Alarming News

February 26, 2009

Who is Obama trying to help, exactly?

Funny and on-point, that’s how I like my articles:

A lot of optimistic people bought houses near the historic height of the market, say November 2005, for absurdly high prices, say $1.12 million, in places like the eastern Hollywood Hills section of Los Angeles. These people are very, very sad. Trust me on this. But the sudden drop in housing prices hasn’t made it any harder for these people to pay their loans. That’s because your home’s value is utterly irrelevant until you want to sell it — the same as your baseball cards, Hummel figurines or casual encounters. (See pictures of Americans in their homes.)

The only people affected by plummeting real estate prices are the ones who bought a house that cost more than they could afford, hoping for a spike in value so they could sell at a profit or take out a new loan based on an increased value. Their home wasn’t just a place to live; it was an investment they thought they could liquefy at will. If we’re saving these poor souls from the 26.7% drop in their investment, we should give twice as much aid to everyone who has lost approximately 50% in the stock market since its peak. Especially those in Vanguard’s Tax-Managed Capital Appreciation Fund.

Read the whole thing.

Posted by Karol at 12:18 AM |
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Obama is trying to help Obama. Obama has always cared about nothing else.
Glad I could clear that up for ya.

Posted by: jana at February 26, 2009 at 12:30 am

This guy some kind of half-assed friend of yours? Starts off with all the insight of a Daily KOS piece, then meanders through the valley of cuteness to nowhere.

Posted by: Casca at February 26, 2009 at 10:28 am

No, don’t know him, I thought it was cute and funny and explained the mortgage bailout with accuracy and humor. It’s the kind of article I’d send to my not-very-political friends to understand what’s going on.

Posted by: Karol at February 26, 2009 at 10:54 am

Two posts from Time magazine? How was your visit to the dentist? :-)

Posted by: Jim Lesczynski at February 26, 2009 at 10:20 pm

Luckily it wasn’t my dentist, or the post would have been about an article weighing the various strengths of Bush and Kerry.

Posted by: Eric at February 27, 2009 at 2:41 am

Actually, Casca, while it’s nothing new, it’s remarkable that such admissions appeared in Time.

Posted by: Perry Eidelbus at February 28, 2009 at 5:59 pm
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