August 20, 2007

And then the housing rage started... And it got really ugly out there

Damn, this is one good rant. Dude's a bit nuts, but he hit it out of the park.

There's gonna be rage out there HP'ers. Real, tangible rage.

Rage against lying ignorant realtors on commission

Rage against corrupt lenders and bankers

Rage against Congress and Bush and Greenspan and Bernanke

Rage against home builders

Rage against bubble blogs.

Rage. Pure housing rage.

Didn't have to be this way.


Anonymous said...

All the layoffs wont make people happy either

Wall Street Heads Toward Lower Open
Tuesday August 21, 6:54 am ET
By Joe Bel Bruno, AP Business Writer
Wall Street Heads Toward Lower Open After Capital One Cuts Mortgage Jobs

NEW YORK (AP) -- Wall Street tilted toward a lower opening Tuesday after news that Capital One Financial Corp. was closing its GreenPoint Mortgage unit raised more worries about credit.
Capital One, one of the nation's largest credit card and financial companies, also said it will eliminate 1,900 jobs because of weaker business conditions. The announcement, which came late Monday, follows similar moves by Bear Stearns Cos., Wells Fargo Inc., Countrywide Financial Corp., and a spate of smaller mortgage lenders.

bush is a 100% failure said...

What goes up,
. .
. .
. .
. . PANIC!
. .
. .
. .
must come down.

shtove said...

First there were the south Florida residents outraged at auction prices for new homes in their neighbourhood, then Cramer's "They're nuts! They're all nuts!" Now this. Next, there'll be some chap filming himself as he straps on the guns and heads out to his local mortgage office. Will there be a mortgage related killing spree?

Anonymous said...

Look at the cabinets in the background.
He's just pissed because when the music stopped he got stuck with a crappy house. hehe

GenX said...

Bingo this guy gets it..I could'nt of said it better myself..This should be played on CNBC...Let wall street and the banks eat it.

Great Video should be played for congress.

BitterRenter said...

And I hope that rage is directed at the biggest cheerleaders for the corrupt system of greed and lies- republicans.

It would thrill me to see rich republicans kidnapped, beaten and otherwise terrorized by an angry public.

Bring back Joe Stalin to take care of them.

Anonymous said...

What a dipsh_t. HPers like to think there are only losers in the RE game. Hate to break it to you but lots of folks became wealthy from their RE _investments_, as opposed to speculation. Bob Hope and James Garner are two that come to mind. Some wealthy people get their kicks from speculation - for them it's like playing the nickle slots in Vegas. Pull the handle a couple of times for grins. But none of the successful RE investors see it as a road to wealth.

Only idiots like this YouTube yokel would try to get rich quick in RE.

striker said...

I was listening to so called “real estate experts” saying that now is the perfect time to buy. Why? Because the market is going down! Yes folks, you heard right. Since the market is tanking you should jump in. Consider it like getting a 25 percent discount on your Titanic ticket after the ship hit the iceberg.

(From hehehe

Anonymous said...

rage against Congress? you mean the Democrats who run Congress? WHAAAA? Since when do you socialist crackpots blame andything on them?

No no no. It's all Bush's fault. Hell, no it's all Reagan's fault. Don't you know nothun'?

Between 1977 and 1981 the country was doing great. Double digit inflation and intretest rates rocked. Ira hostages were so cool and gas lines were da bomb.Then an evil man named Ronald came and between 1981 and 1993 the US was in a depression. In 1993 a saint named William J. Clinton emerged. He paved the streets with gold and turned water into wine. Then in 2001 we went back to depression as the big baddies led by Bush led a coup and took over.

Yet in 2006 the sun shone yet again when Nancy and Harry regained power. And all was well. Except oops a housing crash started right after tha joyous November eve.

Anonymous said...

No rage for buyers who overextended themselves?

Mark in San Diego said...

