Sunday, April 20, 2008
Obama's Definition Of Broke
We've all heard the great tales of woe from both the Obamas as to the miserable state of their finances until Mr. Obama wrote the first of his two best selling books. So great was the "strain" of their student loan debt that one might be led to believe the Obama family subsited on Top Ramen for most of the 90s and well into the current decade.
Well, that really depends on perspective. According to public records, the Obamas purchased their Hyde Park condo in 1993 for $277,500. Nothing unusual about that purchase until the detail of a $111,000 down payment is mentioned. Talk about impoverished. Would someone please tell me where two lawyers saddled with student loans come up (legally) with $111,000 just a few years out of law school?
But I digress.
Running the numbers a $166,500 mortgage at the average 1993 interest rate of 7.31% amortized over 30 years would equal a monthly payment of $1,142. Not a bad mortgage, all things considered.
There's also the issue of Barack Obama's tall tales of financial hardship. In 2000 he made his way to the City of Angels for the cornation of Algore. Upon his arrival, he was - by his own description - so broke that his credit card was rejected by a rental car company. No word as to whether or not he took the bus to the Staples Center.
Where Obama is concerned, the Devil has taken up residence in the details. In the case of his impoverished trip to LA, it should be mentioned that his 2000 tax returns show his and Michelle's combined income being reported as just over $240,000. Yes, dear reader, that is Barack Obama's definition of flat broke.
Most people I know would consider that income level to fall just short of dirty, rotten, stinking, filthy rich. Personally, its an income level to which at present I can only aspire. I cannot fathom the concept of pulling down 240 large a year and somehow being so broke I can't afford to rent a car.
Here endeth the lesson.