June 26, 2006

The housing bubble has burst. Prices are going to plummet. The economy will tank. You may lose your job. Who do you blame?

55 comments:

Anonymous said...

I blame you, Kieth.

Anonymous said...

ditto.

Anonymous said...

The sky will fall, the sun will run out of H. There'll be 100 seats only for the spaceship to Mars...

Too much sensationalism lately.

Anonymous said...

This post is what I call a filler...

bobbyj0708 said...

First off, I blame all the stupid MF's who can't spell K-e-i-t-h.

Then I blame myself for working in the construction industry and not having been aware enough to move into something that wouldn't be impacted so much by the bubble.

Anonymous said...

I blame "Sleasy Al" Greedspam. Shoulda took our medicine back in double ott. Nurse Ratchet, hand me the saw and tourniquet.

Anonymous said...

I blame Greenspan for not giving us the recession we needed in 2001.

I blame the mortgage companies for offering creative financing options, IO, arms, neg ams and my favorite, the no-doc.

I blame the apraisers who were taking kick-backs from the realtors.

I blame the realtors who told people lies, like houses only go up in value, better make an offer before someone else does, that offer is to low I can't take them that offer.

I blame the filthy Title Companies who scam people when a Title was run 2 years ago.

I blame the Escrow companies who feast on money that is not theirs.

I blame the banks who took loans, then dumped them on the open market because they knew the loans would never be paid.

I blame the MSM who is getting kickbacks and always tells people to buy stocks and Real Estate.

I blame stupid people at parties who try to make people feel bad because they don't own a home.

This is a partial list of where the blame belongs, it also belongs to stupid people who got in over their heads and let ego take control.

Anonymous said...

"I blame the banks who took loans, then dumped them on the open market because they knew the loans would never be paid."

Yes - THAT is a blog unto itself. . .the entire derivative trade and re-packaged debt instruments. . .banks are NOT dumb - in the "old days" I had many loans with Citibank and Wells Fargo that were sold within months. These instruments are all over the place, and likely in most of our pension systems and mutual funds.

Anonymous said...

The massive speculatory bubble and its horrid offshoot the Real Estate bubble are near deaths door.

Blame should be placed at the feet of liquidty and the people(banks) who give that liquidty.

Anonymous said...

Completely agree with anon @11:29:13 PM - you have it all covered.

Anonymous said...

I blame Keeph!

Anonymous said...

I blame people who think that they need or deserve a vacation home.

I blame people who only consider income when making an "investment" in real estate. Outgo such as property tax, home owners insurance eat the investment alive.

I blame people who feel that they are failures if they rent.

I blame the Jones complex. The entire state NJ, CA, most of Florida, AZ and CO have become gentrified. People acting as though they hit the lottery because the value of their house is 50% higher than it was 2 years ago.

I blame greed.

Anonymous said...

I blame Jan Michael Vincent. He gave up on life and now we'll never have an Airwolf reunion show.
I also blame just sheer greed. Whether it be bankers, brokers, agents, appraisers, speculators or builders... everybody just wants to make a quick buck, usually at somebody else's expense. There are a lot of pieces of shit in this world. Although, if I had to pick somebody, I'd sure like to kick a baby boomer right in the nuts.

Anonymous said...

I blame people who feel they need to blame others because they can't take any personal responsibility.

Anonymous said...

I blame the parents of all those pale-faced, frowning Emo kids. If they hadn't tried so hard to make these little dipsh_ts happy, they wouldn't have taken all those cash out refis and HELOCs, or bought those huge McMansions so each Emo brat could have their own wing.

Anonymous said...

He's right. For those of use who have made our money. it's time to go have fun. I'm 48. I don't think the country will turn around in my lifetime. I have a lot of cash in 2000 dollars, and a lot of gold. Moving up to Someplace like Redding sounds really good.
I think I'll be loosing my job by the end of the year. I'm just starting to get ready for it. I'm selling off most fo my cars, and other stuff I don't need.
I read a while back that 70% of the houses sold in Redding last year were bought by get rich quick investors down here in LA. I just might take one of those houses off their hands in a year or so.
I don't know about the fat bottom women, but I haven't smoked a joint in some 30 years. Hmmmmmm

Anonymous said...

eye lame feef.

Anonymous said...

Anonymous said...
This post is what I call a filler...

Monday, June 26, 2006 10:48:22 PM

Thank you , that kicked my butt

Anonymous said...

I dont think it will all play out like you say. But I would have to blame Bill Clinton for the greed and liars out there. He set the example for the world: it is ok to try and get away with whatever you can by saying "it wasn't me". "I did not have sexual relations w/ that woman". I love it. Taste you left ing, liberal mo-fo's. W in the house, right vs wrong, an free market work Keith.

Anonymous said...

I blame myself. I profited from it all and even fanned the fire.
Please forgive me

Anonymous said...

Im in on the women, art, trout, and upland birds but the dope is out of the question for me. In the 90's i tried that retirement and didnt watch my pockets. Whoops, she got me and i got the clap.

Anonymous said...

I don't blame anyone.

I don't think it was smart to buy a home and to think it was an investment (unless it was purchased as a rental).

I don't think it was smart to borrow on the equity of the home to purchase a boat, SUV, plasma TV or practically anything else someone doesn't need.

I think that artificial forces created too many buyers while there wasn't enough supply of homes to purchase.

The war in Iraq and the emerging middle class in India and China really put a squeeze on the price of materials that fueled the price of new homes and the resellers benefitted nicely... if they sold.

