In other words, once America wakes up, notices 12 straight months of sales declines, exploding inventory, and falling prices, will they actually take out some of their anger (for their declining "wealth") on the housing bubble blogs?
Here's Patrick's take:
It is also the power that opens up this community to criticism. This past week we saw Patrick.net blogged about in other forums as being “irresponsible media”. Although this was a small, more or less isolated event, it likely foreshadows events to come as the housing bubble correction enters the mass public consciousness.
Without sounding alarmist, we should probably begin to thicken our collective skins, at least just a bit, as those who stand to lose the most from the correction begin to lash out at communities like ours.
March 22, 2006
Will Housingbubble2, patrick.net and housingpanic be blamed in part for popping the bubble
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16 comments:
I'm sorry but this an opinion arena with alot of data thrown in. If talking about the craziness of the time is irresponsible then Lareah and his ilk are even more responsible because they created the psychology of this bubble. think of these gems; RE only goes up, you should buy as much house as possible, use one of these inovative financing instruments etc. It is one thing to be aperson with an opinion it is another to be a self serving professional.
I blame the movie "Bad News Bears." People just saw the title and panicked!
exactly, metroplexual!
for too long David Lereah and the NAR (a completely self-serving bunch whose mission statement is "to further the objectives of our members")have been quoted/touted/believed as the oracles of housing finance!
Blogs are merely the real time gauges of public sentiments.
The bloggers are not to blame for pointing out the reality of the speculative episode. They should be THANKED for helping end this destructive speculative episode before it got any bigger. I am an economic activist.
David
Bubble Meter Blog
Shooting the Messenger is a time honored overreaction by society.
I hope they point to comments like mine that I don't care if flippers are left eating ALPO, they shouldn't be bailed out by the responsible.
I would be honored to be blamed.
The bubble blogs are having an impact especially when it comes to the NAR. They have been spending a lot of dough on advertising that looks like an image pump. Reminds me of Wally Worlds ads a few months back. It is truly sickening when they talk about trust and what it takes to earn the title realtor. What Scum!
The only people who will blame the blogs are those with no economic background or understanding of a market-based economy.
In short, everyone who has participated in the bubble and believes it's going higher (realtors, fb's, etc)
Realtors need to take responsibility for their own actions. They better take note that the flippers are long gone and the only buyers left are really pissed off and angry at their arrogance and greed. They are about to receive a big time lesson on humility.
If the mainstream media points out that the blogosphere was correct while the NAR and building industry spinmeisters trotted out daily by the mainstream media to keep people buying were wrong, then the mainstream media might start to use blogmeisters during such phenomona in the future. Was Drudge report blamed for the Monica Lewenski story? I blame the rethuglicans naked use of impeachment as a political ploy for that rather absurd and expensive chapter in our nation's history. However, there will always be some witless attempts to blame the messenger and I often hear the Nader idiots say things like "if people would just stop saying Nader has no chance, then Nader would have a chance!" These people are clearly as delusional as the 48% of Californians who believe housing prices will continue rising. In short, anybody who doesn't have or isn't using brainpower will tend to blame the messenger. Per latest polling, this is about 35% of Americans (those who approve of Bu$hco is a good estimation).
Celine Dione rules! As, yes, we're all guilty.
What are the bets on the DemoRat idiots blaming the housing bubble on Bush? How many of those lying scumbag DemoRats blamed the dotcom bubble on Clinton? DemoRatic hypocrisy at its best.
Classic necon tactics from the last poster - attack your opponents for something which they haven't even said, but which you think they might say.
Well the Republicans have been in full control of the US for the last 4 years or so. They haven't taken responsibility for anything yet, so why expect them to start now?
BTW Paul Krugman called the RE bubble collapse last year, and I wouldn't be surprised to see him get blamed for it too.
What are the bets on the DemoRat idiots blaming the housing bubble on Bush? How many of those lying scumbag DemoRats blamed the dotcom bubble on Clinton? DemoRatic hypocrisy at its best.
You've gotta hand it to this NeoCon-Artist buffoon. He's not at all afraid to demonstrate how stupid he is in a public forum. Amen to such "transparency."
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