Now That the People Have Spoken …
Posted by: Carleton Sheets in Real Estate Market, Real Estate, Housing Market, Economy, Credit, Confidence, Barack Obama on Nov 05, 2008.
No matter who you voted for, you have to admit that change is in the air. And now that the election is over, it's time for our government to get down to business! From what I've heard on CNN and read about in the news, I expect that President-elect Barack Obama is already making changes in the cabinet, and plans to get things up and running the minute he enters the Oval Office in January.
I'm pretty certain that one of the first things on his agenda will be the economy. As I see it, a few things need to happen.
- Jobs need to be created. New jobs mean lower unemployment rates, and more consumers can buy food, clothing, and cars, and pay their mortgages or rent.
- More available credit. Why even try to buy a foreclosure as an owner-occupant if banks refuse to loan you money? As for investors, even though incentives exist in this market, why invest in a fixer-upper if you can't sell it or refinance it, or even get a credit line to do the repairs? Banks need to begin to loan again, not hoard the rescue money given them by the government.
- Restore confidence in the housing market. Experts have said that repairing the housing market is crucial to the health of our economy. I think that programs aimed at both avoiding foreclosures and assisting banks to give incentives that "spur purchasing" would be helpful.
As an investor, what do you think should be our new president's main priority?
Comments (5)
written by James McGovern, November 07, 2008
As the market has taken a dive we have been financially saved. We have not felt any of the downturn because we took Mr. Sheet's advise years ago. Build your security with "Owner Financing". We own over thirty (30) properties with Owner Financed Contracts and a positive Monthly Cash Flow of $$$$. We plan to continue building our portfolio in this winning manner no matter who is running this country.
report abuse
vote down
vote up
Votes: +1
written by david hall, November 07, 2008
ther is no placefor thin market to go but up!
report abuse
vote down
vote up
Votes: +0
written by JW, November 11, 2008
To me, what the people have spoken is that the people do not care. Just make me feel good & do not rock my boat. We do not care who he is nor what his history & therefore beliefs are; just make him Comander-In-Chief because he sounds good. Wow!
-Jobs do need to be created, yes. Yet the Federal government does not create anything except more rules & regs (laws). OK, the feds can help to create jobs by loosening the grip(s) on small businesses. Overall, people create jobs. For me, a governmental job is not a job -a beurocrat. A governmental job (with benefits & retirement) is a strain on the taxpayer & therefore a strain on the economy. Oh yes, government IS needed, yet government (the fed for now) no longer wants to be governed by the US constitution, as we the people are finding out. (& is there such a thing as population control for government?)
-Those hundreds of billions of tax dollars were, in-part, used by the companies to purchase other companies. Once these "bailed-out" companies make something of a profit, the credit will then be willingly directed toward the consumer/small business. Also, when no true fault was exposed to us, the people, the people who are expected to assume all the bill, such really points to a fox (foxes?) in the hen house.
-To me, it appears the people like Mr. Carleton Sheets & the army he has trained over the years is now this country's #1 crutch. For those of said crutch, a financially rewarding era for such a threatening time.
The new president's main priority? As someone who has just graduated from school & now wants to do hands-on brain surgery? President elect B.O., I pray, will be extremely (way) careful! Way careful.
So his first priority, from an investor's point of view? -To check our back side. The Comander-In-Chief's, the fed's main job is to protect the citizens of the USofA from foreign threats. Any threat to that of life, liberty, & the pursuit of happiness is the enemy.
This letter could go on, yet a final thought. IF we -the USofA- are suddenly sucker punched, this "bad economy" will within the twinkling of an eye be remembered as wonderful.
Oh, & is it true that the President elect says real estate investors make too much money & such must be stopped? Did he not state such this last spring? I heard it, didn't you? Just think of it, if he does get congress to pass into law anything that inhibits 'legal' investing, then this economy could place 1929 after 2009. Wow.
-Jobs do need to be created, yes. Yet the Federal government does not create anything except more rules & regs (laws). OK, the feds can help to create jobs by loosening the grip(s) on small businesses. Overall, people create jobs. For me, a governmental job is not a job -a beurocrat. A governmental job (with benefits & retirement) is a strain on the taxpayer & therefore a strain on the economy. Oh yes, government IS needed, yet government (the fed for now) no longer wants to be governed by the US constitution, as we the people are finding out. (& is there such a thing as population control for government?)
-Those hundreds of billions of tax dollars were, in-part, used by the companies to purchase other companies. Once these "bailed-out" companies make something of a profit, the credit will then be willingly directed toward the consumer/small business. Also, when no true fault was exposed to us, the people, the people who are expected to assume all the bill, such really points to a fox (foxes?) in the hen house.
-To me, it appears the people like Mr. Carleton Sheets & the army he has trained over the years is now this country's #1 crutch. For those of said crutch, a financially rewarding era for such a threatening time.
The new president's main priority? As someone who has just graduated from school & now wants to do hands-on brain surgery? President elect B.O., I pray, will be extremely (way) careful! Way careful.
So his first priority, from an investor's point of view? -To check our back side. The Comander-In-Chief's, the fed's main job is to protect the citizens of the USofA from foreign threats. Any threat to that of life, liberty, & the pursuit of happiness is the enemy.
This letter could go on, yet a final thought. IF we -the USofA- are suddenly sucker punched, this "bad economy" will within the twinkling of an eye be remembered as wonderful.
Oh, & is it true that the President elect says real estate investors make too much money & such must be stopped? Did he not state such this last spring? I heard it, didn't you? Just think of it, if he does get congress to pass into law anything that inhibits 'legal' investing, then this economy could place 1929 after 2009. Wow.
report abuse
vote down
vote up
Votes: +0
written by Greg Woodard, November 11, 2008
We'll have change and it'll be painful converting to Marxism & Socialism in the next 4 years. The question I would have as a real estate investor is whether he'll nationalize all realestate and partially compensate the owners or have a super-hud program to house all the homeless when the unemployment rate goes to 60-70% after putting the death blows to capitalism through taxation, legislation and more regulations. The clean water act is an excellent example of the gov. essentially seizing private property with no compensation to private property owners through legislation and regulation. I could easily see Berack, Harry and Nancy seizing the evil RICH real estate investors portfolio of properties for the social good. So I think we could be in for a bumpy ride for at least the next 4 and I know I'm going to be praying for those supreme court justices to stay put. As Mendeces said its going to take small business to get us out of this and I hope his anti business retorick was just that, retorick to just get elected, if not we will be in deep trouble.
report abuse
vote down
vote up
Votes: +0
Write comment
I also believe that the Federal Reserve should be set at 1% for the first 6mos with small increases in the months to come will help in giving our economy the boost it needs. This will help with lowering the rates in the banking and lending industries, and business will start generate at a steady pace.