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The Spectacle Blog
Brett Arends at MarketWatch makes a great catch: if you participated in the Obama homebuyer tax credit program, you have likely now lost more in the value of the house than the $8,000 the credit was worth. Basically, the credit was a $26 billion swindle perpetrated on people looking to buy houses. It lined the pockets of real estate agents and lawyers, while doing nothing for the housing market, hurting individual buyers, and widening the deficit.
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More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/11/08/homebuyer-tax-credit-was-a-swi
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Tony| 11.8.11 @ 11:37AM
That assumes it performed as intended, induce people to buy that otherwise wouldn't have. I think that only people that were going to buy anyway took advantage, which is why it had no effect on the housing market as a whole.
Dixie Pixie| 11.8.11 @ 1:46PM
The Crony Socialists at Large strikes again.
Billions of dollars lands in the pockets of Democratic donors as the public is conned into another ripoff.
What a big surprise!