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Taxpayer-Funded Homebuilder Bailout

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April 02, 2008 – Comments (9)

Leave it to the political weathervanes in DC to turn a "rescue" package for "homeowners" (already a dumb idea) into a taxpayer-funded handout to greedy, failed public homebuilders.

Throw 'em all out, folks. Every single one.

Here's what some of the insiders pulled out of the housing bubble, before screwing up a sweet deal and running to us for "relief."

Toll Stock sales:

http://www.secform4.com/insider-trading/794170.htm

Centex:

http://www.secform4.com/insider-trading/18532.htm

(Centex land sale at 18 cents on the dollar)

Ryland

http://www.secform4.com/insider-trading/85974.htm

Hovnanian

http://www.secform4.com/insider-trading/357294.htm 

DR Horton

http://www.secform4.com/insider-trading/882184.htm

Beazer

http://www.secform4.com/insider-trading/915840.htm

9 Comments – Post Your Own

#1) On April 02, 2008 at 4:11 PM, Gemini846 (60.91) wrote:

Another solid rant. I am going to email this page to my senator.

"The expected legislation would provide a tax break to home builders, make billions of additional dollars available to help struggling homeowners refinance and fund more debt counseling, according to industry analysts and Senate aides."

How does giving these morans a tax break help "struggling homeowners"

All these dang policicans are shiesters. Run them all out. I don't much like McCain but honestly compared to the massive tax induced bailouts promised by Obama and Hillary, I'm gonna hold my nose and vote for him in November, then spend 4 years praying for a president with a spine.

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#2) On April 02, 2008 at 4:30 PM, leohaas (32.32) wrote:

That's what you get when Democrats need to negotiate with Republicans to get help to people in need!

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#3) On April 02, 2008 at 5:40 PM, ATWDLimited (< 20) wrote:

Those bums in DC, if they don't cut it out, they be the ones needing help finding a home, because they will be out of a job. Truly, why is it that politicians, a over tax, b overspend, c ignore problems, d overreact, e try to nationalize the problem as part of the government, f make un-payable debt and a juggernaut of a government.

God, if there is one help us, we got a massive fundamental crisis and all our politicians know how to do is centralize, borrow and temporary fixes. Read more about it at The Official Dollar Report.

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#4) On April 02, 2008 at 5:42 PM, cabuilderboy (87.70) wrote:

If builders need to use the 5 year recapture period, for 3 more years, they probably won't be around anyway. On the selfish side, it just means more lots will be sold for deep discounts (i.e. Centex) for guys like me to buy. One man's trash is another man's treasure!

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#5) On April 02, 2008 at 5:42 PM, FleaBagger (29.66) wrote:

Leo, please wake up to the awfulness of Democrats.

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#6) On April 02, 2008 at 6:19 PM, DemonDoug (82.98) wrote:

Flea: I'm sure you're not suggesting that the Republicans are any better.

As far as I'm concerned, we can toss the whole lot of them.  When America elected the Dems in 2006, they had a mandate: Get out of Iraq.  All it would have taken is just a smidgeon of political willpower to say "No, we are not going to fund the Iraq occupancy anymore."  I have no faith in either party.

I do, however, have faith in certain individuals.  Ron Paul is the one that gets the most press, but there are other politicians who generally try to work for the greater good, for example Jeff Flake (6th district Arizona), and Henry Waxman (30th district California).

The whole government is so disappointing nowadays overall though, this crap is just another item on a long list of ways that they have given handouts to the rich while putting the screws to Joe Average Taxpayer.

I'm with Bent.  Let the free markets be free, NO BAILOUTS.  I'm so sick of bailouts.  Bernanke hardly even was touched in regards to the Bear Stearns bailout.

Days like today make me literally nauseous to be an American.  My grandfathers did not fight and kill so that spoiled brats who made billions of dollars could be put on the dole by government.  (I've had many relatives fight in wars, almost all survived.)  Sick sick sick.  In fact, one of my grandfathers went out of business in the 1950s when his steam locomotive company could not keep up with deisel trains built by GE.  Maybe I should go ask for a bailout myself for the "health of the financial system"?

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#7) On April 02, 2008 at 6:54 PM, QualityPicks (51.91) wrote:

I'm still amazed that nobody proposes "help" for the responsible people. Renters that got priced-out of the home market. Seniors that have tons of money retirement money in CDs or whatever, earning 0.5%. People that have their portfolios decimated by the dollar fall (e.g. the SP may earn 5% in a year, but be down 13% in Euros). Etc, etc.

I'm just sick to my stomach of all this bailout stuff. If the SEC and the Fed and our government did their jobs as mandated, we would be in awesome shape. The Fed wouldn't allow the housing bubble to inflate as it did, and they would've done something about all the fraud going on. The SEC would've regulated investement banks so they disclosed all of the toxic waste they sold or owned, etc. etc. Now, I reapeat, *now* they want to do everything possible to "save" the system. Nice job bailout team (Bernanke, Bush, Cox, Paulson).

 

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#8) On April 02, 2008 at 7:11 PM, dwot (69.76) wrote:

Ugh...

The stock market is seemingly a place to scam people. 

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#9) On April 02, 2008 at 7:36 PM, TMFBent (99.82) wrote:

Cabuilder...

"On the selfish side, it just means more lots will be sold for deep discounts (i.e. Centex) for guys like me to buy. One man's trash is another man's treasure!"

That is absolutely, 1000% fine by me. I hope these greedy, blundering publics lose their shirts and guys like you -- risking your necks -- can take advantage of their mistakes. That's the system working as intended.

This other stuff. Oy.

Sj

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