Michelle Obama invites the Mashall family to visit with her at the White House Holiday Reception! Watch full episodes of Extreme Makeover Home Edition at abc.go.com

Its time EMHE fans! The season 9 premiere is fast approaching and you’re in for a fantastic season! Make sure you watch the 2 hour season premiere Sunday September 25th 7/6c on ABC!

From:

http://www.bloomberg.com/news/2010-08-13/manhattan-luxury-condos-embrace-federal-help-in-game-changer-for-sales.html

<<The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from 0,000 to million.>>

Now, some simple calculus for you, folks. Buying an 0,000 property (that’s the very cheapest of these luxury apartments) at 3.5% one will have to make a K payment (mortgage plus condo-fees) every month for 30 years:

http://www.mlcalc.com/#mortgage-820000-3.5-30-4.375-3000-1500-0.52-8-2010-none

Why is the Obama’s Federal Housing Authority — which can not even properly house all the poor eligible for the Section 8 assistance (http://www.ajc.com/news/atlanta/housing-crisis-reaches-full-589653.html ) — busying itself with and tying their budget on people, who can afford to spend K/month on an apartment and are interested in living next to a pet spa?

If the housing market moves down only 3.5%, these new mortgages will be "underwater" — the condo-owners will owe banks more, than the properties are worth. This is when people usually tend to "walk away" from the properties — and is why a normal downpayment is at least 10% (usually — 20%). When people do walk away, the FHA (read, the taxpayers) will be on the hook for the rest of the mortgages… And rich people will not shy from walking away at all (now that we no longer throw dead-beats into jail):

http://www.nakedcapitalism.com/2010/07/rich-defaulting-at-highest-rate.html

Is it fair to suspect, this is done to further destroy Capitalism? After the staggering success with Fannie Mae and Freddie Mac, who were told by the government to relax their rules:

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

to allow people buy unaffordable homes resulting in the housing bubble and the subsequent crisis of financial system:

http://www.ornery.org/essays/warwatch/2008-10-05-1.html

is the FHA now instructed to do a similar relaxation of rules to give Socialists another argument that "Capitalism does not work"?

Or is it simply a way to reward rich New York donors — both the buyers and the sellers of these luxury condos — for their support of the Democratic Party?

In a properly Free Market Capitalism, people who make a wrong bet — such as choosing to build a luxury building, when the buyers want a normal one — get punished by losing money. In Obama’s CRONY Capitalism, the government helps them out — at the taxpayers’ expense…
Correrafan! If you are referring to Bush’s use of Haliburton, well, that did not start with him (with Clinton rather) nor end with him (Obama keeps awarding the company no-bid contracts).

But I don’t recall anything like this thing on Bush’s watch — there is a completely new ground broken here, I think…

Blagojevich refuses to back down after arrest and indictments on corrupt "pat to play" sale of Obama’s Senate seat.

NY Gov. admits to extramarital affair the day AFTER replacing his boss who resigned amid scandal over…his hiding an extra marital affair.
The Mayor of Detroit carries on with bribes, corruption, and an affair with his secretary
(at least the Dems get all the sex they want on the side)

Now, the House ethics Committee is expanding its investigation of corruption on reports that Charles Rangel (D) NY, accepted money from Nabors Industries for a cultural center in NY named for him.
As well as others charges, most notably that he failed to report taxes on his luxury resort home in the Dominican Republic. Very troubling coming from the head of the powerful House Ways and Means Committee, the guys that write US Tax policy for all the folks!

What say you America?

Please opine if so inclined. and, no bloviating in the No Spin Zone.
Sir Rodger….I agree, they shyow No Respect for the folks! Culture quiz…
Remember what Joey Zaza did when the "Commission" showed him …No Resect in Godfather 2?

Since bursting into the limelight as a vice presidential candidate two years ago, Sarah Palin has been no stranger to TV screens across America. With her high profile and celebrity status, she’s now planning another tilt at the White House – but this time for the top job. RT on Facebook: www.facebook.com RT on Twitter: twitter.com

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