In the battle of the bubble bloggers against the REIC (Real Estate Industrial Complex for the uninitiated), whose side are you on?
Who do you think will win?
January 15, 2007
HousingPANIC Stupid Question of the Day
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25 comments:
Wonder if Bob Toll has ever seen the bubble blogs?
The top 5% that Paul Krugman talks about in his "The Great Wealth Transfer", In Rolling Stone Magazine, (not in the NYTimes this)
http://www.rollingstone.com/politics/story/12699486/paul_krugman_on_the_great_wealth_transfer
The blogs of course! It's the people versus the powerful now
Don't discard the mantra that "this time is different," because it truly is. Never before has a group of citizen volunteers joined together in such a technological manner to fight what they perceive to be as financial and government corruption. The power of the Internet has truly made it "different this time," and all this great information that we have published about the corrupt REIC and this bubble will be looked back on for years to come. Not to mention it will get dragged up in all of its glory the next time a similiar bubble rises. What other bubble has ever been covered so well that the common man can put his hands on the most intricate details in seconds?
Option A:
Delusional, paranoid, self-important not very well educated evangelists who think prices are heading for a 60% crash
Option B:
Delusional, paranoid, self-important not very well educated evangelists who think prices are stable
Hmmm can't decide who to cheer for
Think about it, this is the first financial mania covered in real time by a group of regular people
No one will "win". The bloggers are simply reporting what is going on. About 0.1% of the population read the bubble-related blogs.
The fed and the REIC will keep the bubble going as long as possible, which is probably another 5-10 years. If you think people are stupid, the REIC is corrupt, and the fed is incompetant, you ain't seen nothing yet.
David vs Goliath?
I thought you stayed away from all that Christian crazy talk...
Next thing, you might be reading it.
Marky Mark
Not sure. I will fight the corrupt REIC!
There is really no battle for either to win- economic fundamentals will bring it down.
Neither really. If anything, this is reminiscent to the technology bubble where everyone talked about one thing, investing in technology and how it will change the world. This time, we are hearing the same rhetoric being spewed by David Lereah and those associated with the housing industry.
The side I’m on is economic fundamentals and a fair game. How can you compete in an industry where the public is being fooled by liar loans and now that the piper is playing they act as if they had no clue? We always get the rebuttal that interest only loans and ARMs have always existed. Well I counter never at this high percentage and never in an environment with low rates. In the 80s ARMs were in high use but rates were at 13-15 percent. Where are fixed rates today?
That is why we are seeing homes like the below at ridiculous prices.
Dr. Housing Bubble real homes of genius
I will say that now when I talk to regular people, they are aware that something is up, and it is not their income. They realize, now that their standard of living is dropping and their monthly rent/mortgage is more expensive.
Denial is gone.
Two years ago there was just that deer in the head light look if I spoke of a housing bubble to people.
I will say that now when I talk to regular people, they are aware that something is up, and it is not their income. They realize, now that their standard of living is dropping and their monthly rent/mortgage is more expensive.
Denial is gone.
"Regular" people? Guess I must be irregular then.
My mortgage is the same as it was 5 years ago. My standard of living gets better every year. Since 2000 my salary has more than doubled. My net worth excluding my home has tripled.
I must have irregular friends and family too. A friend of mine makes $220 an hour. Another one is getting married in St. Lucia and is paying for the wedding party's airfare out there. My in-laws, retired recently, bought a monster RV and are touring the country with it...$2.50 gas and all!!
Sorry FMW, I just don't see this doom and gloom out there.
I would have said the bloggers, but now I'm not so sure this side has a clue. The REIC is only the 'visible' part of the problem. It's much bigger. By not looking beyond the REIC, blogs like this misinform and are a detriment to the truth. So, yeah, if you like Jerry Springer, than something like Housing Panic is about your level. Otherwise...
Bloggers rule. REIC is just another scheme to influence an industry with collusion and greed. Bloggers are the truth serum. Bloggers have no self appeasing agenda. Just like David the bloggers will put the REIC (Goliath) will be knocked on it's ass.
And, the longer the REIC hides the facts the longer and deeper will be the pain.
The REIC will win, because they have the money, and money can buy the politicians, and the politicians can introduce new laws to make house buying more popular (capital gains tax level?).
Most women only get two things from a marriage - babies and a roof over their heads. If the politicians were to stand by and do nothing whilst the housing market collapsed, they would be voted out of power
The John Major Conservative government only really became unpopular when housing repossessions and negative equity hit the UK housing market.
Bloggers are a self selecting, since only those who think the housing market is overvalued will search out this blog and others like it. The rest will listen to Lereah and believe him, since it is what they want to believe.
I haven't thought of it in terms of a "battle" so to speak, but I do have a penchant for supporting the underdog (bloggers, i guess). I am for the solid middle class family who are really being squeezed by housing prices in many markets. The so-called REIC is mainly interested in lining their pockets with fat commission checks, not necessarily what is in the best interest of their clients.
Dr. Housing Bubble, I hope you someday find that fairy tale "fair" market you speak of. The elite money class will always dominate the underclasses. Nothing short of a full blown revolution will change anything here anymore.
JAFO
Since you guys brought up the analogy, I recommend a quick visit to 1 Samuel 17!
45Then David said to the Philistine, “You come to me with a sword, with a spear, and with a javelin. But I come to you in the name of the LORD of hosts, the God of the armies of Israel, whom you have defied.
46This day the LORD will deliver you into my hand, and I will strike you and take your head from you. And this day I will give the carcasses of the camp of the Philistines to the birds of the air and the wild beasts of the earth, that all the earth may know that there is a God in Israel.
47Then all this assembly shall know that the LORD does not save with sword and spear; for the battle is the LORD’S, and He will give you into our hands.”
If there's any "winning" to be done here, it will probably be God judging the coveteousness and pride of us Americans.
Again... since you brought up the Biblical analogy...
Patch Tuesday is right - for now. The battle for control of information on the internet is still on. Please visit this site:
http://www.savetheinternet.com/
DRUDGE REPORT has a story developing right now about the condo market collapsing in several major markets!!!!!
Anyone could explain the advantages and disadvantages of using zillow.com for property pricing as a buyer? Thanks
If you do not know what I mean by regular people then your an idiot.
I can tell you that their net worth does not triple in a few years and they do not make $200.00 an hour. They make up the majority of Americans. duh
A person $220 an hour is not regular people - that is considered the top 1%. Regular is considered middle-class. The average baby boomer has less than $25K in their retirement accounts. The average wage is less than $20/hr.
With other countries raising rates, the Fed cannot cut. Imports will cost more with a weaker dollar. That in itself will cause inflation. Unlike 10 or even 5 years ago, there are alternatives to the USD and people are turning to it.
Testing Testing Testing from South Africa
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