Government Money Flush
What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion... All it achieved was a brief suckers' rally...
"As we said at the time, it was a giant waste of money," says Mark Calabria, economist at the conservative Cato Institute. "None of these things really turned the housing market around. They just put off the adjustment for awhile." [Read]
Yes, the magical hand of government intervention. The quicker we let a market hit the bottom, the faster we can recover. Seems simple, but apparently too complicated for the do-gooders in Washington.