the Mortgage Interest Deduction is a residual of the 1913 tax code, and was not created to encourage homeownership..
All tax deductions have unintended consequences. I think the deduction was for the benefit of the banks, but it’s been a good thing for the middle class. It’s the only loophole available to the working class.
the Mortgage Interest Deduction does encourage those who would be homeowners anyway to purchase larger houses than they otherwise would
That’s a stupid and near-sighted view from someone like this person giving the testimony who only thinks about real-estate. MID can reduce monthly mortgage payments for middle class homeowners by as much as 30%, savings which households will use to cover other basic living expenses, groceries, utilities, etc.
There is statistical evidence to prove this out. Before MID, people at certain incomes bought smaller homes. After that, they bought bigger homes. Obviously, the banks and the real estate agencies steered people in that direction, but the effect was to make the MID a subsidy instead of a bridge to home ownership.
The Bush administration did a study that made the same point. Eliminating the MID would increase tax revenue slightly. It also would have kept many people in rental properties. Of course, if that deduction had been eliminated before 2007, it might have taken some air out of the housing bubble.
Fair point, thx.
The mortgage interest deduction is all that is keeping some middle class homeowners in their homes right now.
Yup. Which is why it comes as no surprise coming from either party machine. Third worldization of the US is their goal, and they won’t stop until you’re happy to work for pennies a day and sleep in a tent on wall street (not by choice).
And funnily enough, both banks and wall street wouldn’t be happy with that I suspect. Which might come as a surprise to OWS’ers. Then again, it’s more money for wars, maybe they would like it.
now isn’t this just peachy. The American nazi party backs the ows
Why not? The original Nazi party went after rich bankers and redirected unfocused rage to elect a great speechifying.
Unlike Obama, Hitler was able to raise campaign funds by paying admission to his speeches.
I think Obama does charge admission to speeches (and dinners). t’s called fundraising and he does it almost every day.
hitler gets angry over fast and furious
what happens if Wall St moves to the Caymans?
good weather, low taxes, with computers why not?
maybe I should move to the Caymans.
so quiet..everyone went to the OCCUPY protests?
Hah! Weekends are busy for me. I don’t know what everyone else’s excuse is.
I’m reading The Help and watching Detroit vs. Texas
you’re probably off at some black tie awards dinner
LOL, I am not at an Occupy protest. However, I went to one a few days ago. I wanted to do some research.
Oh, that’s cool.
I have a younger brother at Berkeley and he was collecting some data about the OWS for me because they have an Occupy event happening on the campus.
I’m being occupied by my twin 8 y/o granddaughters and their new puppies, 10 week old pooping and peeing machines (mini longhaired dachshunds, being adorable has kept them alive ). Sigh, I now know what Liberty Plaza must smell like.
Thanks for the link. It’s a great show, and a reminder of how great Bill Clinton is.
I have to turn off the flash video from time to time because the fan comes on. Maybe the foundation will have a DVD of the show. I’ve missed big portions of it.
I just saw Chelsea and Bill talk. Bill gave thanks to so many people. A few names he read from a note, but so many he just remembered. He didn’t use a teleprompter.
Here are some interesting ideas from an article on the demonization of the working class: identity politics has taken the place of the class struggle. These words in the article remind me of 2008: “Instead, the New Left looked for new groups to replace labor, which in the case of America were students, African Americans, the urban poor.” http://www.inthesetimes.com/article/11963/talking_class_chavs_and_riots
This is pretty funny, albeit courtesy of progger activists.
It’s only partially true. Most Americans don’t know where the countries are located. Heck forget about countries, a great number of Americans wouldn’t be able to find the state they live in on a U.S. map.
How much of that map could be labeled “they take our aid money” or “all our jobs went there?”
Stereotypic perceptions about the world was propably their point. Actual numbers don’t always match the scale of isolationist rhetoric.
You think I wasn’t aware. I’m not stupid. It’s from a Greek pov, and I kind of sympathize with the humor. Don’t hurt me, angie..
That’s very funny, especially the workaholic label.
Why would I hurt you? The map is completely accurate except for 2 points:
(1) Use of the “r” word — it’s hurtful & should read “malakas” (guys who is so lame they can’t get women & have to jerk off all the time –loose translation to simple “jerk offs.”That is the word Greeks would use).
(2) Eastern Greece is not “lent” to Turkey — it was STOLEN by the Turks. Here’s to the liberation of Constantinople!
I especially love “Plagiarists” for Italy.
wankers would also work.
Yahoo is replaying the Clinton concert.
Watched live(but very drunk)
Highlights lots of praise for Hillary from most
Lady Gaga doing Caught up in a “Bill Romance”
Hillary smiling and dancing next to I believe Bonnie Raitt
Maria Bello acknowledging CGI not ignoring women in its post earthquake efforts.
Even better stuff that I am way to far gone to articulate,
Surprised that everyone is not talking about it.
Lady Gaga opened her set with a ditty about living in a tiny one room apartment and needing one person to take a chance on her and then she said in America that can happen. Lest we forget WJC was the son of a nurse,
Very positive show. I was a little scared when Usher covered Help from my Friends but he didn’t butcher just re did it differently (Joe Cocker fan here)
And Kaa’an(Somalian) and a Columbian band rocked.
No comments anywhere except for those bashing
It’s great. Looks like they have some pretty good clips in addition to the rebroadcast. Hopefully they’ll add more.