Back in the winter when Congress was debating whether stimulus programs could get money into the economy quickly enough to make a difference, supporters of government efforts to prime the pump argued that tax credits would offer Americans a quick financial shot in the arm. After all, what else does government need to do to process a tax credit except take in applications, verify their accuracy, and then ship the money out the door?

Oops.

In what amounts to the most underreported story of the year, the Treasury Department's Inspector General testified last week that in an effort to get money into the economy quickly the Internal Revenue Service rubber-stamped most applications for the $8,000 tax credit for first time homebuyers, and in the process the government has paid out...