Big 3 Bailout - The Senate Bails On It- Page 5

[javero]

Posted: 12/19/08 at 3:36am

KissySim--That figure looks alright to me. Median income for a household in Montgomery County, MD in which I reside for 2006 was $87,624. I remind you though that I'm a Libertarian who would never welcome any form of socialism or entitlement society. I've been opposed to each of the recent bailout/bridge loans requested by Wall Street, Detroit and Anytown, USA despite my soft spot for manufacturing.

Real estate prices in this area are still way up there compared to other parts of the country where I owned property before. The region is becoming the nation's condo capital because single-detached homes with a decent sized yard are out of the reach of most first-time home buyers and folks approaching retirement with little to no nest egg. I personally don't find many of the new condo developments very child-friendly.

Another story that hasn't gained much traction in the MSM is the number of condo/homeowner associations that are teetering on the brink of insolvency as a result of unit owners unable to pay their monthly assessments to cover common expenses because many got sub-prime loans and can barely stay above water. And the banks are NOT in a hurry to lend money to those condo associations either given the banking industry's own financial situation.

So, it seems relative to me. Perhaps a wage of $36 an hour could cut it in some parts of the country but not in my neighborhood as the single source of household income.

Check out the county's housing stats at the link below. I hope they strengthen your case.


Montgomery County, MD profile

[Yawper]

Posted: 12/19/08 at 4:15pm

The bridge loans are truly that - loans until either the downturn ends or the major banks start functioning again. The problem is they are too big to be able to get financing from the local neighborhood bank like small businesses can. If the financial sector was operating normally the auto makers wouldn't have turned to the government for financing.