This stunner off the wires today will blow you away. But hey, we all saw it coming...
New York (Fox News) April 1, 2007
David Lereah, Chief Economist of the National Association of Realtors, resigned his position today, effective immediately, as Lereah was under increasing pressure to resign due to rebellion amongst the 1.3 million strong NAR membership and mocking in the media and amongst housing blogs.
Mr. Lereah held a press conference earlier today at NAR headquarters in Chicago, also attended by his lawyer Lirpa Loof.
"For too long I did the bidding of my evil masters at the NAR" said Mr. Lereah, in a hushed tone to start the briefing. "They marched me out as the bubble grew bigger and bigger, month after month, to say 'it's different this time - the fundamentals have changed - housing prices never go down'. Well, we all know how that line of bull turned out."
"They even had me write a book, which looking back on it must seem like a real hoot, called "Are You Missing the Real Estate Boom", later retitled "Why the Real Estate Boom Will Not Bust". And yes, that book, and my series of misleading quotes to the press as the bubble burst, has made me the laughingstock of the nation, if not the world, and caused irreparable damage to the nation, to families and to our economy."
"But today, everything changes. I have resigned my position with the NAR, I renounce 100% of my quotes and behavior over the past five years, I admit the housing bubble was the biggest con, the biggest Ponzi Scheme in world history, and I ask America for forgiveness."
Mr. Lereah went on to say that he will now be volunteering at a homeless shelter in Phoenix, the epicenter of mortgage fraud, realtor greed, and the housing collapse. His lawyer, Lirpa Loof, also confirmed that Mr. Lereah will be donating all of his book profits, and his entire NAR salary for the past five years, to the homeless.
In a related development, the NAR has hired Mohammed Saeed al-Sahaf as its new spokesman and Chief Economist.
43 comments:
"Things seem to be snowballing very quickly," said Cochrane, a senior economist with Moody's Economy.com. "It's going to be a weak spring."
April Fool
You April Foolin' Sonofabitch.
nice!
fo..s day
:-)
have a nice sunday
I like the lawyer, "Lirpa Loof" - nice touch
he he
I love the Iraqi Information Minister
Damn you, Keith! You wasted five minutes of my time. I followed the link, then went to the Fox News site to do a search. It was only after I revisted your post that I noticed the date and knew I had been taken.
I said -- "Damn you, Keith! You wasted five minutes of my time. I followed the link, then went to the Fox News site to do a search. It was only after I revisted your post that I noticed the date and knew I had been taken. "
I admit it was a good one! Despite the occasional annoyance, I still like your blog.
Keith, I'd expect a call from the NAR lawyers today - I doubt they have much of a sense of humor
Fricking hilarious
here is more
april fool / simpsons style....
http://tinyurl.com/2p33gj
were it were so. alas, truth is stranger than fiction...
You forgot to mention that their stock dropped 73% on the announcement...
you had me for 9 seconds. Nice, happy april fools day!
Huh free housing ....nice
http://tinyurl.com/3dqp9o
Copying jm post at the big picture blog. Is it plagiarism of flattery to repost it here?
Serial bottom-caller for the housing market sounds like a good career path, with guaranteed employment for at least the next 10 years.
FINALLY!!!! APRIL FOOLS DAY HAS BECOME SO PREDICTABLY BORING WITH MY GROWN UP SENSIBILITIES AND SUSPICIONS.
BUT YA GOT ME KEITH!!!!
April Fools - nice try...
LOL. Brilliant!
Even TCDL isn't that stupid.
I do think he will resign sometime in the summer of '07 however.
LOL, you did not have me for a second, but it was a good one.
Fooled me for about 10 seconds.
You must be smart though to write so well - you copied a newspaper exactly. You'd be good in a creative field, like blogging.
You got me too!!!!
Nice one Keith.
If only......
Could you be more obvious?
You almost had me......until you said, he asks for country's forgiveness!
NO realtor will ask for forgiveness!
Keith,
NICE!
You had me for about 20 seconds there.
David
David Lereah Watch
A better April fool would be housing crash over, Fed lowered interest rates to zero, your house just doubled in value again, the house ATM is working once more, and property tax, insurance rates just went down. Followed by, new Bush tax cut, and universal health care for all Americans. The Pres was heard saying that perhaps universal health care is not socialist but the Christian thing to do. News at eleven.
Would be funnier, if the REIC hadn't been pranking (AKA defrauding) the public for 6 years now. It's been April Fools every day.....
And where have our consumer protection agencies been during all of this? No doubt getting their real estate licenses, or investing in Carlton Sheets courses.
I say it's high time to throw the corrupt bastards out of office for NOT standing up for the average citizen (AKA voter), doing their J.O.B.
Even though I didn't get swooped up
in the housing bubble, I have no
words to describe how devestating this will be to the entire economy.
It's good Dadid Lereah is doing what he can now, and perhaps others who trumpeted how great this housing fantasy was will follow in his example, but the damage has already been set in motion.
I had read an article earlier here stating that this entire scheme was constructed to transfer even more wealth to the already very wealthy - that is 100% correct.
Over the next few years, housing prices will continue to fall, and it will be the very weathly who will pick up a house for pennies on the dollar.
Some blame also has to be placed
on the home debters who are now
(and will be) in serious trouble.
I can remember the greed I saw and boastfull talk from new home debters - all hoping to be hotshot landloads and sticking to renters,
actually looking down on renters as those who "aren't making it".
The banks, mortgage brokers and realestate agents fed the ego of these new home debters, knowing full well most could not keep up with their house payments.
The majority of blame will have to rest with them, and not the home debters, since they set this whole catastrophy into motion.
Didn't buy it. Learah would never admit culpability...
But I will enjoy the tv footage coming in a year or so of a bunch of senior women chasing him down the street swinging their purses over their heads.
oh my, i knew it was too good to be true. someone actually speaking the truth, God forbid....
Today is a National Holiday for the Subprime Borrowers.
Tomorrow it is work as usual for the Subprime Lenders
Please contact producer@saturdaynightlive.cbs.com
asap we have a lucrative job offer for you.
Sincerly,
Loren
CNTZ
As a gay man all I can say is, David you will always have a home with me.
I will never visit your site again because I like many others fell for the post.
Ahhh if only this were real!!!
Very funny! Nicely done, Keith.
Definatly April fools day!!
You got me at first untill I kept reading..
You really should be a writer for SNL news or something like that.
You are deserving of whatever success comes your way.
Thank you for putting a smile on my face today.
Hahaha for a second I thought this was real, and I admit, I felt sorry for the guy. I actually had a little respect for him for the first time with the whole volunteer and homeless donation thing.
Well, he really did resign, but he's taking a position at Move Inc. which runs the realtor.com website.
So he's still doing their evil bidding, just under a different title.
Good riddance to the scumbag...
Or the politically correct approach....but but but...he was abused as a child and that is why...ad nauseum.
keith:
why don't you post a question like: what would you - an HPer do if in fact David Lereah resigns?
here's mine: i will buy my wife a present. LOL!
he DID NOT RESIGN. if you are going to make a blog, do your research all you dumb bastards
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