Oil's energy contribution has declined by about 12% since 1999. The world's economies have also declined by about 12%. (Using conventional metrics, which are time delayed determinations, this will only be seen in hind sight). The massive destruction of asset values now occurring testifies to it happening.
Peak is well behind us, world economies have peaked and will continue to decline.
The gist of it is that the market for real estate in the U.S. is heavily biased towards individual homeownership through mechanisms such as the federal mortgage interest deduction and sanctioned lending programs like Fannie Mae/Freddie Mac, which, AFAIK, now control over 80% of the mortgage market. These programs cost taxpayers billions, whether they are renters or homeowners. Renters, of course, don't get the benefit of a tax deduction. OTOH, people who bought and leveraged homes at the top of the bubble are seeing the largest benefits in the form of the interest deduction. Does that sound like behavior that the government should encourage? _________________ "It's called the American Dream because you'd have to be asleep to believe it."
...
All forms of residences are money sinks, when the infrastructure to connect and maintain connections [roads, utilities, public services] to them are considered. The detached, sporadic kind are, of course, the worst offenders.
Also, the federal deduction for mortgage interest is a staggering $80 billion per year entitlement program.
From an apartment dweller - you're welcome.
EB are you advocating the elimination of ALL subsidies?
Have you decided to convert to Libertarianism?
Fully and completely, with a twinge of bleeding heart still left in me. I'm no fan of Rand, though. _________________ "It's called the American Dream because you'd have to be asleep to believe it."
> Henry Paulson said America's housing market could turn a corner and begin
> recovering within months
Er go, you could owe big bucks within months.
Next, Calif*ahans paid up $200 million for new zero down payment/interest only loan entitlements. That's 5x last year's budget for this entitlement. You'll definitely become the 21st century Donner party, subsidizing that housing market.
Posted: Sat Jul 26, 2008 5:24 pm Post subject: Re: mortgage bailout counter
Your government's artificial housing shortage initiative passed. Time to update the counter.
Paid so far:
new FHA loans: $300 billion
Fannie, Freddie payoff: $25 billion
housing tax breaks: $14.5 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $622,600,000,000 _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Posted: Sun Sep 07, 2008 10:53 pm Post subject: Re: mortgage bailout counter
Well, no-one in the media wants to talk about the cost of todays Mac Mae bailout because no-one wants to put their advertisers out of business. One AP story said $200 billion.
new FHA loans: $300 billion
Fannie, Freddie bailout: $200 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $783,100,000,000 _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
AIG bailout: $85 billion
new FHA loans: $300 billion
Fannie, Freddie bailout: $200 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $868,100,000,000 _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
AIG bailout: $85 billion
new FHA loans: $300 billion
Fannie, Freddie bailout: $200 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $868,100,000,000
Where is the fed coming up with all this "money"??? I know they just print it out of thin air, but at what point will they get called on the carpet by the world economy???? I am seathing MAD!!!! LET THEM FAIL!!! LET THE RICH BASTARDS ROT IN HELL!!!! _________________ We are so screwed.
AIG bailout: $85 billion
new FHA loans: $300 billion
Fannie, Freddie bailout: $200 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $868,100,000,000
This article claims the total is now over 900 billion this year so far. Maybe some of you geniuses could tell me if this out of control printing press is an inflationary or a deflationary monetary policy?
Just kidding... heh. _________________ Got Dharma?
Are we including the Lehman and Merrill bailouts in here? _________________ The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche
Are we including the Lehman and Merrill bailouts in here?
Nope, but soon they too will be added to the ever increasing total. Good thing we've decided to print our way out of this ongoing mess. Nice to know we can do that for all our national economic problems.
That was a close one. Whew!! _________________ Got Dharma?
Very rough total, considering every state has its own housing entitlements & the amount of money U paid to BofA for that MER bailout was so huge, if U needed to know the amount, U couldn't afford it.
LEHMAN BAILOUT: $87 billion
Lehman bailout: $87 billion
AIG bailout: $85 billion
new FHA loans: $300 billion
Fannie, Freddie bailout: $200 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $75 billion * 3
Calif* zero down payment loans: $200 million
Grand total: $955,100,000,000 _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Soon to be out of business Yahoo had updated numbers including the latest money market bailout but not including the future monetizing of all mortgages.
future dot com bailout
Money market fund bailout: $50 billion
Lehman bailout: $87 billion
AIG bailout: $85 billion
new FHA loans: $300 billion
Fannie, Freddie bailout: $400 billion
first-time home buyer credit: $8,000 per person * 3 million annual
buying and rehabilitating foreclosed properties: $3.9 billion
Bear Stearns acquisition: $30 billion
short term loan auctions: $300 billion
Calif* zero down payment loans: $200 million
$1,280,100,000,000 _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Last edited by heroineworshipper on Sat Sep 20, 2008 12:43 pm; edited 2 times in total
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Sat Sep 20, 2008 4:17 am Post subject: Re: mortgage bailout counter
The money market bailout includes, in addition to the Treasury pledging its $50 billion exchange stabilization fund as collateral to establish an FDIC like fund, has a $230 billion line of credit with the Federal Reserve.
It's unknown if that was used Friday.
Also the new government mortgage/derivative bailout fund was plan to be $500 up to even $750 billion. Being that it includes derivatives, the $750 billion may be a conservative estimate of how much money is involved.
It's not clear if the new government bailout fund picks up failed banks from the FDIC. Otherwise the FDIC may also need a bailout. _________________ It's already over, now it's just a matter of adjusting.
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