Thursday, February 5, 2009
$15,000 housing credit
Too bad it is too hard to multiply. The $15,000 tax credit (or 10% of the value whichever is lower) that has been added to the stimulus bill is purported to cost 19 billion. Wrong. Multiply 15 thousand by the expected 5 million houses that are expected to be sold anyway this year and you get 75 billion. Think about the additional houses that would be bought and sold just to get the credit and you might double this to 150 billion! Great way to reinflate the stupid housing bubble.