Congress study: Housing aid wouldn't help economy

[flashl]

Source: YN (Reuters)

WASHINGTON (Reuters) - U.S. lawmakers' plans to aid troubled homeowners would likely help prevent many foreclosures but wouldn't stop the freefall in home prices or stabilize the economy, a congressional report said on Friday.

...

"Such actions could help reduce the number of foreclosures... (but) would significantly shift the risk involved in mortgage losses from the current lenders and investors to taxpayers," said a report from the Congressional Budget Office, which gives nonpartisan research advise to lawmakers.

While the CBO report did not address the specifics of the Dodd/Frank plan, it mulled the potential risk and benefits of such an approach.

The report found that the plan "might break a downward spiral in which foreclosures put houses on the market, pushing down house prices."

Still, it warned that the plan would not be sweeping enough to restore the housing market or ailing economy.

YN (Reuters)

Read more: http://news.yahoo.com/s/nm/20080411/ts_nm/usa_housing_congress_dc

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Its' broken (America's economy) and can't get up.

[DemocratInSoCal]

1. But It Makes For Great Soundbytes & SPIN!!

How else can they get up and say what WONDERFUL things they're trying to do.

After all, it WASN'T THEIR FAULT AT ALL. They're just trying to help the poor voter.....errrrrrrr......I mean, homeowner out.

They should all just GO TO HELL, and quit even trying to help us.

[Nickster]

2. Wha..wha...What!! I can't believe this...what was the whole Bears Stearn thing about?

"Such actions could help reduce the number of foreclosures... (but) would significantly shift the risk involved in mortgage losses from the current lenders and investors to taxpayers," said a report from the Congressional Budget Office, which gives nonpartisan research advise to lawmakers."

So it's ok if the money moves to corporations, but not to homeowners....got it....

[fascisthunter]

3. The Wealthy Just Said FU to the American Majority

What percentage of the population do the wealthy represent in this country? Exactly..... I'd be nervous if I were them.

[Trajan]

4. What WILL help ....

Higher WAGES ! ....

The elite have fought so hard to suppress wages that they have succeeded beyond their wildest dreams, and have starved the economy in the process ..... 'Little People' buy stuff, and sales revenues generate profits .... Labor costs are not the only drag on profit: Killing American consumer buying power is pretty effective in killing profits too ....

We reap what they have sown ....

[bobbolink]

5. The LOW-INCOME HOUSING aid would certainly help!

It would not only reduce the pain of most of us in this situation, but it would prevent a lot of other costs.

BUT noooOOOOOOOOOoooo, it's only about the muddleclass housing "crisis".

:(

[flashl]

10. This study suggests either there's some denial or changes are occuring quickly ...

Study: Earners high, low think they belong to middle class

[malakai2]

6. How about bailing out people with student loan debt?

Lots of those people around, and those hundreds spent per month per person to service that kind of usury could instead become money spent on real estate or discretionary goods and services.

[bobbolink]

11. Riiiiiight. While those of us on disability can't even get the friggin' tax rebate!!

What would it take for you to actually care about poor folk?

I really wannna know... what would it take?

[lonestarnot]

16. Why waste money on such an insignificant thing as educating someone?

:sarcasm:

[judasdisney]

7. The New Deal? Never heard of it

We are indebted to our intelligensia (especially on our side) for the failure to perpetuate FDR's heritage.

[Trajan]

8. This is so true ....

I am frustrated that our party, the Democratic party, has abandoned the principles that defended and elevated working people over the rapacious policies of the robber barons ...

The robber barons have seized the nation in the last 30 years, and have reversed the positive gains made by working families, and the Democratic party hasn't said a peep about it ....

Where are the visionaries ? .... Where are the progressive firebrands ? .... Where are the fair traders and monopoly busters ?

There is not even a whisper from 'our side' .....

Pitiful ....

Democrats ? ... Boost WAGES NOW !

[bobbolink]

12. Yes, it was all about *them*. The rest of us can just go...

fall off the nearest cliff.

Yet, they wonder why the party isn't doing so well.

Oh yeah, let's blame it on the stoooooooooopid people who "vote against their own best interest."

Yeah, right.

Blame the victim.

Such a "progressive" value.

:nuke:

[Hugin]

9. This stinks... reeks... smells... of BS!

Especially, since the 'report' is no longer available.

http://www.cbo.gov/ftpdocs/90xx/doc9078/04-11-Housing.pdf

[fasttense]

13. I bet if all those evicted families were to set up tents on the White House lawn

there would be some action to help them.

[flashl]

15. Yeah, actions like Hooverville with some famous names ...

Major George Patton, General Douglas MacArthur, and Dwight D. Eisenhower.

[fjc]

14. Do I detect a note of "bitterness" in these responses?

Or is that an "elitist" perspective?