March 21, 2008

Matching up the Seven Deadly Sins and the Late Great Housing Bubble


Lust (MTV Cribs, Housing Ladder, Flip This House)

Gluttony (McMansions, Angelo Mozilo, Hummers)

Greed (Option-ARM, no-down mortgages, Greg Swann talking about how rich he was going to get)

Sloth (Casey Serin, mortgage brokers, realtors, flippers)

Anger (Wives angrily bullying their husbands (or visa versa) into stupid housing decisions, Suzanne researched it, realtors striking out at the bubble bloggers and media)

Envy (Pottery Barn, Restoration Hardware, poor people buying rich people houses)

Pride (talking about your house, how much it appreciated, and you possessions everywhere you went)

21 comments:

Anonymous said...

All are completely relevant. The pride and greed sins are the ones I dealt with the most in Snottsdale. "Well the one down the street just sold for xxxxx" blah blah blah.

I heard that crap all the time during and after the peak.

born to lose said...

I Think you forgot about Sleepy, Dopey, and Grumpy.

Anonymous said...

Damn fine post

Casey Serin said...

Hey, I committed all seven of those deadly sins, not *just* sloth. Sloth is a given, obviously, as my plan for getting out of debt is pretty much to sleep all day on my parents' couch.

But, let's not forget. Pride -- My blogs are designed to flaunt the fact that I'm not in jail. Anger -- calling people who think I should work "Haterz". Envy -- being jealous of the RE gurus. Greed -- nuff said. Gluttony -- paying $37 for a Jamba Juice! And Lust? Well, I'm currently playing the field in search of a hot new boyfriend. Not that there's anything wrong with that!!

:-)

Anonymous said...

Well done Keith.

PS - Little Kim Reatlwhore's blog is being inundated with HPer posts. You can actually correlate the date & time when it went from being a Realtwhore love fest to being an HP vent/invasion with the date & time of your post!!

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

You're playing the field for a hot new *boyfriend* ?

So, what happened to your wife, and are men now more desirable to you - (after your housing exploits)?

Casey Serin said...
Hey, I committed all seven of those deadly sins, not *just* sloth. Sloth is a given, obviously, as my plan for getting out of debt is pretty much to sleep all day on my parents' couch.

But, let's not forget. Pride -- My blogs are designed to flaunt the fact that I'm not in jail. Anger -- calling people who think I should work "Haterz". Envy -- being jealous of the RE gurus. Greed -- nuff said. Gluttony -- paying $37 for a Jamba Juice! And Lust? Well, I'm currently playing the field in search of a hot new boyfriend. Not that there's anything wrong with that!!

Anonymous said...

pride....i remember reading an article from san fran a couple months ago in which a lady was quoted in reference to her rapidly depreciating luxury home "i have to keep reminding myself that my home is not me"....meaning when it was appreciating she was sure as hell often equating the rise in market value with her inflated ego! amazin.

Macaca

Anonymous said...

Some egghead idiot on PBS is saying that the government needs to fix house prices. He thinks that propping up home prices will somehow prevent a recession. The cause of the recession is high home prices. These morons can't comprehend that if people have to spend all of their income on mortgage payments, they won't be able to buy anything else.

grilled club, hold the side of rings said...

GREED? Check this out Keith:

Builders Association Must Sell Showcase Home

*IN THE MICHIGAN NEWS*

3/21/08 It's a sign of the times when the builders can't afford the home they built for themselves.

Just three years after completing construction and moving into what was to be a builders' showcase, the Home & Building Association of Greater Grand Rapids is offering its posh $3.5 million dollar showcase home/office for sale.

Photo and full story:

http://www.mlive.com/news/index.ssf/2008/03/builders_put_own_home_up_for_s.html

or

http://tinyurl.com/2t87fz

Anonymous said...

You forgot the most capital of all sins: Lack of Judgment.

PJ

Anonymous said...

Hey Casey Serin, good luck to you man. I hope you enjoy giving Orangelo Mozilla blowjobs 3 times a day when you're both in jail.

patrick said...

Plenty of sin to go around Keith. Now for something more relevant and frightening. Here IMO is the real reason the markets jumped Thursday, and some Wall Street analysts are proclaiming an end to the credit crisis:

http://tinyurl.com/32np5l

The bastards at the Fed and other central banks have hatched a massive bailout plan where they would directly purchase MBS and other trash debt at prices above the actual values they might get in a free market sale. No mark to market, no investigations, no pain for you Mr. Banker, just bring in your worthless crap and we'll rid you of the problem at a price that will probably leave you smiling!

