Tuesday, October 13, 2009

How about some gambling money?

It's fair to ask. I suggest you write your senator, and ask for money for ANYTHING. Because they're about to double the home buyer's credit. Meaning you're about to subsidize a neighbor's down payment and a few extra thousand dollars, to be spent on a jacuzzi, pool table, or three new TV's. All because the National Association of Realtors bought congress.

SAN DIEGO (MarketWatch) -- The expansion -- or, at a minimum, extension -- of the $8,000 first-time-home-buyer tax credit that is set to expire Nov. 30 is at the top of the legislative agenda for the Mortgage Bankers Association, with one of the MBA's leaders saying the trade group is "very close" to winning that battle in Congress. "We are pushing for expansion of the tax credit, and we are very close to winning this one," said David Kittle, MBA's outgoing chairman. The tax credit has been credited with boosting home sales, and mortgage applications, as first-time buyers came out in force this summer. "Hundreds of thousands of home buyers have come off the sidelines because of the credit, and if we lose it we risk losing the stability that is creeping backing into the housing market and the economy overall," said Robert Story Jr., a Seattle mortgage banker and the incoming chairman of the MBA, which opened its annual convention here Monday.

Why not give Americans $15k (that's if they double the home buyers' credit) to speculate in the stock market? I'd say laying claim to a piece of Johnson & Johnson is every bit as credible an investment decision as a $275k house in a cul-de-sac full of short-sales.

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