Great way to start my morning here in sunny San Diego. . .the guy is great, and reminds me of Nate on Six Feet Under. . .which is a great title for the housing market right now. . .btw - Fox6 here had a big story last night on foreclosures. . .6 empty houses on one street - gang grafitti already on houses, and renters even moving out of area. . .best to just plow this area under.

Anonymous said...

I think most people are too ill-informed to be able to direct their rage against specific culpable parties such as those you mentioned. Most likely, there'll just be a huge "Poor me my house has dropped hugely in value and I don't know what happened boo hoo" pity party. Good thing, too. If all the real perps in this sodid affair were identified by the hoi polloi we'd have riots and lynchings.

LovethatBushieguy said...

Thank God the Gen-Xer's will still have their Beanie Baby Collections.

Anonymous said...

O.K. , a little over-acting but good points.

Now admittedly there is alot of blame to go around. When I see a home that I know I can't afford and a gimmick loan come's along and I still realize that the numbers point to the fact that I still shouldn't buy the home.....whose fault is that, mine!

Flipping is basically based on GREED, not a tidy little profit.

When you buy 3 5 or 10 homes looking to make a killing in a short period of time........that's Greed and not smart business.

You have to know what your doing, and not whine and cry if and 'when' it doesn't work!

Anonymous said...


cobra2411 said...

Sorry... This guy's an ass...

He has a couple points correct, but the rest is just his own deluded idea of what happened.

The housing market is a "FREE MARKET" that means that no one points a gun to your head and says buy this house at an over inflated price so I profit from it.

When this all started you had more demand then supply. If you have 10 people fighting over 1 house they're going to drive the price up. Is that a scheme? Nope, just free market enterprise. If you were selling the house, wouldn't you want people fighting and bidding higher and higher for you're house?

The key to all this is the lenders. They are the ones that made this go as far as it did by ignoring risk. Now it's coming back to bite them. If lenders said "I don't care what you want to pay, we're not buying 50% per year appreciation" guess what? POP! Right there would be the end. But the lenders got greedy and took used toilet paper and put a AAA stamp on it and sold it so they could go collect more used toilet paper.

The lenders created this and they should pay. They ignored common sense and if they go under so be it...

As for the homeowners? If they can't pay, foreclose on them. Worried about them becoming street people? Four words - Affordable public rental housing.

Failed investors? Take this as you're introduction to "Risk v. Reward". There is no free lunch and if you don't know what you're doing then you're bound to learn one way or another... Like my father used to say; you can learn the easy way or the hard way, but you're gonna learn...

As far as the people that relied on the AAA rating... Go after the rating agency. Make them pay. If they can't, then they die broke...

Anonymous said...

Still looking for a house in Phoenix!

Rage Against the Machine said...

I'd like to think I could be more coherent, but when I get on a roll...

Beany babys? I'm still waiting for my Garbage Pail Kids to bounce back! Any Day Now! (tm)

armed said...

Thaphthephacths, Jacth.(Hiccup)

stocksystm said...

This guy can swear at Greenspan for this mess. He was the architect. No oversight and lack of regulations also contributed. We should all be fearful of the aftermath which is coming at us like an unstoppable freight train.

Kenduffelsniffenspotzen said...

Between 1977 and 1981 the country was doing great. Double digit inflation and intretest rates rocked.
I wouldn't say it was great. But it was a lot better than what we have now.

Head Like A Hole said...

This guy has another video on YouTube, which he quickly rants about working 40 hours a week, makes good money, but still cannot afford a house. Sounds like a perfectly good reason to start some rage. This guy did on video what I wish I could do to all of my coworkers.

TM said...

I wouldn't blame one political party over the other; they both played ball. The banks and mortgage companies acted stupidly, but the big ones know they'll get bailed out.

The most blame lies with our nation of financial dimwits. Seriously, most of our nearly 300 million people seem to identify with a lifestyle that is not at all in keeping with their incomes. Sure, banks prey on them, but do we (as a nation) have to be such easy marks?

I think a severe recession would do wonders for our national character (though I still don't wish for one).