October 22, 2009

Don't Tell Captain Renault!

Fraud? In governmnet?

NYTimes: Fraud Reported in Program to Help New Homebuyers

WASHINGTON — Just as Congressional leaders are calling to extend a popular tax credit for first-time homebuyers, government investigators are reporting new findings that point to widespread fraud in the program.

Only the Times could make that so completely free of irony.

Hat-tip: @ariarmstrong (No, not teh bike rider, that's Lance...)

We're from the government, and here to help. Posted by John Kranz at October 22, 2009 1:51 PM

"350,000 to 400,000 bought homes they could not have afforded without the credit..."

As Prof Reynolds would say, what could possibly go wrong?

Posted by: jk at October 22, 2009 1:57 PM

1. If $8000 is make-or-break with buying a home, these are people who definitely should not be buying a home.

2. Of course, we should also take into account the fact that a lot of people could otherwise afford it if the government weren't raping them with taxes in the first place.

3. For the rest who are not committing fraud but receive more in the credit than the taxes they pay, they're getting homes at the expense of the rest of us. What a deal.

A government who robs Peter to pay Paul will always have the support of Paul. A government who robs Peter and is swindled by Paul won't care as long as it still has the support of Paul.

Posted by: Perry Eidelbus at October 22, 2009 2:51 PM

I wonder how much lower the average home cost would be if there had never been a tax break for mortgage interest. Several multiples of $8000 I bet.

Posted by: Silence Dogood at October 24, 2009 11:55 PM

Silence, you keep leaving comments like that, and we keep thinking you can be lured to the dark side. Capitalism without the fetters, baby! It’s a beautiful thing!

Posted by: jk at October 25, 2009 6:53 PM

I am a small government liberal, a rare breed some say is mythical. I lean toward larger government than Perry to be sure, but I think if you put me on a continuum I would closer to Perry than Pelosi.

Posted by: Silence Dogood at October 25, 2009 11:14 PM | What do you think? [5]