It's unfortunate that many so called investors got into real estate to flip properties instead of holding for a longer period of time. Someone mentioned greed earlier in the thread and to me this segment was really the most greedy of all the blame I've seen thrown around.

If your realtor told you that prices would only go up, and you believed them.. Where does the blame go?? You all seem smarter than that to let that happen to you.

If your realtor gave kickbacks to appraisers in order to get the price on your new home, please file a complaint against him or press charges... but have some proof first.

If you were talked into an ARM while rates were creeping back up... you might have wanted to pay attention in economics class a bit more.

If you were an investor planning to rent properties, you better have investigated the rental market first. You don't buy an investment home, rent it out, and still have to come out of pocket to make your mortgage payment.

If you were renting a home while home mortgage payments were less than your rent and waited till rents were less than mortgage payments, you'll need to check yourself in the mirror.

Anonymous said...

I blame people who feel they need to blame others because they can't take any personal responsibility.

I blame the people who feel they need to blame people who feel they need to blame others because they can't take any personal responsibility.

Anonymous said...

If you purchased a home because mortgage payments were equal to or less than your rent BUT forgot to inclue Property tax and insurance payments AND knew you would not stay in that house for at least 7 years you'll need to check your IQ after you check the mirror

foreclose_me said...

On Emo, and other bizarre youth phenomenon:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/06/25/CMG5EJ6PF71.DTL

foreclose_me said...

I blame the Muslims, because without them, Christopher Columbus wouldn't have needed an alternate trade route.

Anonymous said...

I lame loose feef.

Anonymous said...

"Loose" is a verb. Loose the dogs of war. budadumpdump! Only a looser doesn't no that anonypuss. budadumpdump!

Anonymous said...

I blame stupid Europe for sending out colonbus to find an alternate route, when they knew the earth was flat.

Anonymous said...

Stoopid anonypuss sez:

I blame stupid Europe for sending out colonbus to find an alternate route, when they knew the earth was flat.

They wooda found Amurka with thar GPS anyways.

Anonymous said...

i blame keith for bringing it on..but wait, keith himself is on the line for soup kitchen after losing everything in precious metals. Precious, indeed.

Anonymous said...

I blame all the people who didn't care to earn money by working, but instead were obsessed with creating 'passive income'. I also blame those folks who fed into that lazy greed by promoting all the get-rich-quick-in-real-estate seminars that set these lazy idiots loose upon the land as flippers.

Anonymous said...

I blame Florida. They cant read a ballot, their flippers aint just at Sea World you know!

After that I blame kIeth and my mom.

Anonymous said...

I blame spleaf.

Anonymous said...


Anonymous said...
I blame stupid Europe for sending out colonbus to find an alternate route, when they knew the earth was flat.

Tuesday, June 27, 2006 2:09:44 AM


Kolon-bus is spelt witha K dummy.

Anonymous said...

Tuesday, June 27, 2006 2:54:56 AM wrote:

"Kolon-bus is spelt witha K dummy."

You mean Kolonbuff?

Anonymous said...

Got a good laugh out of many of the posts.

Count me in for the hunting, fishing, and good looking women. Not a weed smoker though so I'll drink a Budweiser while you get high.

It will be like the song "she got the gold mine, I got the shaft". Only the greater fools got the shaft while those smart enough to cash out and not jump back into an overheated market will get the gold mine.

Anonymous said...

""Loose" is a verb. Loose the dogs of war. budadumpdump! Only a looser doesn't no that anonypuss. budadumpdump!"

Shit, if my boss if reading this I am going to loose my job as an English teacher.

By the way, the quote (Julius Caeser) is "Let slip the dogs of war."

Anonymous said...

I blame my penis, for wanting me to own a swank pad so I can get friendly with lots of ladies. And I blame the ladies for judging me by superficial factors such as my car and my home.

Anonymous said...

I blame my mother.

Anonymous said...

I blame this country for not having mofo's crazy enough to shoot presidents anymore. They're all too busy flipping. 20 years ago Bush woulda caught two in the face.

Anonymous said...

Stoopid anonypuss sez:

By the way, the quote (Julius Caeser) is "Let slip the dogs of war."

Blah, blah, Shakepeare sed Caesar sed this, and the Bard sed the other, of all the Gaul, et tu anonypuss?

Anonymous said...

anonymouse sez:

I blame my mother.

That's funny because I blame yer mother also. Budadumpdump!

Anonymous said...

Since blame must begin at the top, it's all on Greenspan. First he infused tremendous liquidity into the system, and most of it went into housing. Then a few years back, he suggested that not enough people were taking advantage of adjustable mortgages and the like. When it became clear last year that exotic loans had become the norm, he said maybe some people got into exotic loans who shouldn't have.

Greenspan got out 4-5 months after the top. Now Bernanke has the hubris to think he can get us out of this mess without a nasty recession or a major downturn in housing.

My question is, do these guys really not see the damage that has been done and the pain that will ensue when this thing implodes? Or is it that they really don't care about the rest of us?

P.S. for those bubble deniers looking to judge my angle: I sold out last summer and am renting. I am not a perennial renter and can afford plenty. However, I'm quite aware of the consequences of overspeculation on all things housing related. I'm also really concerned and saddened by all of the people who are going to get crushed in the unwinding of the housing (and other assets) bubble.

Yes people were greedy and stupid and uneducated about how housing really works. But mostly they were manipulated.

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