“They really weren’t building homes, they were building mortgages that they could put in to their investors or lenders to put into mortgage-backed securities and in turn sell them to investors in China, France, other parts of this country"
- Jay Butler, professor of real estate at party school Arizona State, pulling his head out of his ass long enough to finally realize that an epic, historic and corrupt housing Ponzi Scheme took place under his nose, May 2008
May 08, 2008
HousingPANIC Quote of the Day
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15 comments:
Typical Bush Crime Family bank fraud scheme.
Can someone explain this -- Yesterday, Sacramento local news said that prices were going up again and that houses were once again receiving multiple bids. They talked to real whores who said that no one expected this volume but that investors are back in the market and there are more houses in escrow than ever before (likely because they are foreclosures and short sales taking a long time). When I check our metro-list, there is a very small number of homes on there. But I believe this place has got to be set for experiencing one of the largest drops in home prices in the Country. What is going on?
You couldn't have put it better. All money and or wealth goes to wailstreet. They need to be butchered and eaten. The hedgies need to die starving and shivering thinking about those 50 to 300% ponzi returns instead of being bailed out by honest hard working men and women working their asses of to get by. I did a job for one of these wall street investment bankers/attorneys. Im currently sueing him trying to get paid. Low rent sleezebag.
Well said, and very succinct . . . for an academic.
Would you leftwing kooks give it up already? The Bush Crime Family is no worse than your cherished Kennedy Crime Family that worked with the Mafia and Nazis to gain power and money. Yet you kooks still adore them and the fat drunken Ted Kennedy who sold America out to Mexico.
I think it is totally funny how those STUPID ASIANS and other FOREIGNERS work hard and SAVE their money. We Americans are the exact opposite. But we live life up and then give those idiots a fancy paper/I.O.U. and they buy it all up. Then this process gets repeated over and over again. Then they get taken to the cleaners and want to whine about it! LOL, LOL, LOL, LOL.
I thought they were building dreams?
Holy Crap....a moment of clarity from an ASU Professor. Awesome!
Now, perhaps we can put some grown-ups in the White House & governments.
This goes so deep its disgusting!
You thought Enron was bad?
You know, Ken Lay? Bushs's best buddy from Texas? Seriously. The biggest SCAM ARTIST in modern history! (NEXT TO BUSH!) They were BEST FRIENDS!
And guess what?
The WMD's, 9-11, 24/7 terror alerts, yep, all fabricated and PRE-PLANNED by the bush oil crime family/GOP - which is running America into the ground almost beyond repair. Wake up citizens.
Sad that our elected officials let them fvck everything up. Unreal. And dont worry, things will be getting much, much worse (unless we impeach them ASAP) If not, just forget it. Were cooked.
Our 1776 American founding principles and spirit is almost out...
The Butler quote came from the Nightline piece on Maricopa, AZ. One of the homes featured in the piece sold for $230,000 a couple of years ago and now the agent trying to selling it thinks it might sell at $105,000.
The people who bought in Maricopa are so screwed. Besides home prices dropping like rocks and a ton of foreclosures, there is no hospital there, no movie theaters, no big box retailers, no malls and the only restaurants, not counting the Harrah's on the south side of town are fast food chains. If you want any of these you have to drive the 15 miles or so to Chandler. Thats a 30+ mile roundtrip at today's gas prices.
That bastard!!! Read his posts... Twist at housingdoom.com covered his inane pronouncements quite well.
He never believed ANY of his press releases, research, or predictions.
Bought and sold by the RE Industry in Arizona, like almost all of the mayors, state and local politicians.
But now that the RE Industry has no cash, suddenly everyone comes clean.
Whocoodanode?
Everyone. Everyone.
Yossarian
Jay Butler is another joke economist that changes colors with the market.
I'm sure you could dig up some 2005-2006 quotes he'd rather not have you see.
Edgar,
The fiat banking mess in this country actually traces its root back to the Wilson and FDR administrations. Even today, most top bankers are democrats. Collecting interest is the source of bankers' wealth. All the social welfare programs, war making and all other government intervention programs are designed to run up a bigger government debt, so that bankers can count on the power of government violence to collect interest. The mortgage mess and government bailout plans are just the latest devices for bankers to get a bigger share of the society's wealth.
I used to live in Phoenix and would occasionally hear Jay Butler on NPR. Back in 2005-2006 this guy was in another world. He thought Arizona was bubble-proof when it was clear to many people that Arizona was Bubble Central. Glad he’s with the program now, but I don’t take him as an expert by any means.
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