Capitol Ideas
Bill Gloede, senior online editor for Big Builder, says it:
The government can not put a floor into stocks. It can not, obviously, control the global credit markets. It can not possibly create enough government jobs to make up for the losses in the private sector. But it can at least attempt to put a floor under housing, the single largest and most important investment to the vast swath of productive, taxpaying, investing America. Without them, there will be no economic recovery.
U.S. Senator Johnny Isakson (R-Ga.) last month introduced a bill that’s not too far removed from the original Fix Housing First proposal that would do just that with a $15,000 tax credit for all home buyers with no income restrictions. Had the Bush Administration taken this course last Spring, there is at least the possibility that the housing market would be stable now, with even toxic mortgage-backed securities trading at some known value.
While this Congress dithers this summer over global warming and health care and the empathy of the Supreme Court nominee, it should make the time to pass this bill.
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