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Monday, February 02, 2009
John McCaslin :: Townhall.com Columnist
Real Steal
by John McCaslin
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What was the biggest suprise of Election Day?



Headline of our column item two years ago: "A Steal."

After all, the late President Gerald R. Ford's longtime residence in Alexandria, which had languished on the market for 10 months, suddenly was "Reduced $100,000" to $899,000, announced McEnearney Associates, Inc.

That price reduction certainly should have sold the "National Historic Landmark," right? Figure that the nation's 38th president lived at 514 Crown View Drive for nearly two decades — from the time he was a congressman from Michigan, while vice president, even for the first 10 days of his presidency.

In other words, the three-level, four-bedroom brick-and-wood house with a "gigantic swimming pool," knotty-pine kitchen, and classic pink bathroom actually served as the White House during the crucial period following the surrender and retreat of Richard M. Nixon.

Who knew in 2007 that the country was headed into one of the worst real-estate sales' slumps in our lifetime?

Now, two years later, another ad is posted: "Live in a President's House."

New price: $799,000

TWO-WORD LEGACY

Speaking of former presidents, the Republican National Committee has narrowed the stormy eight years of George W. Bush's presidency to two words, a legacy now adhered to white cotton T-shirts being sold on the RNC's official Web site for $15.95: "Courage. Leadership."

MUD-SLINGING SEEDS

Senate Majority Leader Harry Reid brushed aside the Democratic leadership's controversial proposed economic-stimulus package long enough to set a date of Monday, Feb. 23, at 2 p.m. for the traditional reading of George Washington's Farewell Address.

In our opinion, there's no better time to pause and reflect on Washington's words to his increasingly divided (politically speaking) young nation.

The U.S. Senate Historical Office recalls that Washington was "worn out by burdens of the presidency and attacks of political foes," until such time in September 1796 he threw up his arms and said enough is enough. Continued...

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About The Author

John McCaslin is a contributing columnist on Townhall.com and author of Inside The Beltway: Offbeat Stories, Scoops, and Shenanigans from around the Nation's Capital .

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Bob & Rich well said
Over 30 years ago a course called the fundamentals of credit listed only two qualifications that needed to be checked by a grantor when extending credit.

1. Capacity. Does the the debtor have the ability, income, in short the capacity to pay the debt.

2. Character. Based on past performance does the debtor show the willingness aka character to pay the debt.

Any credit grantor that ignores these two fundamentals and basis his credit decision on the value of the collateral, the "stated income" without verification of the debtor has become a partner in the crime of theft, taking money under false circumstances.

When the banks, mortgage companies, real estate agents, credit rating agencies and government at all levels became part of bigger fool pyramid scheme (I am a fool to pay this price but there is a bigger fool who will pay more) you end up with a total meltdown of the finance and real estate markets. Some of these ceo's like those of Indy Mac and Lehman Bros should be looking at jail time. Their enablers in the congress like Frank, Pelosi, Reid show never be allowed in public office again.

RICH BUT NOT WEALTHLY
What makes me mad is many people at the top knew this mortgage business was a house of cards, but none of them sent up the red flags as a warning to smaller mortgage companies or borrowers. McCain tried to but no one listened, while Barney Frank was publicly stating that Freddie and Fannie were doing just fine.
We peons at the lower level saw this coming, but were not decisions makers at the upper level. Where was the common sense among all of these brillant, high paid, over paid, executives?



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