Homeownership as a moral right has been the great unspoken reason for the nation's financial collapse of the past year and a half. And unfortunately Congress and successive administrations appear all too willing to recreate the very conditions that led to the disaster. President Obama today signed a $24 billion economic stimulus bill one of whose main features is an extension and expansion of a "temporary" first-time homebuyer tax credit worth up to $8,000 per household. The House and Senate each passed the measure earlier this week by the respective margins of 403-12 and 98-0. In so doing, lawmakers laid the groundwork for even more inefficiency and corruption.
