Treasury Secretary Tim Geithner has announced his support for an extension of the $8,000 first-time home buyer tax credit. The administration also wants to add a $6,500 tax credit for home buyers who have lived in previous homes at least 5 years. Washington is obviously trying to weed out the investors and speculators who've bought since 2005.

In my opinion, the government should shrink the credit to something like $7,000-$7,500 to reflect falling home values around Tampa Bay and elsewhere. If homes cost less, the credit should be less. Make sense? But what's a few billion dollars among friends?

In any case, let's hope the home buyer credit won't be as wasteful as Cash for Clunkers. And check out the abuses plaguing the current home buyer tax credit.