November 22, 2006

More MSM housing meltdown reporting


Here's the report on PBS Newshour the other day (thanks Frothy)

Either Americans are tuning this type of reporting out (like not looking at 401k statements in 2002), or they're now seriously freaking out.

Which is it?

30 comments:

tabasco jenkins said...

"on PBS Newshour"

I think you answered your own question in this particular case, Keith.

When Leno starts making jokes about the housing market, then Americans will start paying attention.

Anonymous said...

Denial!!!

Anonymous said...

I think the ass clown with the glasses really looks like he knows what he's talking about and in in touch with what the common man does and thinks.....not.

keith said...

you mean 20% of American's don't rush home to catch PBS NewsHour, the finest show on television?

OK, my bad. I thought there was hope. I guess not.

Anonymous said...

Hope you all enjoyed those low gas prices and bought your houses. The U.S. dollar has started its nose dive and prices for everything are going up. Yes, even house prices will be rising as inflation kicks in at rates not seen since the 1970s.

Precious metals, RE, debt, and commodities are your friends.

The next President will be handing out W.I.N. buttons.

Anonymous said...

here's an example of two guys with distinct view. roubini has the ability to see things ahead, while yardeni sees the present. the effects of the housing bubble will be felt later. thus, roubini will be proven right.

Shakster said...

IOW,they like to take it in the rear with their eyes closed.

Anonymous said...

Hey, you heard him, “They aren”t making any more land.”

Case closed.

Pull the plug on all this bubble talk.

Anonymous said...

Hey, you heard him, “They aren’t making any more land.”

Case closed.

Pull the plug on all this bubble talk.

Anonymous said...

Ed doesn't think american are stupid?

Can you say Adjustible Rate Mortgage?????

Anonymous said...

Ohhhh, the-ol'-they-aren't-making-more-land arguement!

What do you think a high rise condo is???

Anonymous said...

This guy is CRAZY!!!! Total denial. The construction is at a fevered pitch, becasue they want to get done and get the hell out now! Becasue the ship is going down. All those fools that bought blue-prints instead of property can't flip it without looking at something nowadays.

Anonymous said...

If you noticed the graph of housing prices, the 70's and 80's spikes ended about right where they started.............

Anonymous said...

yep, LOVED the 'they aren't making any more land' as the guy is standing in the center of a neighborhood that will soon have FORTY new high rises

the 'wisdom' of economists

an aritcle in the WSJ this week polled economist, the vast majority of which said 'the worst is behind us' in the housing slowdown

we're so F'd...

East of LA said...

The construction is at a fevered pitch, becasue they want to get done and get the hell out now! Becasue the ship is going down.
---------------

I agree. Here in downtown LA, Wilshire condos seem to flying up at a breakneck pace. If the assumption was that the party was NOT over (and would NEVER end), why the hell would there be a rush to complete them? I mean, more time always means a higher price, right?!?! Catch that falling knife, guys!!!

Hard assets said...

The last two modern housing crashes led to recessions, and they just went up in price. Nothing like the buble we're now in! This is a "housing bubble from Hell", and the prices are dropping like a rock. Yardeni needs to leave N.Y. and look at the rest of the country.
Soon the stock market's new mini-bubble will pop! Then, the s''' will really hit the fan!

Anonymous said...

Bankruptcies are predicted to be up in 2007

http://content.hamptonroads.com/story.cfm?story=114800&ran=158476

Anonymous said...

Anonymous said...
Hope you all enjoyed those low gas prices

Right before elections, I got into a pretty lively argument with my “GW is the second Jesus, Rethugs are the party of God,” right wing neighbor who arrogantly instigated a $100 bet with me that gas would NOT be up to $3.00 by Jan 1. He didn't specify grade, hi-test vs. reg, or what area of the country. He also thought that the GOP would keep control of congress too. High test up to $2.68 at the first station off the expressway exit near here. Up 49 CENTS A GALLON already since the elections. Go big oil. I love it. Not their profits, his blind, mindless stupidity. Typical bible thumping right wing whack job! I've been eating his neocon crap for 6 years. I am going to thoroughly enjoy holding him to that bet! Revenge is sweet and paybacks a bitch.

Stuck in So Pa said...

Not making any more land!
God, that's so new! He must be right!!!

Anonymous said...

This reporting sealed in my mind what I've now long suspected: that so called "experts" and "pundits," including economists are often not much brighter than a sensible average person. Oh, and WSJ, judging from the people who work for it, is not as great as one might think.

Anonymous said...

Tribeca is one of the best neighborhoods in Manhattan and home to only 26,000 out of New York's 8 million residents. Rents are skyrocketing there today and are now the highest in the city (along with Soho). The rich are getting richer and they all want to live in the same place....so don't worry about 40 new buildings in Tribeca (and yes, they are actually NOT making any more land in Tribeca because zoning and landmarks have very set tight height restrictions). Anyway, there is real underlying demand for all of this space. btw, Roubini seems to think it will really hurt these Wall Street Managing Directors if their $2m Tribeca lofts go to $1.5......he seems to forget that the LOWEST paid MD will make over $1m this year!..... Anyway, sure prices have come off (and may come off further) but the problem with 40 buidings is NOT filling them with bankers. The problem for these people in Tribeca is that it will just be harder for them to get into Robert di Nero's sushi restaurant NOBU

keith said...

Location location location

I thought it was pretty stupid and lazy to do a report from tribeca. At the end of the day, they'll be much better off than other parts of the US - simply supply and demand and people, including rich people with great jobs and incomes, will always want to live there, and there is no land, it's all developed.

That's a LOT different proposition than Gilbert, Arizona. Or Henderson, Nevada. Or Cleveland. Or Detroit. Or Tampa. Or some crack infested part of Scottsdale.

The bubble drop will be devastating on "the fringes", as it always is. But the attractive parts of the city will always hold up better.

skytrekker said...

Yardeni was a big bull in early 2000-and urged people to keep buying stocks-especially high tech. He is a bubble head and I would not take his advice with my money.

Anonymous said...

"Yardeni was a big bull in early 2000-and urged people to keep buying stocks-especially high tech. He is a bubble head and I would not take his advice with my money."


According to this article, Yardeni predicted that the Y2K bug would tank the bubble in tech stocks and drive the economy into recession. He admits that was wrong about that, but still predicted a tech sell-off in 2000, albeit without "huge market disruptions":

"Yardeni was calling for a global recession in 2000 as recently as December 1999. If the Y2K computer bug didn't clobber the economy, he figured, the bursting of the speculative bubble in technology stocks would. He is still expecting investors to sell off their dot.com companies, but instead of huge market disruptions, he now predicts a rotation into some relatively cheaper sectors."

Anonymous said...

Yardeni is a contrary indicator. If this guy says the sky is red, you know it's blue. He cost millions to the poor fools that listened to his advice in 2000!

panicearly said...

lol, the last sentence about seeing the buildings half empty or half full
is hilarious.
how about half off the price and we`ll call it full price

SeattleMoose said...

The "intellectual with the glasses" (Ed) quoted about every shill line in the book.

He is so deep in bullshit he lives and breathes it....absolute and complete denial.

All I can say is if he represents the bulls...they are very scared. His arguments were as tired as everyone after a big turkey feast....

Anonymous said...

THey aren't making more land, people are buying what they can afford. What a total dip shit and/or liar!

stocksystm said...

As mentioned before, Yardeni was probably the best known economist predicting major disruptions and a recession due to Y2K. As we all know, Y2K was a non-event. He is going to be wrong again and made a lot of wrongheaded comments in this housing piece.

uranium said...

Not really anything I think, but if you want to see what uranium really does just click on my sig.