Irvine Real Estate link, CA – House Says NO to bailout by a 228-205 vote

by Robert Mack on September 30, 2008

in Irvine Real Estate

Nowadays it seems everyone is talking about history—sub-prime rates. They seem to be beating a dead horse and crying over spilled milk. I understand all these sentiments, but these are not going to provide a solution to our current predicament. The situation is grave and must be dealt with rationally instead of calling each other names. It is easy to judge and get away with it.

All these aside, however, early this morning—September 29th 2008—the papers reported that the 110-page bill goes to the House of Representatives for vote. Later on in the morning the House said NO to the massive bailout dollars.

When the $700b ‘solution’ was initially suggested my first impression was irritation, rage and annoyance. But in the past week or so, reading and talking about it, my feelings were somewhat reversed and I mellowed and simmered down. I came to the conclusion that this actually could lubricate the financial wheels and stimulate the economy. True, at the taxpayers’ expense, but has anyone a better suggestion without hurting our pocketbooks too much? The damage is done and there is no way back into history to put it right, but at least this will buy the bad mortgages held by many financial institutions and sold, hopefully, for a profit, at the same time allowing the institutions to start over healthier and wiser than before, and also, hopefully under the scrutinizing eyes of the feds. This is an exceptional situation that needs immediate attention and it should be on everyone’s priority list. I am not a Bush supporter, but I must admit, this bailout is a calculated risk and sounds logical.

Another alternative to this bailout may be: instead of taxpayers paying into it, what about Uncle Sam paying the taxpayers in the form of some reduced taxes? What I mean is to relieve us of some taxes, such as capital gain when we sell our homes; an incentive for the seller—I don’t know, just a thought—but at least for a while.

Some interesting comments may be found in the following links:

Views, comments, responses and constructive criticisms are welcome.

Make it a great day.

The Mack Team
Robert & Tania Mack

Century21 Professionals
Irvine, Orange County, California.

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