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Fiscal Stimulus - where will the rebates go?

  • Post #1
  • Quote
  • First Post: Jan 29, 2008 11:24am Jan 29, 2008 11:24am
Wanna know how effective the fiscal stimulus pack is likely to be?

A group at the National Bureau of Economic Research did a study on the 2001 tax rebate and the results are interesting.

Check it out here (it's a bit of a read).
The money is just going to go to drug dealers. Every one in America is on dope.
Quoting TheTopBloke
The money is just going to go to drug dealers. Every one in America is on dope.
Beat me to it. Then again, I wouldn't mind getting a second monitor like the one I just got (Samsung 226BW) and spending the remaining $250 on beer. Could be fun?
Never underestimate the powers of the Force.
That explains all those threads I've been seeing about "dealers" lately.

BTW, TopBloke, Australia has some of the highest ecstasy and methamphetamine use rates in the world.
I will add it to my account ..... put that money to work
Same Whore .... Different Dress
Quoting johnedoe
I will add it to my account ..... put that money to work

Every dollars another employee. Hehe...

I'm in the middle of trying to get financing for a house. I had 4 approvals in December. Went out house hunting and put a contract on a house. Came back to the banks in mid-january only to be turned down by the underwriters that had approved me in December because all of their rules changed as of January 1st and suddenly they don't like my employment (go figure). I've been to 11 different underwriters now, all say it would have been no problem in December but that it's killing our application now.

I'm hoping a little more money in the bank or towards a deposit will help. I understand how lending to people without verifying anything for the last 3 years has hurt the banks, but that doesn't mean they need to stop lending to people with a documented track record of forex income. I also don't understand how there is alot of risk in lending to someone and forcing them to pay PMI. Isn't that the point of the PMI? To offset any real risk?
The basis of a democratic state is liberty. ~ Aristotle
This is interesting - does it appear to be a general issue of not loaning to those who are self employeed - or is it being a trader that is the red flag. Our daughter is in real estate sales for a large builder. I'll have to ask her if this is the situation. She works on a commison basis and does very well but sales have slowed considerably. I wonder if she had not qualified for the home she started building back on Oct, if she could get the loan now to build.

Quoting Vensik
Every dollars another employee. Hehe...

I'm in the middle of trying to get financing for a house. I had 4 approvals in December. Went out house hunting and put a contract on a house. Came back to the banks in mid-january only to be turned down by the underwriters that had approved me in December because all of their rules changed as of January 1st and suddenly they don't like my employment (go figure). I've been to 11 different underwriters now, all say it would have been no problem in December but that it's killing our application now.

I'm hoping a little more money in the bank or towards a deposit will help. I understand how lending to people without verifying anything for the last 3 years has hurt the banks, but that doesn't mean they need to stop lending to people with a documented track record of forex income. I also don't understand how there is alot of risk in lending to someone and forcing them to pay PMI. Isn't that the point of the PMI? To offset any real risk?
In trading, there is no bullshit. You either make money or you don't.
Quoting fierceman
Check it out here (it's a bit of a read).
i cant access the research

do i need to pay for it or something?
Relax and be happy.
Quoting mrgreen
This is interesting - does it appear to be a general issue of not loaning to those who are self employeed - or is it being a trader that is the red flag. Our daughter is in real estate sales for a large builder. I'll have to ask her if this is the situation. She works on a commison basis and does very well but sales have slowed considerably. I wonder if she had not qualified for the home she started building back on Oct, if she could get the loan now to build.
I don't know what the problem is now, I just know I'm going to need valium by the time this is over. The last place I went to in January didn't even submit the application, he just picked up the phone to the underwriting department and had his answer in a few minutes. I guess they do not trust my employment because of the market right now and type of company I have. They all keep telling me it would have been the easiest thing in the world, in december. I had a break at the last place because they were able to apply for federal loans. However, it making it past the screening computer doesn't count as making it past the actual underwriters.
The basis of a democratic state is liberty. ~ Aristotle
First off, the lenders are full of s**t. Do not think it is a reflection of you or your job or income in any way. It is simply the banks freaking out, because they are obligated to pay out investors that held AAA rated CDOs with credit default swaps. The credit default swaps guarantee investor money.

The banks don't have that money. They do not want to cause bank runs by telling you this, but it's the truth. They are dragging deals out and making any silly excuse not to make a deal. They are increasing spreads even though the Fed has slashed rates.

I'm personally aware of two real estate deals that should have sailed through closing. Instead the banks made any excuse not to make the loans.

This fiscal stimulus is a joke. The $150B is a drop in the bucket of a $1T disaster. There's only two ways to resolve this dilemma.

1) let the chips fall where they may, bank runs occur, banks collapse, and it's the great depression all over again.

2) print pallet loads of cash and pump it into the economy. The dollar of course will lose value compared to other currencies and gold and silver and oil will naturally go up.

The powers that be have chosen the latter.
  • Post #11
  • Quote
  • Last Post: Mar 7, 2008 7:44am Mar 7, 2008 7:44am
Quoting merlin
i cant access the research

do i need to pay for it or something?
Sorry I haven't been posting for a while. It does appear that the research is now downloadable only if you pay... That was not the case when I first posted the link.
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