Why doesn't Tom get it...

[4dsc]

Here's an email I received from Mr Harkin.. Is it me or doesn't Tom get it that most people don't approve of this bailout?? And why does he try to confuse the main issue with forclosures.. This is a thinnly veiled smokescreen to support the federal bailout of investment banking..

Dear Friends,

Many working families are being saddled with higher costs at the grocery store and the gas pump at a time when incomes remain stagnant. People across our state are starting to have real anxiety caused by the steady drumbeat of bad news about the state of our economy, especially in the housing sector.

More than 11,000 Iowans are expected to have their home foreclosed this year. And when that “Foreclosure – For Sale” sign goes up, it can create a domino effect that brings down the value of every house in the neighborhood. This year, an estimated 180,000 homes in Iowa will experience price declines simply because they are near houses in foreclosure.

In recent years, irresponsible, predatory lenders hooked millions of Americans into mortgages that they didn’t understand and couldn’t afford. We should not bail out abusive lenders or people who bought houses to speculate. But millions of other homeowners who are in over their heads deserve help.

We all have an interest in keeping people in their homes – and keeping those homes off an already oversaturated market. That’s why my Senate colleagues and I are working on bipartisan legislation aimed at boosting demand for housing and helping distressed homeowners avoid foreclosure. This bill is a good starting point.

Unfortunately, a key provision that would have allowed homeowners to re-negotiate the terms of their mortgage in bankruptcy court, was blocked by the minority party. We already allow people to go to bankruptcy court to rework mortgages on vacation homes, yachts and family farms - why should primary homes be treated differently?

Nonetheless, the new bill includes an array of measures that will help millions of homeowners – including those who are not facing foreclosure but are worried about declining property values.

We all have a stake in addressing the foreclosure crisis and mitigating against falling home prices, which is a clear and present danger to our entire economy. Iowans can rest assured that I am focused on finding ways to chart a new direction for our economy while helping working families weather this economic downturn.



Your Senator,

Tom Harkin

[Bluzmann57]

1. Ok maybe I'm not too bright

so would you please explain to me how this is a "thinnly (sic) veiled smokescreen to support the federal bailout of investment banking"? I simnply do not understand where this message says anything about that issue. But perhaps reading it twice wasn't enough.
As I recall, you have been in here a few times hammering Senator Harkin. So perhaps you have some sort of an agenda of your own? He actually tries to represent what's best for the majority of the people of Iowa. What a novel concept! Oh well, as I said, maybe I'm just not smart enough to see any underlying evil in his message. After all, I'm just a poor dumb working stiff who is just trying to get by.

[Vet31203]

2. I dont see it either

I think Tom is really doing a good job on this front. Please be more specific

William J Meyers for House 2008

[Counciltucky]

3. Nor do I.

Granted, my mind is in NO way economically wired, though.

[4dsc]

4. Open your eyes

The new so called foreclosure measure being taken up in the House and Senate do little or nothing for the average Joe and his problem with foreclosure but rather BAILOUT the builders, aka the fat cats that built too many homes and are now suffering through in economic downturn..

And every politician should be criticized from time to time.. I don't think Tom is doing a very good job of serving the average Joe of Iowa. I have no agenda other than pointing out the fact, perhaps you don't like that.. Oh well..

[Sophia_Karina]

9. precisely

and the builders are the ones who have created the problem in the first place -- new construction here is just waaay to aggressive.

Locally (Greater DM area) the housing prices are slumping, real estate market is slow -- even though they haven't bubbled up that much in the 90-s and 00s, we shouldn't bee feeling it yet as much as they do on the cost. Why is it? because they KEEP BUILDING!! New retail spaces are springing up like mushrooms, ll in the posh areas to the west; new houses, new apartments\condo complexes -- who needs this stuff? And now this bailout, it's ridiculous.

[4dsc]

5. Now do you get my post??

Doesn't look like many people are supporting this Senate BS!!


The Senate on Thursday passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis.

The measure passed by an impressive 84-12 vote, but even its supporters acknowledge it's tilted too much in favor of businesses such as home builders and does little to help borrowers at risk of losing their homes.

The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes.

http://news.yahoo.com/s/ap/20080410/ap_on_go_co/congress_housing

[terryg11]

6. wow.

not only do you get a heck of a bargain on a foreclosed home but a $7000 tax break to boot. Definitely helping those who don't need it.

[4dsc]

7. That's not all

I saw on CNBC where 3 of the top home builder that are losing money would receive tax credits ranging in the $300 million to $600 million dollar range because of this legislation.. Makes you wonder who they are really looking out for in the Senate..

[mrs panstreppon]

8. Iowa Progress Project is the new Iowa Future Fund!

Somewhat off topic but I wanted to alert everyone that Iowa Future Fund, the mysterious 501(c)(4) running anti-Chet Culver ads, has been supplanted by Iowa Progress Project. I posted a diary about Iowa Progress Project at Bleeding Heartland:

http://www.bleedingheartland.com/showDiary.do?diaryId=1216

The IFF and the IPP are part of a very well-orgnaized and very well-funded Republican program set up to misuse 501(c)(4)s this election season. The next best Swift Boat Vets promises to be Amereican Future Fund.

So far, I've been able to identify Bruce Rastetter, a major player in the ethanol and wind energy industries, as a probable financial backer of IFF and AFF. Rastetter briefly entertained running against Tom Harkin this year.

Given the heavyweight Republican operators involved in AFF and IFF, I would not be surprised if the objective is to run Chet Culver out of office.