Take the time to watch this easy-credit housing crash video. Very thorough, very timely, and very spot-on. Living in England, I can tell you I miss PBS - quality TV in a land of mind-numbing stupidity.
My one criticism is the continuing "victimization" of people who signed on to ARMs and interest only loans. They are not "victims". They chose to do that of their own free will. And they made their own bad decision. Nobody was holding a gun to their head.
About the Show
Video: Past Due and Pay Day
Housing in the United States is taking a big hit as "too-good-to-be-true" home loans fail, refinancing dries up, and foreclosures surge. How did the market plummet so quickly -- and are current homeowners paying the price? NOW revisits a California town whose real estate fortunes have taken a hard turn for the worse.
June 01, 2007
PBS NOW report on housing crash: Past Due
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Nothing new for anyone that follows HP.
Watch out when the man in the black ten gallon hat comes around.
The on FB said "I feel like a loser", not "I'm a victim". So at least one is owning up to having been caught up in the mania.
Notice how the Nunez the rookie broker is out of touch with reality. To him, of course houses will continue to hover around $950,000. Later, he admits he'd be waiting it out, too. Who are these people with all this money? Or is it all just fake, like the couple who said "we didn't believe it, then we signed..." Disconnect!
I didn't even finish watching. Good stuff, Keith.
NEWSFLASH: Socialist Keith likes PBS
Tomorrow's headline: Sun rises in the east.
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Post
Buying
Spree
First: Keith, though your political affiliations are hard to pin down, your libertarian leanings don't square with "public" television.
Second: Was anybody else struck by the statement that the couple making 100K would only be able tot afford a 200K loan under normal circumstances? That sounds incredible. If that were the case there would be far fewer homeowners than there are now.
not gonna buy it. so all you flippers who planned on my bending over and taking it in the butt to finance you free money gains via price increases on your multiple houses of tens or hundreds of percents, while the money that was loaned to you by people with bank deposits or govt bonds earned low single digits after taking loses in the stock markets of 50-90% on companies that made things like tires (rubber houses?) and have rebounded maybe a third of their former values in going on ten years, which in my opinion would mean a demand to sell eating real estate, not buying real estate in the time that the buying mania came about......
PBS puts on intellectual, quality programming. I grew up watching PBS - Bill Moyers, Nightly Business Report, Sesame Street, NOVA, ZOOM, etc
With the commercial airwaves going completely to crap TV (reason #1843875 our kids won't be able to compete in the future), PBS is one of the only places people can still go for TV that stimulates your brain, not your gutter instincts
Why conservative republican religious whackos hate it so much I just don't get. But they do fear knowledge and science, that must be it
thats an older show from a month or so ago.
i would like an update on the mortgage broker kid
keith said...
PBS puts on intellectual, quality programming. I grew up watching PBS - Bill Moyers, Nightly Business Report, Sesame Street, NOVA, ZOOM, etc
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If your definition of intellectial programming is anti-American, socialist garbage you are right.
Nothing to do with religion. I am not religious in the least and still depise the fact that PBS takes my tax money and put on pure left-wing propaganda. Ever see a show depicting capitalism in a positive way on PBS? Ever see a counter view to the global warming line? How about a show that critical of illegal immigration or affirmative action?
Your htared of religion btw is kinda scary and you sound no different than the religious nuts themselves, only in reverse.
"PBS is one of the only places people can still go for TV that stimulates your brain, not your gutter instincts"
I like two types of television programming- one is thought provoking an stimulates my intellect, the other satisfies my most base gutter instincts. What's left is just garbage.
I especially like the reruns of Lawrence Welk. Television is not a good thing. The United States is a nation of nonreaders. The end result is a dumbed down populace-just what is necessary for the massive redistribution of wealth that is going on right now in the land of the brave and the free. It really isn't that complicated.
Anon. posters that can't spell really get on my nerves.
There was recently a special on PBS on solar energy. It was a great example of capitalism in Germany. What is happening in The United States now is fascism. Do some reading.
First time in my life i saw a house in foreclosure which is about 5 mins from my house and another repossessed which about 20 mins awa and in other news:
'Flip This House' star accused of fraud
On an episode of A&E's popular reality series "Flip This House," Atlanta businessman Sam Leccima sits in front of a run-down house and calls buying and selling real estate his passion.
http://news.yahoo.com/s/ap/20070601/ap_en_tv/house_flipper_investigation
i think alot of this foreclosure stuff is people walking away from these houses when they realized they were working to hard to pay a house note and couldn't afford, say food, and decided it was better to stay in a 900 apartment and have money left over than to pay 1700 a month (forever) and have to find two jobs (additional) and never see their family. some of them may be jumping ship because now they won't be embarrassed to have gone thru foreclosure they now have an excuse: my arm was too much. you are correct when you say no one held a gun too their heads. someone tried to get me to refinance to an arm to have more money in my pocket, i said no because i want to know what my mortgage payment will be month to month. if i knew that 2 years ago everyone else older than me should have known it too and for that matter everyone who lived through the 80's with creative finacing. this was the same thing just packaged differently. to bad so sad that people don't believe in history repeating itself. only it's worse this time.
PBS rocks; always watch Charlie Rose, Bill Moyers Journal, McLaughlin Group, NOW, etc.
I also like C-Span's Book TV, and HBO's Real Time with Bill Maher.
Buuuhhhhh byyyee! (only a few will get his)
"Ever see a show depicting capitalism in a positive way on PBS? "
Ohh yeah, you get better television on Faux News or CNBC. Man, these Republican trolls all sound the same. Who sends these faxes to all these idiots? "Must hate PBS", "if you are not with us you are with the terrorists", "if you disagree with our Republican con ways you must be a liberal" These people are pathetic and robotic...very sad.
I believe that the "Housing boom or bubble" video put out by PBS a couple of years back is perfect. I mean it shows the pure greed and economic retardation of the people.
http://tinyurl.com/2svwod
Bravo PBS to take a step back and to look at this objectively, and capture the stupidity in the height of the mania.
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