The New York Times finally gets what we on the “free market “fringe” have said from the beginning (under Bush and now under Obama): Housing subsidies, easy credit, bribing banks to refinance those “under water,” and–even worse–extending “first-time homeowner” programs to the nth degree just doesn’t work! Artificial stimulation of housing caused this bubble….
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As expected by many economists, the Homebuyer Tax Credit did little to nothing to encourage new home purchases and only shifted the purchase of new homes from May to April.  Howard Gleckman over at the Tax Policy Center reports on the waste and fraud afforded by deficit financed public policy of this sort, noting…
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