On Monday January 7, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 Live radio show on The Big Talker 1580 WHFS AM, hosted by Ryan Sloper.
Listen to the show.
Part 1 (15:00)
Louis and Ryan discuss the fiscal cliff deal/ Both had predicted Congress would come up with a plan that would not cut spending.
Louis notes that the Social security withholding went from 4.2 to 6.2% and top rates went up to 39 percent.
Louis notes that both of these while increases are technically not as they come about as a result of letting the prior cuts expire.
Louis notes that the resolution of the fiscal cliff negotiations did not lead to a reduction in the deficit
Louis notes that raising taxes could result in few taxes being collected.
Ryan notes that the mortgage debt forgiveness relief act was extended as part of the fiscal cliff deal.
Louis notes that a lot of new spending and tax breaks were also included in the deal.
Louis notes the bill was 157 pages and passed in three minutes!
Louis notes the dynamic where each Senator and Congressman has an incentive to continue spending.
Louis notes the FOMC minutes that indicated that they might stop buying treasuries. Louis says its “all talk”.