Fritz Pfister

I may be older than you, or possibly younger, however I remember seeing a movie in the 1960’s as a teenager, named; It’s a Mad Mad Mad Mad World. This past week fits that description.

The previous week at the urging of President Obama the House and Senate passed their version of a stimulus bill. When details were released to the public support for the bill plummeted to 37%. There was hope that the conference between the congress and senate would improve the bill, however it is a Mad, Mad, Mad, Mad World.

President Obama campaigned on the promise to raise the veil of secrecy in Washington, and promised that he would not sign a bill until it had been posted for 5 days on the Internet for public view. Oh how the crowds cheered. What happened? Obama signs the first two bills he’s handed within hours of passage, probably will do so with the stimulus bill, and allows congress to craft his plan in the secrecy of back rooms.

The veil of secrecy was not lifted this week as the congressional conference met in secret, increasing an 800 some page bill to over 1000 pages, and voted on the bill without any of the people’s representatives having read, or knowing what the bill contains, other than nearly 800 billion dollars in spending that you, your children and grandchildren will be paying for. This after the congress voted the previous week unanimously to have the bill posted for 48 hours on the Internet before a vote could be taken. So much for transparency, and change. Business as usual.

Will the stimulus package create jobs? I don’t know, however if you are a road or bridge builder, a contractor, a community organizer, a condom manufacturer, or a mouse in the San Francisco Bay area your ship has come in. I suppose the plan has a chance, just as I have a chance to be the starting quarterback for the Bears next year. The proposed infrastructure spending is good, the other spending will create jobs?There are going to be some sadly disappointed people over the next weeks and months while the details of this bill finally sees the light of day.

The framework for socialized, rationed medicine probably remains in the bill, and I don’t care. What concerns me is that the seeds of inflation are sprinkled throughout the stimulus bill, as a bumbling secretary of Treasury is proposing trillions more to be spent on the backs of taxpayers that contains the nutrients that will make the seeds of inflation germinate and grow.

The senates original version of the plan called for a $15,000 tax incentive for home buyers. Then it was reported that the conference had eliminated the incentive. Then it was reported an $8,000 incentive for first time home buyers was added. Who knows, the details haven’t been made public.

This we do know as editorialized in the SJR Friday; “Some of the fiscal modesty improved the bill. We favored a tax credit for those who buy new homes. Negotiators narrowed it so that it only applied to first-time home buyers. Allowing everyone to take advantage of such a credit might actually increase the number of unsold houses on the market and not help the decline in home values”. Say WHAT? That has to be the dumbest thing I’ve ever heard or read. Are these folks hanging out with Joaquin Phoenix?

Don’t worry all you folks that have to sell your home. The tax incentive being limited to first time home buyers will have an impact upon home sales. Along the order of taking a knife to a gun fight.

For you in foreclosure there’s a new plan that will be announced by the president this Wednesday. Let’s hope there’s actually some details provided by Obama, or the reaction will be the same as Gietner’s hollow plan that had Wall Street scratching its’ head and the stock market tanking. Amateur week was on full display, and did little to inspire investors.

Here’s my prediction for the foreclosure plan based upon the tract government is following. After robbing future generations with the original 700 billion dollar TARP program, the soon to be signed 787 billion dollar stimulus plan, and an additional 2 trillion dollars being sought for TARP 2, Obama will ask for more money to help families that are in foreclosure to buy down their interest rates and order the banks holding the mortgages to renegotiate the terms of the loan.

Great news for you who have followed the rules and have paid your mortgage as agreed. Now you get the opportunity to help pay someone else’s mortgage, while you don’t receive any help getting your rate down or terms changed. Let’s hope I’m wrong.

Thank God we live in Springfield Illinois where our economy has historically been recession proof and resistant. We can all proudly say in the months to come, our recession is better than yours!

Will the stimulus plan work? I don’t care because it doesn’t matter as long as the inmates are running the asylum in Washington. We just got rid of our chief nut case in Illinois, and future generations will be paying for that too. The federal government is out of control, and they just proved they will do whatever they please under the shroud of secrecy and in the dark of night. So much for transparency. 

All I care about now is what can we do as a community to work together to increase our productivity that will shield us from this storm of government action. I know it’s a Mad Mad Mad Mad World, but it doesn’t have to be here. It is up to each of us to be as self reliant, and personally responsible as we can be, and together we will weather the storm.

Make this a Better week from Fritz and Kristie Pfister and The Pfister Success Team of RE/MAX Professionals Springfield. Learn how to succeed while fighting the uncontrollable forces within the housing market, by registering today for the free home seller seminar coming up this Thursday the 19th at 6pm. Call 652-sold today.

The opinions expressed are solely those of Fritz Pfister, and not RE/MAX Professionals of Springfield or RE/MAX International.