July 24, 2007

Suzanne and Nicholas Retsinas - the two biggest jokes of the housing bubble and crash

I'm not sure what I like looking back on more, now that we know what we know - the Suzanne video, or Nicholas Retsinas' (of the discredited and corrupt Harvard Joint Center for Housing Studies) hilarious and mistimed diatribe against HP'ers and "Chicken Littles"

Suzanne and Nicholas, well done! HP'ers - any other nominees for biggest joke of the housing bubble & crash? List 'em here.

So here's Suzanne and Nicholas. What a nice couple! Enjoy!

The housing wail

by Nicolas P. Retsinas September 24, 2006

"HOUSING BUST AHEAD." The headline hints of catastrophe: a dot-com repeat, a bubble bursting, an economic apocalypse.

Cassandra, though, can stop wailing: the expected price corrections mark a slowing in the rate of increase -- not a precipitous decline. This will not spark a chain reaction that will devastate home owners, builders, and communities.

Contradicting another gloomy seer, Chicken Little, the sky is not falling. Let me alleviate some fears.


And now here's Suzanne, in all her glory:



33 comments:

keith said...

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Oh, from Retsinas' piece, he says housing won't collapse because the economy will remain strong.

Then he points out that 38% of the entire US economy is tied to housing and manufacturing.

Feeling better now?

What a dolt.

Fear Two: The economy will collapse.

Housing now represents over 20 percent of the gross domestic product (compared with 18 percent from the manufacturing sector). For most families, the investment in a home constitutes de facto savings: the build-up of equity is in the trillions of dollars. And home owners have tapped into that equity, using their homes as ATM machines for refinancing and home-equity loans.

Anonymous said...

this article seems to be a nice analogy for how people were tempted to sssssttrreeeeetttchhhhh a little too far for that mcmansion.

Macaca

MEXICO CITY - A 16-year-old U.S. tourist fell 1,000 feet to his death at an abandoned mine in central Mexico, and rescue workers were trying to recover his body on Saturday.

Witnesses told police that Taylor Crane tried to jump over the 10-foot-wide shaft of the Cinco Senores mine in Guanajuato state and fell in Friday, said Jose Felix Velazquez, a spokesman for police in San Luis de la Paz, where the mine is located.

Anonymous said...

I think Suzanne's back to her phone sex job...

Dial 1-800-ENTERPRISE and you'll hear her ask for your credit card number.

(I was trying for the rental car company on a guess and found her)

Anonymous said...

I bet Nicolas P. Retsinas was Paris Hilton's first!

Anonymous said...

send that Retsinas quote to the president of Harvard!

fish said...

Goddamn Cobrawoman scares me! No wonder fat boy caves in!

area 51 said...

I never tire of watching the she-viper poised for attack against her tubby, cowering, stammering husband.
"I WAN'T THIS HOUSE"
WHAT?!!

Anonymous said...

LauraVella said: My husband and I still both cringe when we watch this video...

Anonymous said...

It would be interesting to know exactly how many homeowners have taken out seconds mortgages, helocs or mews....

I am sure the numbers are staggering.

Yogsoggoth said...

I get sick every time I see that commercial. What the hell was Century 21 thinking when they made that thing?

coffee is for closers still solvent said...

The only thing left at this point is for Bush to appoint good old Nicholas to a cabinet position. Maybe he could be the new head of the Veteran's Administration?

Anonymous said...

Steve Erwin - for using the word "Crikey!" When looking at the housing graphs.

Downturn said...

Keith,

Thanks for all those "O's". Now I don't have to squint through the orange!

Anonymous said...

love that commercial dumb man smart women how about adding the albertabubble.blogspot to your blog roll
oue prices have increased 400% over the past 7 years

Anonymous said...

Keith,

I think you should wait about another 9 months when prices really start to decelerate.

Then start a blog whose only purpose is to collect signatures for NR to be fired. Only an Economist truly in the pocket of the NAR and housing industries would make such comments. He needs to be fired.

BB

Anonymous said...

"The debate": that is a sickest advertising that I've ever seen in my life.

Anonymous said...

somebody in SF check this app out and report back...

http://www.boingboing.net/2007/07/20/craigstatssf_craigsl.html

james dean said...

Rj was saying in the thread about reducing profanity:

BTW - and it has to be responded to every time the assertion is made - opposing completely open borders and the government support of illegal immigration is not racist!

I thought I would respond here rather than threadjack. (Retsinas is the guy talking about illegals saving the housing industry.)

Something Lou Dobbs said last night: Isn't it the amnesty supporters that are racist? Trying to undo the immigration reform of the civil right movement in moving towards skills based immigration and away from 'country of origion' racially based quotas? Seems to me, the amnesty debate is racist. Just not on the side many sheeple think.

mrmx said...

suzanne stole my nest egg while she was in the house, that bastard!

