Just a Reminder: First-Time Homebuyer Credit Ends Today (Hope You Got Yours)
Today was the final day to take advantage of Obama's first-time homebuyer credit (read: please, PLEASE go out and buy a house) if you were not aware. My Going Concern colleague and fellow accounting nerd Joe Kristan summed up its "success" perfectly:
“Yes, it is a success, if the objective was to demonstrate that people will take free money if you give it to them.”
Supposedly this means the sort of people who have been buying houses will continue buying houses but unlike Fed QE programs, when it's over, it's actually over. Or so I am guessing. Hoo-rah, what can we subsidize next? Plastic surgery? Kevlar armor? Shoes? Come on, Obama, let's stimulate this motherf^%$er or go home.
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There are very few financial problems that can't be solved by a suitable application of asset bubbles.