December 08, 2007

HousingPANIC Laugh-Riot Quote of the Day (from 2005)

"There is no evidence of a housing “bubble” in the United States and housing demand should stay strong for years to come"

- Dr. James F. Smith, chief economist for the Society of Industrial and Office REALTORS® and a senior fellow and director of the Center for Business Forecasting at the Kenan Institute of Private Enterprise at The University of North Carolina, April 2005

26 comments:

I got your commish right here! said...

Figures...Only a Tarhole from UNC would make such a jackass statement.

Vectorz said...

Wow that's comedy. You should keep a running tab of all these authoratative statements and hold them accountable when the day of reckoning comes.

Their shareholders, institutions would not be happy to look at how poorly they've been misrepresented.

mhrist said...

Well, it did for 2 years after April 2005...

Marty

Anonymous said...

Those are the kinds of people who won't believe there's a piano falling down on them until it hits them in the noggin. It's like walking around Detroit with a wad of cash in your hands and declaring that it's safe - until somebody shoots you and takes the money. Then they will say they are "shocked" that such a thing could happen and nobody saw it coming.

Anonymous said...


Third, mortgage rates are not likely to go high enough (8.0 percent or more for 30-year fixed rate mortgages) to put a crimp in demand.


The idiot is wrong. He thought that people were taking out 30 year fixed mortgages with 20% down. The ARMs are at 8% and beyond after the resets, not that it matters since 25% of the foreclosures happen before the ARM even resets.

Anonymous said...

The "Chief Economist" title at these REALTOR organizations should be retired

Anonymous said...

Really, there needs to me a minimum IQ standard for alleged humans let loose to roam amongst the general population.

This guy qouted would be locked up immediately and never be allowed to breed. - BAD gene pool.

Sick and Dying America

Anonymous said...

Well there are still plenty of dumbasses out there that would buy this line. I know of several people that are planning to buy right now. I tell them, er, this is almost the worst time to buy and they shrug and say yeah well y'know and go on about their awesome financial commitment.

mr yun said...

These morons are so corrupt they believe their own lies.Realtors would look you straight in the face and tell you there is no bubble to keep the money rolling in.What a bunch of crooked low lifes.

k.w. - southern ca. said...

We'll here alot more "authoritative" statements about how "now is a great time to buy" as we head further into the new year.

Malcolm said...

>Anonymous said...
>Those are the kinds of people who
>won't believe there's a piano
>falling down on them until it
>hits them in the noggin.

But don’t you see, philosophically the piano is only dropping if I BELIEVE that it is dropping; and if something falls on my head then that’s one thing, but you can’t make me admit that it’s a PIANO.

It’s that sort of negativity that spoils it for everyone.

tater said...

What kind of economy does the numbskull "chief economist" think we're in - a building boom or something ? oh, that's right he works with the "realtor professionals". Since Mr. Chief Economist for the Realtor group has spoken, we can just go ahead and close up shop here. The economy is GREAT!! (sarcasm)

That dude must've attended that Realtor "positive thinking" seminar in Scottdale the other day. It's fried his brain.

shtove said...

Head in the sand?

Head up his ass.

Mr. Flibble said...

Sheesh. He's only an "adjunct professor of finance," which means that he's not a full-time faculty member (hell, not even tenured or tenure-track). Or put another way, his primary work is outside the university, which I imagine would be where his loyalties lie. To UNC, he's basically little more than a temp. Why they have an adjunct running one of their centers is a mystery to me, but maybe it is common in business colleges. But he's still basically a practitioner hired to bore students with war stories (i.e., teach a few classes a year for a buck or two) and run that center & is not a scholar or scientist.

So, colleges and universities, how does it feel to rely so much on adjuncts now?

Anonymous said...

This guy must be running for a "high" political office!

yoski said...

Internet stocks are a STRONG BUY!!! Its the new paradigm! BUY, BUY, BUY! It's different this time around. Buy NOW or before ever shut out! The new economy baby!....what? I am 8 years to late for this one? Nope, the was no bailout back in the old days.

Peter T said...

I hope that, through the Web, a lot of this Realtor BS remains available in the future, to be used against them. I am sure that even in 1989, the realtors recommended real estate as best investment, but we have only a few newspaper articles from then.

Anonymous said...

Sounds like the Iraqi Information Minister has found a new job!

Anonymous said...

Free Toyota Prius with your condo

http://optionarmageddon.com/

Anonymous said...

I've been reading one of Ron Paul's book : "A Foreign Policy of Freedom", man, it's really incredible. This guy has been fighting for liberty against the morons in Congress for 30 years and this book covers many of his speeches throughout that time. I highly recommend this book to every American - it would make a great stocking filler this Christmas. When you read it you'll understand just how you've been cheated by corporate interests, well meaning morons and flawed central planning.

Anonymous said...

"No evidence"? As in none?

Anonymous said...

I have yet to meet a smart person with a PhD. And I know plenty of "doctors", each more moronic than the next.

GT said...

so we should start seeing more and more one-yr anniversaries of these paid shills' remarks, keith you should add them as birthdays to your calendar and be reminded and post accordingly

Anonymous said...


I have yet to meet a smart person with a PhD. And I know plenty of "doctors", each more moronic than the next.


The problem is that most of them live in the theoretical world of the ivory towers. They are able to analyze the data months or years after the fact. They have no clue about today, tomorrow, or two years from now. There should be a requirement that MBA have 3 years of real world work experience and PhD's have 5 years of real world work experience.

Frank@Scottsdale-Sucks.com said...

Geez, aren't there penalties and regulations in the U.S. regarding deceptive advertising??? That's exactly what the NAR is doing.

I'm opposed to government regulation on private business, but if the laws are in place, let's at least use them on a corrupt monster like the NAR.

Anonymous said...

UNC, what a sh!tty university.