Sunday, February 15, 2009

$15K Home Buyer Credit GONE

Sometimes when I don't write for a while it's because I'm too angry to write. I try not to write when I'm angry.

Apparently the conference committee on the stimulus bill stripped out the $15,000 home buyer credit to all home buyers. This makes no sense.

In fact, it is so out-of-touch with the economic conditions on the ground to strip this out, I don't feel a need to even begin to refute it here. Most of my readers will understand. This is how "the sausage" gets made in Washington DC.

I will have more to say on this when I can have a more measured tone, but it's taken me a few days just to get to this post.

The silver lining is that this element of the package can be revisited as a stand alone bill or as part of a subsequent bill, so all is not lost. And there are still many other good measures in the bill that will have a stimulative effect. But let there be no doubt, the compromise by committee has made for a weaker bill that has a weaker chance of actually being effective.

Expect to see a lot more debate on measures that were cut and new measures as we go forward. I suspect this bill is not nearly enough to turn the current situation around, though it is a good start. Especially here in Houston, we should view it with cautious optimism.