Economic stimulus plan will offer tax filers refunds of $600-1,200 Comments on Stories, posted by Editor, Pleasanton Weekly Online, on Jan 24, 2008 at 7:04 pm
Congressional leaders and the White House have forged a deal to stimulate the U.S. economy by offering tax filers refunds of $600-1,200.
As part of the agreement reached today, refunds will go out to approximately 116 million families, according to the Associated Press. Individual tax filers are eligible for $600, while joint-filers are eligible for $1,200. Families with children will also be eligible for an extra $300 per child.
Read the full story here Web Link posted Thursday, January 24, 2008, 3:31 PM
Posted by Anthony L. Jones Jr. (T.J.), a member of the Donlon Elementary School community, on Jan 24, 2008 at 7:04 pm
This is actually a very good thing. I'm in the business and have been doing mortgages for a long time. I'm not just saying this because of the business. People like me are doing a great business through all the turmoil. This is no different than when interest rates were 16%+ in the 80's and no different than the liquidity crunch of the 90's. The move upward in the conforming limit would mean many troubled homeowners and non-troubled could refinance at lower rates. Many can buy now that wouldn't be able to buy otherwise and I'm speaking of responsible wage earners or business owners. They will still have to qualify for the loan in terms of income, assets, and credit. California and other states are far behind the standard in terms of the conforming limit. Hawaii and Alaska have higher conforming limits. Other high cost states should have the same. $625,000 would still not be enough for some people in New York or California to purchase under first time buyer type programs.
Posted by frank, a resident of the Pleasanton Heights neighborhood, on Jan 25, 2008 at 9:08 pm
It is interesting that the leading post in this thread is by someone who unabashedly implies how profitable it is for him in the mortgage business, especially because of the turmoil. Rather than call for the posts removal, it is best to leave it exposed to the wrath of other posters who follow.
....Now y'all got a sense of the greed that fueled the debacle that is now known as the credit crisis caused by a wall-street-gamed-mortgage industry that in turn fueled high housing prices resulting in a housing boom instigated by a policy of abnormally low interest rates by a federal banking system trying to keep going an excessive consumer economy whose population has lost its capacity to produce wealth and to maintain its average personal income and standard of living because low-worker-cost countries have taken this country's jobs and those low-cost countries now are producer economies generating wealth enjoyed by their citizens whose standard of living is rapidly rising like ours once did in the period after WW II through about the late 70s but now longer rises.....
As citizens our guilt lies in our addiction to consumption. This addiction fuels those producer economies. We define ourselves by what and how much we have, not by who we are. So, if our incomes cannot keep pace, we use our homes as ATM machines to get the cash to buy that SUV that we just have to have as well as to purchase the gas, with the result that our money ends up funding Iran, Venezuela, Saudi Arabia, etc. Don't forget that is also funds China where we get our clothes, toys, and everything else under the sun.
So, in response to the current situation our great leaders respond by sending the nation deeper into debt in order to put spending money in consumer's pockets to keep the game going..... They expect you to do your patriotic duty and SPEND your tax rebate! That's the propaganda, isn't it? Is this true leadership?
The Roman empire decayed by the time it hit 300 years of age, and the US is now 233 years old. Hopefully, there is enough time left to make some fundamental changes. But I think it has to start with you and I.
Posted by Plaudits to Frank, a resident of the Another Pleasanton neighborhood neighborhood, on Feb 3, 2008 at 1:39 pm
Frank...I appreciate your comments given above on 25 January, 2008.
A pundit (Joel Stein of the LA Times) in a article in todays Tri Valley Herald dated 3 February noted the following hypothesis "Say, for instance, I got $600 and I spent it on strippers. Those strippers would then buy clothes at Bebe, and the person who owns Bebe would would buy the crappy house I overpaid for and get me out of the financial predicament caused by unscrupulous mortgage lenders and not by my addiction to strip joints."
He concludes that "An empire that believes spending is a patriotic act is perilously close to its end...."