclosures for homeowners who are living in their homes and making good-faith efforts to make their mortgage payments.
• A call for the Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multifamily dwellings and credit card loans.
I don’t think McCain is any better. In fact, as I’ve been saying all along they’re no different. This is not “change.”
It’s time for a 3rd party. [/quote]
I am one of those Obama cheerleaders. Not trying to spin this. It is pure pandering. It might slow the housing price decline, but I can’t imagine it stopping the slide. On one hand, it punishes those who were patient, on the other, a too precipitous a decline is bad for the economy no? certainly no better than the unrealistic climb.
My main point was that while Obama panders like all politicians, he also shows that he understand this is only a temporary solution. Buried in the speech he talks about having to live within our means, which implies spending cuts and tax increases. It implies (at least my reading) that once we unfreeze the credit market then belt tightening will have to continue for all.
