December 22, 2007

The housing crash and mortgage meltdown is AP's #2 news story of 2007. Yet TIME and Newsweek have yet to put it on their covers. Go figure.


Memo to TIME and Newsweek - if you pretend to be America's news weeklies, you might want to cover the biggest story in the land - the Great Housing Crash and Mortgage Meltdown. Especially since it's a story that impacts every one of your readers (or potential readers).

Ah, screw it. We'll do it for you since you're asleep at the switch and incapable of doing your jobs. Man, something's not right there. Do REIC advertisers have TIME and Newsweek in their pocket too? Or are they just that lazy and incompetent?

It is nice to see the AP writers on the ball though this year. Too bad they all didn't do a better job reporting though BEFORE the car crashed.

Want to know who is doing a great job covering the housing crash and mortgage meltdown? Easy. Hands-down. The Financial Times. Other MSM on the ball now include the New York Times, the Washington Post, The Economist, the WSJ, the San Diego Union-Tribune and CNBC's Diana Olick. Unfortunately the list of lazy and incompetent (and REIC-ad-supported) MSM is too long to mention.

The mortgage crisis, which roiled the U.S. housing market, was the No. 2 story, and the war in Iraq placed third. Iraq was the No. 1 story in 2006, and has finished in the top three since 2002 — the year of the prewar buildup.

Here are 2007's top 10 stories, as voted by AP members:

2. MORTGAGE CRISIS: A record-setting wave of mortgage foreclosures, coupled with a steep slump in the housing market, buffeted financial markets, caused multibillion-dollar losses at major banks and investment firms, and became an issue in the presidential campaign.

18 comments:

jim said...

The weekly magazines are sticking to their role as the contrarian indicator. The Time Magazine cover "Home $weet Home: Why We Are Going Gaga Over Real Estate" dated June 6, 2005, pretty much nailed the top exactly. The lack of real estate panic cover story on the two magazines is proof that the bottom is not yet in! :-)

Anonymous said...

Time flagged the top of the bubble almost perfectly. When they cover the crash, it will probably be the bottom and time to buy again. Their track record on this is pretty good, so don't ask them to mess it up.

Anonymous said...

I thought Britney Spears little sister getting pregnant was the biggest story of 2007

Anonymous said...

Funny you noticed that too. This is the main reason I canceled my subscription to Time a few months ago - because of the virtually non-existant coverage of the housing crisis. They seem to be more interested in covering entertainment news.

I'd urge everyone else to cancel their subscriptions to these trash mags - use the web instead.

Frank@Scottsdale-Sucks.com said...

Do REIC advertisers have TIME and Newsweek in their pocket too?

Yes.

Anonymous said...

Okay, let's think this through...

Investment banks and Citigroup have run aground so badly they need to sell 10%, etc., of their company off to stave off solvency issues. We there's plenty more coming in the way of 'Prime' mortgage issues yet to come meaning in all likelihood additional needs for cash. SO, how long before sovereign funds demand 10% or 20% of a company's corporate operations are moved overseas? Those former high-paying jobs will vanish. The geniuses in exotic finance have slit their own throats.

My Name is Slim-Shkeefer said...

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Has anyone ever seen a copy of Time or Newsweek anywhere outside of a dentist's office? KEEFER, nobody except other members of the MSM gives a shit what is on the covers anymore.

keith said...

Don't forget the housing crash was AP's #1 business story for the year in 2006 - so two year's running, this story is huge

How many covers in the past two years for TIME and Newsweek?

Zero.

Amazing.

Time_management said...

Well, if we control the information we control the herd. At Time we are all about controlling the herd.

happy homeowner in the stix said...

Echoing the PP's remarks about the covers being indicators, you keep saying the bottom isn't here yet. Time/Newsweek/US News apparently agree with you. So what are you so torked about?

Patience, my friend, patience. You'll get your cover soon enough! :)

bickerer said...

It's like Time offically announced to the world that they're DONE by making Putin the man of the year.

And two days later it breaks that he's got multi billion dollar bank accounts in Switzerland. Good one.

Anonymous said...

I don't get it. Did OJ murder the housing market?

George L said...

Newsweek and time might be America's weeklies.but HP is my Daily. because I still like my news and commentary honest.

Anonymous said...

Time magazine lost its relevancy years ago. If you want a good liberal slant bordering on insanity it is a great read. Otherwise it is good liner for cat liter boxes or good fire starter for your burn barrel.

Anonymous said...

Washington Post real estate section (Saturday):

Q. we bought a new home in Jan for $709,000. The builder is now selling similar homes in our community for $200,000 less. My neighbors and I are thinking of seeking legal advice because the cheaper homes are deliberately bringing our home values down. - Steve

A. Dear Steve. I've filed my share of lawsuits against builders and developers over the years, but I can't agree that your builder is deliberately bringing the values down. the real estate market is in bad shape, and property values in many parts of the country are depressed. builders are using all sorts of gimmicks and come-ons to entice people to sign contracts. one common thread running through real estate law is that property values are unpredictable and so no one can guarantee price escalation. if property vlaues go up, you cannot be ordred to give all or some of your gain back to the builder. similarly, if values go down, why should the builder be required to pay you? you would have a hard time convincing a judge that the builder is wrong. the judge could, of course, issue an injunctin, directing that the sales price be higher, but what good would that do if no one wants to buy it?

Macaca

Ireadzgood said...

Time,Newsweek = comic books for adults.

Anonymous said...


SO, how long before sovereign funds demand 10% or 20% of a company's corporate operations are moved overseas?


I wouldn't be too worried about that. The best and brightest from around the world migrate to Western countries. They are escaping the dictators in China and the Middle East.

Anonymous said...

Anonymous Anonymous said...

Washington Post real estate section (Saturday):

Q. we bought a new home in Jan for $709,000. The builder is now selling similar homes in our community for $200,000 less. My neighbors and I are thinking of seeking legal advice because the cheaper homes are deliberately bringing our home values down. - Steve

A. Dear Steve. I've filed my share of lawsuits against builders and developers over the years, but I can't agree that your builder is deliberately bringing the values down. the real estate market is in bad shape, and property values in many parts of the country are depressed. builders are using all sorts of gimmicks and come-ons to entice people to sign contracts. one common thread running through real estate law is that property values are unpredictable and so no one can guarantee price escalation. if property vlaues go up, you cannot be ordred to give all or some of your gain back to the builder. similarly, if values go down, why should the builder be required to pay you? you would have a hard time convincing a judge that the builder is wrong. the judge could, of course, issue an injunctin, directing that the sales price be higher, but what good would that do if no one wants to buy it?

Macaca

December 23, 2007 12:29 AM<<<

200k haircut? i am walking ...