Anonymous said...

Feel sorry for the husband in that commercial. Probably died of stress related illness wihin a year.

Anonymous said...

The arrogance and elitism of this guy is INCREDIBLE. From what I can tell by his biography at the website for the Joint Center for Housing Studies he is a career bureaucrat and academia dreamer. This guy seems like a real life Ellsworth Toohey from my perspective.

It was a false demand. It was the Wal-Mart clerks and diner waitresses who were purchasing homes they could not afford with money created out of thin air by a credit bubble. It was the people a step up financially from these people who bought multiple properties expecting permanently high prices. Overheated markets “often fueled by immigration” -well, that’s just ignorant or an intentional lie.

Send this guy out in the real world for a field study. People got caught up in the mania spouted by people like the NAR and National Mortgage Association, and National Builders Association, and groups like the Joint Center for Housing Studies who got on the bandwagon.

So much of the predictions from the last few years have already been discredited, and Nicolas P. Retsinas appears to continue to live his dreamy dream and have the audacity and arrogance to call nonbelievers either a Cassandra or a Pollyanna. It is extremely incredible that Mr. Retsinas believes builders were building to meet REAL, SUSTAINABLE, and CONTINUING demand.

This is just embarrassing for me as an American. This guy needs a pie in the face and a glimpse of the real world. I sincerely hope he "gets it" as time proves him wrong.

Anonymous said...

Keith, I implore you. Whenever you refer to this guy in the future you should refer to him as follows:

Real-life, twentieth centry Ellsworth Toohey, Nicolas Retsinas opined that the world is full of Cassadra's and Pollyanna's...

It's just an example, but you get the point. This guy is just unbelievable.

Anonymous said...

The housing bubble has finally popped!!

July 24, 2007 1:15 PM ET
Countrywide CEO: No housing recovery before 2009

NEW YORK (Reuters) - Countrywide Financial Corp. Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices, and the excesses of recent lax lending standards in much of the mortgage industry.

"It just takes a long time to turn a battleship around," Mozilo said on a conference call discussing quarterly results for Countrywide, the largest U.S. mortgage lender. "This is a huge battleship, and we're headed in the wrong direction."

Calling it "a gut feeling," Mozilo said, "It's going to take the balance of this year to get this thing to look like it's slowing down (and) 2009 to head into the other direction."

Anonymous said...

Has Suzanne become the Coke classic of the pussywhipped male/RE bubble of the decade?

Anonymous said...

I love how Retsinas refers to HP and bubble blogs as "Cassandras." Wasn't Cassandra's curse that she was right, but nobody would believe her?

Truly idiotic.

Anonymous said...

MEXICO CITY - A 16-year-old U.S. tourist fell 1,000 feet to his death at an abandoned mine in central Mexico, and rescue workers were trying to recover his body on Saturday.
Witnesses told police that Taylor Crane tried to jump over the 10-foot-wide shaft of the Cinco Senores mine in Guanajuato state and fell in Friday, said Jose Felix Velazquez, a spokesman for police in San Luis de la Paz, where the mine is located.
----------------------------------
A sixteen year old couldn't long jump over teen feet? Sad. Shows the state of our poor physical fitness in America.

Anonymous said...

How does Nicholas Retsinas still have a job?

Anonymous said...

Anonymous said...

How does Nicholas Retsinas still have a job?

July 24, 2007 6:55 PM

==========

Well for one he is right. In the real world - ie outside of the blog world - home prices are up 100% since 2000. Calling you idiots Pollyanas is too kind of him.

Anonymous said...

First of all, my dear Realtroll, Retsinas made that quote in 2006, not 2000.

Secondly, prices are only up 100% in bubble areas. they are not up 100% in Texas, Georgia, Oklahoma, Carolinas, Dakotas, Iowa, Indiana, etc etc etc

You embarass your fellow Realtrolls. Crawl back under your flip and cry yourself to sleep

Guy Daley said...

That commercial is the ideal example of our live for today society. Fat boy trades certain foreclosure on a new house for a little bit of pussy that night.

Its better to rent than it is to buy!!

Anonymous said...

He's been Suzanned!

Shakster said...

KNX-Los Angeles(CBS)
Lindsey Lohan,Britney Spears,and Paris Hilton were KNX's top stories throughout this disaster in California.No joke,true story.
They are very sick people at KNX,ALL OF THEM.

mrmx said...

"Well for one he is right. In the real world - ie outside of the blog world - home prices are up 100% since 2000."

right, but taxes are higher too! so, drip, drip, drip, you're paying for your supposed gain. my grandmother now pays $7000 a year in taxes on her house.

as I told her last night, if you had your money in the bank instead of the house, you'd be getting about $20,000 a year in interest!

so, even a $100,000 gain is eaten away in three years!