I guess this is what passes for expert problem solving these days in D.C.
If I understand correctly, which I probably don’t as I’m one of those moronic right wing slack jaws you’ve been reading about in our media outlets, Senator Chris “Friends of Angelo” Dodd, the man in charge of the Senate Finance committee, has proposed as a solution to the housing crisis that the $8,000 first time home buyers credit due to expire this month be extended until next summer and loosened up a bit from people making less than 75K annually to those making under 300K per year. Bear with me here as it’s hard to type with my fingers in my mouth, but doling out taxpayer dollars with one hand to keep home prices artificially high so existing homeowners won’t lose equity, while at the same time the other hand is doling out those same dollars to encourage first time homeowners into these high priced homes that very recent history indicates they can’t afford seems ill advised and reminds me more than a little of the guy on the old Ed Sullivan show who used to spin plates on dowels.
To review: Keep home prices high, and if you can’t quite afford the down payment we’ll just take a little out of the pockets of the dwindling supply of citizens who actually pay taxes to make up the difference. Might as well help them with the payments while we’re at it. It’s only fair.
As I recall that guy on Sullivan managed to keep the plates spinning. I have a feeling Dodd’s act will turn out more like this one.