On Sat, 21 Mar 2009 18:30:42 -0400, Keith Nuttle wrote:


Except the Clinton administration in forcing banks to make loans to
unqualified individuals because it was everyone's right to own a home.

I don't buy it. This was a market problem, not a political problem.
Fully 1/2 of sub-prime loans were from mortgage companies *not* covered
by the CRA. They didn't make those loans because of Clinton. They made
those loans because of greed and stupidity. The groupthink that's at the
root of all bubbles. The market will keep going up and up, and we'll all
get rich.

This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:

On Sat, 21 Mar 2009 18:30:42 -0400, Keith Nuttle wrote:


Except the Clinton administration in forcing banks to make loans to
unqualified individuals because it was everyone's right to own a home.

I don't buy it. This was a market problem, not a political problem.
Fully 1/2 of sub-prime loans were from mortgage companies *not* covered
by the CRA. They didn't make those loans because of Clinton. They made
those loans because of greed and stupidity. The groupthink that's at the
root of all bubbles. The market will keep going up and up, and we'll all
get rich.

This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

On Sat, 21 Mar 2009 17:31:56 -0600, Vic Smith wrote:


It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

In your case, I apologize. ;-) I just find it humorous that we are all
looking for that *one* person to blame. It's a little larger than that.

"thunder" wrote in message
t...
On Sat, 21 Mar 2009 17:31:56 -0600, Vic Smith wrote:


It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

In your case, I apologize. ;-) I just find it humorous that we are all
looking for that *one* person to blame. It's a little larger than that.

It was us, and Vic, for allowing the same stooges to write laws year after
year.

"Vic Smith" wrote in message
...

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:


This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

This all started with tax reform legislation passed by Congress in 1986.
Reagan was president and the Democrats had control of congress. Up until
then individuals could deduct things like interest paid on car loans and
credit cards. The tax reform bill eventually (first year it reduced it to
65%) did away with these deductions, so people started getting 2nd mortgages
or "home equity lines of credit" to purchase big ticket items because the
interest paid was still deductable.

It's ironic that the tax reform bill of 1986, passed despite Reagan's
opposition to it, is now under "revision" by the Obama administration. They
are proposing the equivalent of tax credits if you buy a new car in an
effort to stimulate the economy.

Eisboch

"Eisboch" wrote in message
...

"Vic Smith" wrote in message
...

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:


This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

This all started with tax reform legislation passed by Congress in 1986.
Reagan was president and the Democrats had control of congress. Up until
then individuals could deduct things like interest paid on car loans and
credit cards. The tax reform bill eventually (first year it reduced it
to 65%) did away with these deductions, so people started getting 2nd
mortgages or "home equity lines of credit" to purchase big ticket items
because the interest paid was still deductable.

It's ironic that the tax reform bill of 1986, passed despite Reagan's
opposition to it, is now under "revision" by the Obama administration.
They are proposing the equivalent of tax credits if you buy a new car in
an effort to stimulate the economy.

Eisboch


...and they call us a socialist country!
Up here, the average citizen can't deduct interest from your tax return for
interest paid on a home, or any other possession.. unless you are showing
that poperty/vehicle as a business expense.
If you have an office in your home and can show income derived from it's
use..you can deduct the fraction of your expenses based on the percentage of
square footage that office represents. As for the vehicle, you have to
estimate how much of the mileage is business related and claim expenses on
that ratio.

"Don White" wrote in message
...

"Eisboch" wrote in message
...

"Vic Smith" wrote in message
...

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:


This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

This all started with tax reform legislation passed by Congress in 1986.
Reagan was president and the Democrats had control of congress. Up until
then individuals could deduct things like interest paid on car loans and
credit cards. The tax reform bill eventually (first year it reduced it
to 65%) did away with these deductions, so people started getting 2nd
mortgages or "home equity lines of credit" to purchase big ticket items
because the interest paid was still deductable.

It's ironic that the tax reform bill of 1986, passed despite Reagan's
opposition to it, is now under "revision" by the Obama administration.
They are proposing the equivalent of tax credits if you buy a new car in
an effort to stimulate the economy.

Eisboch


..and they call us a socialist country!
Up here, the average citizen can't deduct interest from your tax return
for interest paid on a home, or any other possession.. unless you are
showing that poperty/vehicle as a business expense.
If you have an office in your home and can show income derived from it's
use..you can deduct the fraction of your expenses based on the percentage
of square footage that office represents. As for the vehicle, you have to
estimate how much of the mileage is business related and claim expenses on
that ratio.


Pretty much the same here except interest paid on a home mortgage (prime
residence only)qualifies for a tax deduction. You can claim interest paid
for a second home mortgage or qualifying boat loan (and maybe an RV .... not
sure) only if you don't have a mortgage on your prime residence that you
are claiming a deduction for.

