There was once a popular saying in this country in the mid 60's "As GM Goes, So Does the Nation". Well, that saying is no longer valid and it doesn't take a rocket scientist to figure out what turns the economy today. The current housing and credit crisis has "crippled" the global economy. It is no surprise to me that this incredible amount of greed and excess has all but destroyed any economic growth for the foreseeable future.

With that said, today the Senate proposed a $789 BILLION stimulus (spending) package that was very disappointing. The housing industry / new homeowners were not taken into consideration with this package.

"Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision. The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation." - WSJ.com  http://online.wsj.com/article/SB123436825805373367.html

What a joke! Is it me, or do all of these politicians (ALL of them) not understand that the housing market controls everything today? Buying a home affects a number of people. Whether it's the REALTOR®, bank, painter, plumber, construction company, Home Depot, Sears, Best Buy, etc, it all begins and ends with the housing industry.

Today was a great example that politicians are indeed out of touch with reality. I was actually starting to believe that if they pasted a tax credit for a new home and perhaps created this other bill to offer lower interest rates on 30 year fixed mortgages that this could be the "silver bullet" that lead us out of this painful problem we have. Creating temporary jobs for infrastructure issues and giving money to failing companies is not going to create the type of meaningful jobs that our country is in dire need of. It's like fighting a fire with a garden hose.

The way out of this mess is to create jobs by lowering taxes on business and individuals and to cut excess spending. Innovation and productivity is what creates low unemployment and low inflation. We are a country of innovators & entrepreneurs, the GREATEST country in the world! The industrial revolution is over, but innovation is alive and strong which continues in the United States. Our Government needs to realize that you can't tax or spend your way into prosperity. The way out is to allow businesses to help out by creating jobs.

Bring back the pride of home ownership, "The American Dream" that has been tarnished. Without this, we are clearly heading in the wrong direction. That's why I believe "As the Housing Market Goes, So Does the Economy"!