Chalk One Up For The Blogosphere: Houston's Plan To Pay Off Debts For New Homeowners Is Dead

That didn't take long.

The Chronicle reported this morning that city council (i.e., Mayor Bill White) was considering a plan to pay debts to help first-time homebuyers purchase houses.

You can imagine how well that went over once it hit Drudge.

Any subtlety -- and there was some -- got buried under outrage over helping people buy homes they can't afford. There was merit to the arguments against the plan, but merit wasn't much needed when you could paint a picture of tax dollars going to pay for wide-screen TVs for people yadda yadda yadda.

By this afternoon, the idea was dead.

"This issue has hit a nerve across this country," councilwoman Anne Clutterbuck told the Chron. "Not just here in the city of Houston. Giving people the ability to increase their credit score artificially because we're allowing them to pay off their credit cards is exactly what got us into this (national economic) crisis in the first place."

Somehow we get the feeling this is going to come up in White's senate race. And we can pretty much see the ads in our heads.

-- Richard Connelly


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