Car loan and credit card interest deductions were phased out.

Eisboch

On Sun, 22 Mar 2009 10:52:04 -0400, "Eisboch"
wrote:


"Don White" wrote in message
.. .

"Eisboch" wrote in message
...

"Vic Smith" wrote in message
...

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:


This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

This all started with tax reform legislation passed by Congress in 1986.
Reagan was president and the Democrats had control of congress. Up until
then individuals could deduct things like interest paid on car loans and
credit cards. The tax reform bill eventually (first year it reduced it
to 65%) did away with these deductions, so people started getting 2nd
mortgages or "home equity lines of credit" to purchase big ticket items
because the interest paid was still deductable.

It's ironic that the tax reform bill of 1986, passed despite Reagan's
opposition to it, is now under "revision" by the Obama administration.
They are proposing the equivalent of tax credits if you buy a new car in
an effort to stimulate the economy.

Eisboch


..and they call us a socialist country!
Up here, the average citizen can't deduct interest from your tax return
for interest paid on a home, or any other possession.. unless you are
showing that poperty/vehicle as a business expense.
If you have an office in your home and can show income derived from it's
use..you can deduct the fraction of your expenses based on the percentage
of square footage that office represents. As for the vehicle, you have to
estimate how much of the mileage is business related and claim expenses on
that ratio.


Pretty much the same here except interest paid on a home mortgage (prime
residence only)qualifies for a tax deduction. You can claim interest paid
for a second home mortgage or qualifying boat loan (and maybe an RV .... not
sure) only if you don't have a mortgage on your prime residence that you
are claiming a deduction for.

Car loan and credit card interest deductions were phased out.

Eisboch

I think you've got that wrong. It may be that the AMT rules require
the lack of a mortgage on your main home, but generally you can deduct
mortgage interest for both your main and second home, which may be a
boat or an RV meeting the criteria.

http://www.irs.gov/publications/p936/ar02.html
--

John H

"My reading of history convinces me that most bad government
results from too much government."

Thomas Jefferson

"John H" wrote in message
news
On Sun, 22 Mar 2009 10:52:04 -0400, "Eisboch"
wrote:


Pretty much the same here except interest paid on a home mortgage (prime
residence only)qualifies for a tax deduction. You can claim interest paid
for a second home mortgage or qualifying boat loan (and maybe an RV ....
not
sure) only if you don't have a mortgage on your prime residence that you
are claiming a deduction for.

Car loan and credit card interest deductions were phased out.

Eisboch


I think you've got that wrong. It may be that the AMT rules require
the lack of a mortgage on your main home, but generally you can deduct
mortgage interest for both your main and second home, which may be a
boat or an RV meeting the criteria.

http://www.irs.gov/publications/p936/ar02.html
--


Your right. I must have been thinking about claiming the Homestead thing
or something.
You can deduct interest paid on a first and second house, or a first house
and boat or RV if they have the required sleeping quarters and living
basics.

http://www.excelcredit.com/tax_deductible.htm

Eisboch

On Sun, 22 Mar 2009 11:13:44 -0300, "Don White"
wrote:


"Eisboch" wrote in message
m...

"Vic Smith" wrote in message
...

On Sat, 21 Mar 2009 18:10:52 -0500, thunder
wrote:


This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.

Bull****. I had nothing to do with it.

--Vic

This all started with tax reform legislation passed by Congress in 1986.
Reagan was president and the Democrats had control of congress. Up until
then individuals could deduct things like interest paid on car loans and
credit cards. The tax reform bill eventually (first year it reduced it
to 65%) did away with these deductions, so people started getting 2nd
mortgages or "home equity lines of credit" to purchase big ticket items
because the interest paid was still deductable.

It's ironic that the tax reform bill of 1986, passed despite Reagan's
opposition to it, is now under "revision" by the Obama administration.
They are proposing the equivalent of tax credits if you buy a new car in
an effort to stimulate the economy.

Eisboch


..and they call us a socialist country!
Up here, the average citizen can't deduct interest from your tax return for
interest paid on a home, or any other possession.. unless you are showing
that poperty/vehicle as a business expense.
If you have an office in your home and can show income derived from it's
use..you can deduct the fraction of your expenses based on the percentage of
square footage that office represents. As for the vehicle, you have to
estimate how much of the mileage is business related and claim expenses on
that ratio.


The more socialist, the higher the tax requirement and the fewer the
deductions. I'm sure the liberals here would like to do away with the
mortgage interest deduction and spend the money on bigger government.
--

John H

"My reading of history convinces me that most bad government
results from too much government."

Thomas Jefferson