Ever since the home buyer credit has been discontinued, housing sales have plummeted and even a new extension on that credit won't help matters this late in the game say housing experts.
President Obama needs an even bolder plan to get the housing market back on its feet and that is why he is urging banks to just give existing homes to those who want them. "Look," said Obama, "most of the homes sitting in your inventory from foreclosures and what not aren't worth the paper they're written on anyway, so why don't you just give them to someone and take the tax write off?"
Banks are beginning to see the logic of this and are considering complying with the President's reverse housing subsidy program. Said one banker in Detroit, "The President has a point. We have all these crap houses just costing us money to maintain in areas of Detroit that we wouldn't send a pit bull into. Why not give them to someone and get the tax write off?"
The irony of the program is that the tax write offs would be subsidized by the TARP money already given to small banks to help homeowners out, but hey, that's a small price to pay to keep capitalism alive and kicking in America.