If implemented, this would amount to a financial coup d’├ętat where taxpayers around the world would be forced to pay for the idiotic and ruthless actions of bankers, brokers, and criminals, and the payments would go to an unelected cabal of central bankers.

I know it's Easter weekend, but GOD DAMN IT TO HELL this makes me mad!

Anonymous said...

But nobody will pay for these sins. Coming soon: massive Uncle Sam buy up of shaky mortgages. The whore-a-ticians in D.C. will tell us this is to help "homeowners" but it'll really be a bankster bailout. The sheeple will fall for it, and so the sheeple will wind up paying for it. Idiots.

Frank@Scottsdale-Sucks.com said...

Ok I know you're opposed to the Religious Right, and correctly so as I am too, but now you're preaching the bible?

Which one is it?

edd said...

Spooky and current, from an
(unnamed) appraisers forum:

"[lenders] are not concerned
with the quality … nobody is
turning these really crappy
appraisers into their state boards.
…incompetent…with many years
behind them in the business…"

"the degree of incompetence
was truly frightening."
"[cost tripled actual max]"

"By turning someone in, you
have the power to seriously
alter someone's life ... you
must consider living with all the
consequences. … might remind
you about casting the first stone…"

"how will we ever clean up
our profession ? "
...................
to Casey Serin: volunteer for
mine clearing in Iraq or Cambodia.

Anonymous said...

The Seven Deadly sins takes a human away from the true happy self they could be with balance of mind, body ,and soul.

Greed was one of the biggest sins of the housing bubble . Buyers wanted to get that easy money and sell to a greater fool so they could have more .Flippers weren't happy with one house ,they had to have 5 to get more easy money .

The commissioned sales people and the Wall Street Lenders were not happy until they could get all the loans they could to make commissions ,even if the people didn't qualify and they had to fake the appraisals .And all the greedy Corporations with their advertising were happy to get all the debt people to buy more than they could afford because they wanted all those greedy profits .

Out of control greed even causes people to kill, do away with a spouse ,and it can make people amass more than they could ever consume in a lifetime .

Look at the greed of the Orange Man
(The CEO of Countrywide ) who pumped up his stock and dumped it ,so he could take his money and run, leaving all his employees to lose . His greed was that he was going to get his at the expense of everyone else .Mozilo make really bad loans to pump up his earnings so he could get his .

Greed is wanting more than your fair share or what you deserve .Greed is wanting some other persons share .Greed is taking all the pie ,while others starve .

Greedy people end up slumping over when they walk because they rub their hands together and heckle ,and they are always on the lookout for something more they can get .Sometimes greedy people grow fangs down to their belly-button .

Anonymous said...

I have a prediction, the poor and middle class will be driven to the same areas where housing is now cheap and places like LA NY SF will be the most expensive places in the US to live.

The market will not crash, the govt will not let it so there is not much else to say or do except to give up and move out of the nice cities and into the unfavorable ones where tornandos, snow, hot cold weather are the norm and you have to grin and bear it and think of a way to make a billion to join the ranks of the super rich.

wise renter said...

Lust (MTV Cribs, Housing Ladder, Flip This House)

Gluttony (McMansions, Angelo Mozilo, Hummers)

Greed (Option-ARM, no-down mortgages, Greg Swann talking about how rich he was going to get)

Sloth (Casey Serin, mortgage brokers, realtors, flippers)

Anger (Wives angrily bullying their husbands (or visa versa) into stupid housing decisions, Suzanne researched it, realtors striking out at the bubble bloggers and media)

Envy (Pottery Barn, Restoration Hardware, poor people buying rich people houses)

Pride (talking about your house, how much it appreciated, and you possessions everywhere you went)

--

Good one!

Anonymous said...

Anonymous Anonymous said...

But nobody will pay for these sins. Coming soon: massive Uncle Sam buy up of shaky mortgages. The whore-a-ticians in D.C. will tell us this is to help "homeowners" but it'll really be a bankster bailout. The sheeple will fall for it, and so the sheeple will wind up paying for it. Idiots.

I just love how you people think that Uncle Sam has an unlimited supply of money. Wall Street will get the remainder of treasuries swapped for THEIR gambling chips of CDO's. There isn't enough money to bail out the sheep. Got it? The money is finite. Got it? There will be no massive bailout Got it?

corvinus said...

Ok I know you're opposed to the Religious Right, and correctly so as I am too, but now you're preaching the bible?

Which one is it?


I think that Good Friday has something to do with it. Or are you an atheist?

Anonymous said...

The only way that the Feds can stop the crash in home values is to declare a law that people can't drop the price .Price fixing is what they need to do . Wait a second ,the government is already trying to do that.