A few days ago I criticized the Repub for defrauding investors for permiting trading in the stocks of Fannie mae and Freddie Mac.
http://www.democrats.org/page/community/post/franklynch/CxMV
Today its was announced that 9 percent of mortgages are late or delinquent. Astoundingly, One of eleven mortgages are bad.
When those people become homeless, things will get much worse.
The cost to the economy and to us taxpayers for all the bank bailouts that will follow will place the US on the verge of bankruptcy.
Homeprices are going to continue to decline, which means more mortgages will be upsidedown (where the mortgage is larger than the home value). That will result in even more people walking away from their mortages, and HOME PRICES WILL DECLINE EVEN FURTHER
for years. . . .
and revene from property taxes will continue to decline, robbing our already short-changed schools of much needed revenue, so our children will pay the price of government lack of regulation
I received the following email from aBarbara Davis this morning. She is apparently also a member of the 2008 Presidential Blog group. Barbara wrote:
"The fact that the taxes are too high on American Companies is why they are leaving the US. The US will become a service nation soon if we raise their taxes more. This will cause even more crime and poverty. We have to lower their taxes in order to bring the companies back to the US and put people back to work.
You need to get your facts right before you place the blame."
Someone please explain to me how an "American Company" can relocate to a communist nation - like China - and make a profit? The tax rate there is suppose to be 100%.
If a democrat can believe the real problem is that companies are taxed too much then we certainly should not take victory in November for granted. No matter how silly the republican policies may seem to us.