If the administration is looking for one more reason to do everything they can to create jobs, they don’t have to look much farther than the housing crisis. But the rationale extends far beyond simply keeping people in their homes. Presumably if more people were employed it might distract some of them from their current full-time occupation of trying to cheat the system. Not surprisingly, when the government advertises free cash in any form, there’s a stampede to get to the front of the line and the home-buyer tax credit program is no exception.
Fresh off its tax evading stakeout operation, the IRS is now having a closer look at over 100,000 claims and 167 criminal schemes originating from people betting the era of housing-based lying is far from over. But this can actually be viewed as progress. For once, market participants and regulators have identified the sources and extent of fraud relatively early on. They should take this opportunity to congratulate themselves for shutting the fraud flood gates before even more money goes out the door headed for the wrong beneficiaries.
The measure, adopted in February as part of the economic-stimulus bill, gives first-time buyers an $8,000 tax credit in an effort to boost sales and stimulate the moribund housing market. The program is set to end Nov. 30, but housing-industry leaders are lobbying Congress to extend it.
Posted by guest , Oct 20, 2009 11:50AM
Greg, if you're going to get all amped up about a journal article about people gaming a subsidy, at least make it a funny one. You should have gone with the golf cart story from Friday
Posted by guest , Oct 20, 2009 11:56AM
nice pic
Posted by guest , Oct 20, 2009 12:11PM
Greg,
Is this you? You should post this picture instead, now we're talking...
http://www.zimbio.com/pictures/szzFD4K8Gz9/Palm+Sprint+Benefit+Iraq+Afghanistan+Veterans/rbcQYVfcC0W/Greg+Michaels
Posted by guest , Oct 20, 2009 12:26PM
greg, you use that pic every time something shady happens and it is the gayest thing ever. i'd be more enticed to read if you had the sticky bandits (pesci and stern) from home alone 2 up there robbing duncan's toy chest.
Posted by guest , Oct 20, 2009 12:29PM
Greg-
I am going to delicately work a bottlerocket into your pungent octpus and light it.
-Jeff Macke
Posted by guest , Oct 20, 2009 12:47PM
Greg,
You are paid too much
Feinberg, Pay Czar
Posted by guest , Oct 20, 2009 12:48PM
holy shit have you seen the State Street news on gang raping Calsters and Calpers in Forex spreads? Who the... spilled the beans?
Posted by HAM05 , Oct 20, 2009 1:00PM
hey asshat @4 - that is the sneakiest, most hilarious pic of a sneaky sneakster ever. everyone loves it.
Posted by guest , Oct 20, 2009 1:34PM
Bull Market In Fraud Set To Continue? I thought this was a story about Greg and his fraudulent career at DB. Huh, oh well.
Posted by guest , Oct 20, 2009 3:35PM
Did you know that it is considered poor/informal grammar to start a sentence with "But". Apparently not, as you managed to do it twice. Your written command of the english language is appalling.
Bess