Mike:  Obama has an answer for everything, however his answers show little to NO understanding of the underlying problems that raise the questions in the first place.  If elected, I fear he will need a good tutor to keep up with the Oval Office.  Worse yet, Americans will have to deal with the implications of his lack of official experience in an executive position.  Whoops - was that  political commentary?  Surely not here on AR!  ;-)

Steve - sometimes politics needs to be discussed. There certainly was a lot of political comment on the most recent bailout bill. Even here on AR. I do agree that this is poorly thought out and does not demonstrate an understanding of the issue.

I'm trying to stay out of the political discussions, but since this is about housing affordability, well that's different.  This proposal by Obama is not worth the time it took to repeat it.  It does nothing to help affordablity and you and I will end up paying for something that just ends up being another handout.  No substance here.

Thanks for the post.  So what do we think WILL work to help us turn around the real estate market?

Mike we will all pay for the fluff legislation that is nothing but, feel good rhetoric.  I am sorry but, it will do nothing for the first time buyers until they bring back the dpa's.

Hope - pretty much my assessment

Paul - I am closer to McCain's response on that, but that would be a whole series of blog posts.

Larry - I do believe DPA's with great discretion in qualifying would be much better that a $500.00 credit.

Mike - "Who will pay for it?"  Well, let's see.... My guess is that it will be the taxpayers...  :)

Debi - that is probably a good guess

Is there anybody that sees a positive out of this?

YOU will pay for it. And I will too. I like the term "feel good legislation", btw, it seems a very accurate description for a lot of the pre-election proposals these candidates are making.

Carey - that is true, it isn't just Obama.

Mike,

I gotta feeling that the taxpayers are gonna pay for it in more ways than one!

Don - and the number of taxpayers, like the number of those paying social security, is getting smaller (as a percentage) every year.

Mike ~ Smoke and mirrors, brother. Just plain old Obama smoke and mirrors that he can't explain if asked.

Nick - I think it is truly an ignorance of economics and how the market works.

$500 will not do anything for anyone.  How much of our money can throw away uselessly?  I guess all of it if we let them.

As poor as this attempt at helping is, McCain's answer was even worse.  He said nothing at all.  He talked about "good-paying jobs and making sure wages aren't eaten up by taxes and escalating costs like health insurance".  Duh!!! You think!  That' common sense but still no answer on what the government can do to improve the situation. 

Lisa - like I said, I think it's just a feel good entitlement package

Rhonda - on that I disagree, those three things will help the housing market. Throw in a real energy plan that results in an immediate reduction in costs......

How many of you received a "stimulus" check this year from the Treasury? Most of us did. Who paid for that? We, the taxpayers. 

Mike: Yes, we need an energy plan. I don't want lip service from either candidate. I want specifics. Hillary Clinton had specifics. Maybe she could become Energy Czar?

Scott - yes, I did get a "stimulus check". I will admit, it was nice but to what purpose. This $500.00 credit is for people that aren't getting a home interest deduction. Why should they get a credit at all? It will not stimulate the housing market. It is just another attempt at being "fair".

I don't like Hillary's energy plan either. I won't fix our current problem.

Mike: You are right. I feel it is a gimmick, to be paid for how?

As far as energy goes..We, the US, led the world in the Industrial Revolution. As I have posted here before, the US could lead the world forward again, with a Green Revolution. We have the brainpower, the will and what the hell, if we had bipartisan political desire, there would be no stopping us. We would not have to drill off the coast for a temporary fix. We could save that oil for a time when we really need it. We could develop alternative energy and be self-sufficient. I believe this is a crucial time for the future and it could become a reality.

Scott - we cannot get to energy independance without drilling. Even if we had an alternative today it would take almost two decades to develop the infrastructure. We need a multi-pronged approach, exploiting all avenues simultaneously so that we do not get reliant upon a single source again.

And it will take years to get any oil drilled to market. And then what?

Scott - actually, the first oil should be available, that is, loaded on tankers and on it's way to refineries in 18 - 24 months with a very large portion of it in less than 5 years. It's not like it will all show up 10 years from now, only in the most difficult locations.

However, remember, Clinton vetoed drilling in ANWR 11 years ago. That oil would have been here and available today, even if it took ten years. It certainly would have helped to hold oil prices (and prices for everything else) down.

We will still be reliant upon oil for decades. Yes, Obama has an aggressive plan, however, we cannot afford his plan for many reasons, not the least of which it will increase the costs of the current fuel we need to expend in order to do the research and development (not just oil but coal as well). This will drive up and slow down the cost of research, development and the deployment of infrastructure.

Well now that the Government has taken over Fannie & Freddie, $500 will do nothing except sure them back-up.  And if Warren Buffet steps in to prop them up, does that mean he will own the whole country?  Our City partners with private organizations and has done amazing things for home ownership- but that works on a local level, not the national one.

Jane - now I am really scared, there are very few things that the government has been able to manage well, and, they certainly have not been able to manage money at all.