February 26, 2007
They all sounded so convincing at the time, didn't they HP'ers? The MSM sure thought so. Millions of Desperate Homedebtors sure hoped so. But alas, they were a parade of fools, some corrupt, some stupid, and all wrong.
First, you have the NAR's anti-bubble realtor spin instructions, which are still up on their website:
These downloadable 10-page reports show that the facts simply do not support the possibility of a housing bust -- not for these 135 markets and not for the nation
And The Corrupt David Lereah from January 2006:
"The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead."
Then there was the idiot MSN columninst Jim Jubak in June 2005 with this gem:
Why there is no housing bubble. The sky is not falling. Yes, home prices are sky-high, but we really don't have a housing bubble that is anywhere near bursting.
And of course, you have NAR-poodle Nicholas Retsinas at the corrupt Harvard Joint Center for Housing Studies boldly proclaiming in 2002:
Bubbles, of course, do burst; but housing is not a bubble akin to tulips or to Enron or other corporate scandals. It is a concrete product -- a place where people live. And as anybody who has sold or bought a house can attest, it is not an easily fungible commodity.
And Dr. James Smith, the dimwitted and corrupt chief economist for the Society of Industrial and Office realtors, pontificated in April 2005:
There Is No Housing Bubble in the USA - There is no evidence of a housing “bubble” in the United States and housing demand should stay strong for years to come.
And finally, Donald Trump's little play thing Kendra Todd:
"You can't go anywhere without hearing people talk about "the real estate bubble." Such talk drives me to distraction, and I'll tell you why. It's because there is no real estate bubble. Bubbles are for bathtubs."
I hope Americans know a fraud, a liar and a con-man next time they see one. The housing bubble sure brought out the bunch of 'em. And some are still at it. But their day is done. It's over.