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Wasn’t TARP supposed to take care of these troubled assets?

Tired of illegal immigration divorced from love of the English language, the Declaration of Independence, and personal independence from welfare and anchor babies? Well, build a fence, but in the meantime, how about an idea that increases legal immigration and does what TARP was supposed to do.

Chuch Schumer as Fred Sanford

Mike Lee as Aunt Esther

Enter the latest version of Sanford & Son, with Fred Sanford and Aunt Esther in the persons of Senators Mike Lee (R-UT) and Chuck Schumer (D-NY):

American consumers and the federal government haven’t been able to bail out the sinking U.S. real estate market. Now wealthy Chinese, Canadians and other foreign buyers could get their chance.

Two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States…

The bipartisan proposal, part of a package that also would make it easier for international tourists to visit the U.S., is similar to an existing program that puts foreigners on a fast track to a green card if they invest at least $500,000 in an American business that creates at least 10 jobs…

The legislation would create a new homeowner visa that would be renewable every three years, but the proposal would not put them on a path to citizenship. To be eligible, a person would have to buy a primary residence of at least $250,000 and spend a total of $500,000 on residential real estate. The other properties could be rented.

The program would come with several restrictions.

The purchase would have to be in cash, with no mortgage or home equity loan allowed. And the property would have to be bought for more than its most recent appraised value, Schumer said.

The buyer would have to live in the home for at least 180 days each year, which would require paying U.S. income taxes on any foreign earnings. Buyers would no longer be eligible for the temporary visa if the property were sold.

The buyer would be able to bring a spouse and minor children to live in the U.S. but would need to apply for a work visa to hold a job. Neither the buyer nor dependents would be eligible to receive Medicaid, Medicare or Social Security benefits.

“The bill does not limit people from being productive,” Schumer said. “It simply prevents them from coming here and taking jobs that otherwise would go to Americans.”

I would remove many of the above restrictions, but many conservatives may be suspicious of the bill as is, given that it is co-sponsored by the senior senator from the Empire State. But, given the help it would offer to our underwater real estate market we would we wise to take the advice of Fred Sanford’s Aunt Esther (played by the junior senator from the Beehive State) upon discovering the funds Fred (Schumer) was donating to her charity was earned from gambling, exclaimed: “I’ll take money from the Devil to do God’s work!”

And for those that worry about foreigners gobbling up America soil, I am reminded of the scare in the 1980s when many Japanese bought up prime real estate including iconic skyscrapers in major U.S. cities. Guess what, the Fruited Plain remains and they can’t take it back to China either.

With so many Americans facing foreclosure and in desperate straits and with prospects for recovery on hold until the real estate market reaches bottom, those that want to see the economy grow should welcome the prospect of ready buyers for these troubled assets.

God knows that Fannie Mae, Freddie Mac, Hank Paulson and Barack Obama have let us down while TARP gave GM and UAW a welfare program no matter if anyone buys a Volt.

Mike DeVine

Editor – Hillbilly Politics

Co-Founder and Editor – Political Daily

Atlanta Law & Politics columnist –  Examiner.com

“One man with courage makes a majority.” – Andrew Jackson

More DeVine Gamecock rooster crowings at Modern ConservativeUnified Patriots,  and Conservative Outlooks. All Charlotte Observer and Atlanta Journal-Constitution op-eds archived at Townhall.com.

 

One Response to Finally some legal immigrants that will invest in America

  • Bruce says:

    Mike,

    “ Well, build a fence”

    I used owned a boxer (dog). He was actually rather big, very strong and had a big head and mouth. He had a bad habit of want to get out of the yard that was fenced in. This was a well-built fence it had a 20 year guarantee. But that boxer of mine was very good at finding the weak slat in the fence yanking it off and getting out. I would fix it and make it stronger but he always seemed to find the next week link. In fact the only thing that stopped him was one day he got out and went to a small forest preserve that was in the city. The forest reserve was fenced in. He managed to get in but couldn’t get out. He was stuck there seven days without food before we found him. From that day on until the day he died he never broke out of the fence again. There was no longer any incentive for him to leave. I say all of this to say we can build a fence but people wanting to cross the border will find a way as long as there is an incentive for them to come here. They will dig tunnels, there is already an extensive tunnel network the authorities are finding out, they will swim, they will come through drainage ditches, whatever it takes. Enforcement is what is needed to stop US employers from hiring illegal immigrants.

    “The bill does not limit people from being productive,” Schumer said. “It simply prevents them from coming here and taking jobs that otherwise would go to Americans.”
    Hmmm. So I guess those migrant workers that are building our homes, cooking our food (have you noticed who is cooking your Chinese food), and picking our crops (remember this the next time you are enjoying a salad or piece of fruit), aren’t productive. And ask Alabama who is picking their crops. They aren’t taking jobs Americans want at least not at the wage they are paying the immigrants. And when those Americans do take those jobs at a higher wage what is going to happen to the price of your salad.

    “But, given the help it would offer to our underwater real estate market”

    Really, and what happens to the children that are born in the US. Are they not citizens. And you want them to come and buy homes that even though the loans are underwater are still selling at inflated prices. Everyone talks about the loans that were made but what everyone seems to forget is the inflated housing prices the homes were sold at. During that time I know of a person who bought a home at $200K and was able to sell it the next month for $300K. Prices continued to jump like that in a market that was driven by an escalating number of new home at escalating prices. I saw developers start selling homes in phase one of the development and by the time they got to phase three of the development the same homes had tripled and less than two years had passed. So what we want is for foreign buyers to come and prop up a still inflated market. Yeah that will work.

    Black in America baby ……..the revolution has been televised

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