STIMULUS BILL: Pieces and Parts Discussion Thread, if you please....

[geiger]

Here is the link to the Bill:

http://thomas.loc.gov/cgi-bin/query/D?c111:21:./temp/~c111BpPXxD::

I just went in and read the part about foreclosure prevention and mitigation. The language seems all directed at banks, not remedies or actions that homeowners can take, so, in my opinion, that leaves the power with the banks.

I also read the part dealing with small business net operating loss tax deductions, but those don't seem much different than what those businesses can already finesse with their accountant's help.

What part of the bill have you read, and what are your impressions?

[Ian David]

1. I like the part about dealing with flesh-eating (classified) n/t

[Double T]

2. Stimulus bill is for corporate america, wall street and their asian manfacturers........

and asian call centers. The more things 'change', the more they remain the same.

[geiger]

3. the overriding impression I gained is that to get anything done,

a bunch of lawyers had to sit around and write language that wouldn't conflict with existing law.

Maybe Congress could have saved itself some time just by rescinding the most recent, bogus bankruptcy legislation, that totally protected creditors and banks at the expense of the consumer. They made it all or nothing, and life just isn't like that for the average person.

I still can't believe the most current story of the bank giving out bonuses to their top executives just as they were getting bailed out. Once again, they get all, and everyone else, nothing, except the bill.

It's disappointing to read the same language over and over again.

[geiger]

4. any comments now?

feedback is requested all throughout the bill itself.

[radfringe]

5. here's the full text

"Text of the stimulus bill at WhiteHouse.GOV"
http://www.whitehouse.gov/the_press_office/arra_public_review

Note the comment form, allowing members of the public to comment on the legislation.

-------------

A better link via THOMAS at the Library of Congress, showing the bill's progress in each column. See the Conference Report version, which will become law on Tuesday.
http://thomas.loc.gov/home/approp/app09.html#h1

[geiger]

10. thank you for tracking this down.

i tried the white house website first, but missed it!

[Greyhound]

6. The other undiscussed aspect of this is that it props up the inflated prices

of these houses, which is beneficial to the banks/lenders but does nothing to relieve the imbalance this scam created and is hurting the whole economy.

The market collapse is a needed correction. Managing or slowing it would be helpful to the owners and the economy as a whole, but stopping it only delays the inevitable, and cannot be done in any case.

[geiger]

7. I would be interested to know the percentage of mortgages that are inflated.

When I re-financed, the thresholds were very strict.

[Greyhound]

8. Depends largely on what part of the country you are in.

Phoenix, for examples saw house prices skyrocket 30% - 50% per year for about 4 years, Portland saw increases closer to 10% during the same period.

Basically, you can look at the foreclosure rates as they are fairly indicative of how badly the market was manipulated. The exceptions are in places like Detroit, where the high foreclosure rates are due to their single industry downturn.

[geiger]

9. That's my point, I guess.

People want to blame this on one thing or the other, but it's more complicated than that, especially when one reads the fine print of mortgage contracts and bankruptcy law. In some ways, it appears that the banking and credit industry out-"smarted" themselves, to everyone's demise except the top idiot executives.