Comments on: Senate Likely to Extend $8,000 Home-Buyer Tax Credit http://www.citizeneconomists.com/blogs/2009/10/26/senate-likely-to-extend-8000-home-buyer-tax-credit/ Citizen Economists is an online economics magazine written by citizen journalists. These ordinary citizens provide reports and commentary on the current events affecting the economics of the fields they work in. Wed, 08 Feb 2012 04:44:52 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Dan McLaughlin http://www.citizeneconomists.com/blogs/2009/10/26/senate-likely-to-extend-8000-home-buyer-tax-credit/comment-page-1/#comment-21951 Dan McLaughlin Tue, 27 Oct 2009 01:08:50 +0000 http://www.citizeneconomists.com/blogs/?p=2219#comment-21951 The extension of the home buyer $8,000 credit is a pathetic and stupid continuation of a pathetic and stupid law. Proposed by who? Oh yeah, the pathetic and stupid Harry Reid and company. Just like the clunker program stole money from non-car buyers and gave it to car buyers, and stole future sales to overstate the real demand for vehicles, the home buyer credit steals from non-home buyers and puts it in the pocket of buyers. The present sales are not real demand, but demand partially stolen from the future. When the credit goes away, the real demand will be lower than it otherwise would have been. The houses have already been bought. The benefits are a mirage, a stupid mirage only believed by stupid people. I am sorry for the rudeness, but someone has to tell the emperor he has no clothes. My son bought a house and got the credit. I am happy for him that he was able to pay less for his house, but he stole that money from me and all other Americans. It is still wrong, wrong, wrong. What is the National Association of Realtors, some unbiased group of beneficent people only interested in helping the beleaguered taxpayer? Of course not. They are a politically powerful group of greedy, self -serving scoundrels eager to get their hands on commissions on sales artificially boosted by $8,000. They are not the kind of disinterested, fair advisors you should trust as a source of impartial opinion. There is no such thing as a free lunch. The $8,000 stolen from taxpayers is no longer in the hands of the taxpayers to buy, save or invest as they see fit. The housing market was vastly overvalued in the boom, caused by the expansionary credit boom. The bust is actually the healing process from the damage caused by irresponsible monetary and fiscal policy. Until housing prices come down to the level that real people can afford to buy at real wage rates that they earn, the market will not fully recover without artificial stimulation, borrowed or stolen from other markets and individuals. The extension of the home buyer $8,000 credit is a pathetic and stupid continuation of a pathetic and stupid law. Proposed by who? Oh yeah, the pathetic and stupid Harry Reid and company. Just like the clunker program stole money from non-car buyers and gave it to car buyers, and stole future sales to overstate the real demand for vehicles, the home buyer credit steals from non-home buyers and puts it in the pocket of buyers. The present sales are not real demand, but demand partially stolen from the future. When the credit goes away, the real demand will be lower than it otherwise would have been. The houses have already been bought. The benefits are a mirage, a stupid mirage only believed by stupid people.

I am sorry for the rudeness, but someone has to tell the emperor he has no clothes. My son bought a house and got the credit. I am happy for him that he was able to pay less for his house, but he stole that money from me and all other Americans. It is still wrong, wrong, wrong.

What is the National Association of Realtors, some unbiased group of beneficent people only interested in helping the beleaguered taxpayer? Of course not. They are a politically powerful group of greedy, self -serving scoundrels eager to get their hands on commissions on sales artificially boosted by $8,000. They are not the kind of disinterested, fair advisors you should trust as a source of impartial opinion.

There is no such thing as a free lunch. The $8,000 stolen from taxpayers is no longer in the hands of the taxpayers to buy, save or invest as they see fit. The housing market was vastly overvalued in the boom, caused by the expansionary credit boom. The bust is actually the healing process from the damage caused by irresponsible monetary and fiscal policy. Until housing prices come down to the level that real people can afford to buy at real wage rates that they earn, the market will not fully recover without artificial stimulation, borrowed or stolen from other markets and individuals.

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