Monday, May 09, 2011

Crashy, Crashier, Crashiest?

Cato Institute     Image by shawnblog via Flickr
The housing crash is, apparently getting crashier.

"Housing crash is getting worse: report"
 What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion between 2008 and 2010 on tax breaks to prop up the housing market. All it achieved was a brief suckers’ rally that ended last summer.
“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.”
$22 billion vaporized.
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"... nothing intellectually compelling or challenging.. bald assertions coupled to superstition... woefully pathetic"