We Got The extension

Message 6 of 280

Yesterday President Obama signed legislation extending the homebuyer credit for more time. The credit has been expanded to include $6,500 for a buyer who has previously owned a home in the prior 5 years,

Realtors say the tax credit is responsible for as many as 450,000 home sales in 2009. Here's hoping the credit extension keeps that going.

Others have said the credit has borrowed sales that would have occurred in any event in 2010.

What do you thing?

posted by johnH56

It should spur sales. But pressure is going to have to brought on the big 4 banks, JP Morgan, Citi, B of A, and Wells Fargo to start turning loose some of the billions they are sitting on to make the mortgages. As things now stand these 4 big banks we bailed out to the tune of $4.3 trillion dollars are sitting on and hoarding on more cash than ever in history. Your own failed sales attest to how tight they have been in lending it out, instead using it to buy up smaller banks and create a megamonopoly in the marketplace.

Failure to loan for mortgages, to businesses in no small measure has contributed to and caused the pathetic financial crisis we have now.

An Independent senator from Vermont has introduced a bill to require identifying the banks "too big to fail" with a proviso to bust them up then within the coming year.

Without money to finance the deals, no incentives will produce results in the real estate or job market.

I'm getting behind the senator from Vermont. What he proposes will do more in the long and short run to restoring our economy to some semblance of health and returning our financial industry to some semblance of a free market place for money as well as goods.