Big whoop

The compromise Stimulus Bill cut the home buyers credit from $15,000 to $8,000. This is driving down the stock price of the big home building companies but other than that, who cares? $15,000 was never going to do any good because, as explained here a few days ago, home prices are already too high and ripe for at least $15,000 reductions with little or no negotiating skills. The bill was always a sop to large political contributors and for some reason, Pelosi and her crowd decided to screw taxpayers a little less. It’ll still send billions of dollars to those corporations, of course, because after all, Congress is an honorable institution and tries to live up to its promises to contributors.

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One response to “Big whoop

  1. Anon E. Moose

    As I’ve heard the provision, it’s worse than you describe: It’s not merely cutting the size of the credit from $15k to $8k – it more atpyl described as extending the $7,500 program by $500, because it retains the pay-back obligation at $500/yr.

    Here’s hoping this breaks the sellers’ spirit — no white knight from Washington, DC is coming to save them and re-inflate their (now merely sagging) home values.