Shouldn’t the “messiah,” particularly one as ambitious as this one, be smart enough to at least suck up the regular costs of getting a mortgage? He can always “refi” with “favorable” terms after the fact.

Apply the test: if it is a Republican doin the exact same thing, is the treatment the sames?

And why in hell is a so called “man of the people” like Obama doing buying a 1.65 MILLION dollar home? Jim M. relates the story Obama likes to tell:

Obama has told the story many times of being maxed out on his credit cards, so much so that he had some trouble meeting expenses for his speech at the 2004 Democrat Convention.

How do you go from “maxed out credit cards” to a $1.65 million home in roughly the same time frame? Banks (for regular people anyway) like to see a decent credit score and income track record. It doesn’t sound like that is the case here. Special treatment? You be the judge.

Just as an aside: I don’t thing any really rich person, like Gates, Limbaugh, Heinz-Kerry take a loan when they can pay cash. Why give any money to a bank when you don’t have to, particularly under the hideous “interest up front” method banks use? Now maybe there is some “rich person’s insider tip” that makes this a reasonable course of action, but it can’t be for the tax deduction!

Again, if they’re making money (which I can’t imagine they aren’t on a loan this huge) there’s nothing wrong with it. Aren’t conservatives supposed to support capitalism and competition?

Ok let me s-p-e-l-l it out for you.
1. Banks make money on all loans large and small. They make the “Spread.” The difference between the cost of their funds and the rate charged for the loan.
2. Fair Credit Laws require that similar loans be treated with equal requirements. This means that a US Senator, Obama, Dodd, etc… cannot receive a discount loan without raising serious ethical questions.

Nevertheless, I do think this argument is a lot weaker than the charge of pure corruption with Tony Rezko.

James Greenidge
Queens NY

Clever these Liberals, so are sewer rats. We are allowed to poison sewer rats.

I guess all the “impending recession” lies will be repeated by the same political hacks right through the election.

Seems from your comments les, you are at least a wanna-be media propagandist.

On July 2nd, 2008 at 6:46 pm, les said:
hippie, I am not advocating a bail out for GM or its shareholders. I don’t believe the government should bail out auto manufactures or Wall Street firms. I’m taking about fixing fundamentals of the economy, not bailing out an individual company or industry.

Pray tell, what does the stock price of any one firm or any one commodity have to do with the general health of the economy?

And DanGrantTx #77, you won’t hear about his loan with Northern Trust because there is no story. Any millionaire (and yes Obama is one) with an ounce of sense knows that every bank in the country is salivating to get their business. I bet if you took a poll, nearly every member of Congress (heck, hey are all millionaires), media personality, political pundit and lobbyist are Private Banking customers. Heck, I wouldn’t be surprised to find out that Ms Malkin is a Private Banking client. I’m sure Karl Rove, Hannity, Bill O and Rush are. Banks even have special Private Banking divisions to handle doctors, lawyers, media types, sports figures, etc. And they all probably get better rates on loans and deposits than the average person standing in a teller line. The reason, it’s called fee income. Private Banking clients pay big bucks in fee income and its not illegal for a bank to give its best customers preferential rates. Or to give a potential client a good teaser rate to get their business.

You should check out Northern Trusts latest CEO presentation if you want to learn something about the business and how they make money.

http://www.northerntrust.com/popups/popup_noprint.html?http://www-ac.northerntrust.com/content//media/attachment/data/presentation_speech/0806/document/ntrs_william_blair_june_17_2008.pdf

UNITY, N.H., June 27 — Sen. Barack Obama wanted a symbolic beginning for his alliance with Sen. Hil…

/Sarcasm off