AP: Most of housing bill would aid businesses

After yesterday's debate here about tax breaks for home builders, two wire stories caught my eye this morning.

This from the AP: "A measure billed as boosting the slumping housing market showers money-losing businesses with $25 billion in tax relief in the next few years but offers just $3 billion to homeowners. The estimates released Thursday by congressional scorekeepers lend credence to accusations that the measure helps businesses like home builders while doing little to help millions of families threatened with foreclosure."

Here's the other one, from Bloomberg: "KB Home shareholders rejected a labor union proposal to tie executive pay to the Los Angeles-based home builders' performance. ... KB Home said last month it paid Chief Executive Officer Jeffrey Mezger $16.4 million in the 2007 fiscal year, his first full year as CEO."

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: AP

Comments

[ash]

Did we expect anything else? The fat cats at the top have always taken care of their cronies. Birds of a feather and all that. Did we really think the fat cats in government would actually think they owe anything at all to the citizens, their constituents? Even the ones who were swindled and not plain stupid? Time to take names. Time to remember the names.

[anonymous]

And all the while the politicians and lobbyists are sorting out their 9 for me 1 for homeowners - there are people out there like mike who are trying to hang onto their homes by putting their mortgage payments on credit cards

[jb]

16.4 million - what could he possibly do to earn that much? perhaps he can steer politicians and keep KB afloat. We are fed up - the whole system is crooked. It is time to riot, burn, and pilage.

[$30/hr.]

Industry with lobbying dollars will defeat the individual civilian/consumer every time.

"Let the market sort it out."

The problem is that too many people actually believe this statement.

Our political leaders are failing us.

But we, of, for, and by, the people are enabling them.

The General Public doesn't pay attention enough to take action to prevent such misuse of tax dollars. Too busy playing with all our shiny objects.

The lesson, then, folks, is that you are never to engage in financial transactions unless you can do so as an incorporated entity.

Right now, them's the rules of the game in these here United States.

[John Finley]

Sadly, this is what has become "Business as Usual in America." The politicians are all rich and they write laws for the rich. They HAVE to be rich to get elected. Money and the Rich have taken control of our beautiful American Dream and replaced it with the Corporate Empire.
It's ALL about money now and everyone's anesthetized. Ah..... but wait....there's a BIG BIG vulture waiting.....the 9 TRILLION DOLLAR National Debt.
Oh well, to quote Prince, "Party like it's 1999."

[Joseph...The Real Estate Guy]

Agree!

You forgot to mention the fact that Municipalities will be able to purchase the
Foreclosed homes from banks!

You got to follow the money!(Campaign Contributions)

I am not a Republican, nor a Democrat, but OBAMA and CLINTON are receiving millions of dollars from corporate America now!

[JEM]

Well what did you expect! It doesn't matter whether the administration is Democrat or Republican. And you know what? The American people are to blame, we have allowed our economic institutions to become too big to be subject to market forces, and all of us expect the government to bail us out. The problem is the captains of industry who preach market discipline are always the one's sticking their snout in the proverbial government trough

[William Jones]

Remember how a while ago the industry trade group representing the builders announced that they would not make any more contributions to political campaigns because the politicians had not been "responsive to their concerns?" Well, I guess the powers that be in Washington got the message. They need some dough as campaign season approaches, so they did the equivalent of putting on a mini-skirt and lipstick and standing out on the street corner to tell the home builders they were ready to "entertain" them!

[yingyang]

Actually, this bill is a setup for the underwater mortgage homeowner bailout which will be billed as "the ultimate bailout for the poor". Its only a matter of how much Congress wants to tack onto the national credit card.

I will not have kids as that would be the greatest gift I can give them.

[Yuck!]

Let me get this straight...the builders are getting a bailout? I'm moving to Canada.

[E]

Reminds me of those song lyrics from way back when...

"You get your money for nothing and your chicks for free"

[victor knopp]

the building industry and the farmers have a lot in common they both servive off immigrant labor,neither deserves taxpayer money or support,its completly at our expence and our future