September 24, 2008

HousingPANIC Stupid Question of the Day

So how are all the housing porn shows dealing with the housing crash? Or are they?




Bonus: Do you still watch them, in a sick and twisted way knowing what you know now?

35 comments:

Anonymous said...

I found this beauty in the ARCHIVES here from JUNE 2006. THEREISNOBUBBLE.com hahahahahahahahaha

THEY LOOK SO STUPID NOW

Debt is Wealth -- look at all the great societies the world has produced and you see one thing in common: debt. Debt builds wealth. Imagine if there was no debt and no ability to borrow. Want a $50K BMW? You have to pay cash. Want a plasma TV? You have to pay cash. Want a house? You have to pay cash. How long would most people be able to function in such a world? It would be a nightmarish place filled with poor, unhappy people. However by introducing debt into people's lives you gain the ability to procure wealth. People can leverage that debt to purchase homes, cars, needed consumer goods, etc. The debt allows people to create wealth for themselves and also for other people too. Everyone wins in a debt fueled society except perhaps the gold hoarding no debt renter who keeps expecting civilization to collapse. For them the debt fueled world is a nightmare in which they fill up their minds with imaginary gloom and rationalize why all this wealth will lead to disaster.

Anonymous said...

I would like to buy some small plot of land, not too far out from a major metro area, and spend about 100 grand tops for what I build. If that gets me 1000 sq. feet, or less, so be it. But, it will be what I want to put in it, and not what some delusional folks have thrown together to try to jack up the prices to ungodly levels. That, is my small solution, at least for my situation.

Anonymous said...

Kendra Todd files bankruptcy?

Anonymous said...

The shows are the same as always. Housing is still booming, renting is a waste of money, etc.

There was one episode of house hunters in Las Vegas. This guy was looking for a condo. I was thinking this should be good as he could probably lowball the hell out of one and come away with a decent deal.

Instead he ended up making an offer for a 1 bedroom condo for $339K, off-strip overlooking a liqour store. I'm like what the fuck? That condo is at best worth $175K.

So I thought, hmmm maybe this is an old one from 2005 or something. Nope, checked the program info and it said 2008.

Just goes to show, there are idiots still out there.

Anonymous said...

Paulson is trying to push his criminal bailout plan again on TV right now .

I do not accept that lack of credit money is what the market needs . BB already supplied funds and it didn't
create a free flowing credit market because the problem is people don't qualify anymore .

consultant said...

They must be doing okay because Paulson and Bernanke want to keep the Ponzi scheme going.

Paulson, Bernanke, Bush & Cheney should be tried and convicted for treason.

Pick any 4 or 5 Democrats who've been on Capital Hill for 10 years or more and try them too.

Anonymous said...

Come on some Senator ,please ask the question why did the Chairmans liquidity injections not produce
lending ,and why is it that they think lending money to people who
don't qualify will be only repeating the mistakes of the credit debt boom .

Fraud Speak that this is for credit markets to give loans to people who actually can't afford it . They won't ,they just want to be bailed out . Important question .

patrat said...

A little off subject - I do laugh at these shows now - but just watching the final arguments on CNBC. Here is what I think they can't say: The Chinese and maybe others, are cashing in their bonds. They want their money and we have to pay NOW!1 That is why it is so urgent. That is just my guess.

George L said...

anyone saw the new season of "flipping out"?

Jeff is not buying houses anymore or at least not as many because he says "the market has contracted". he is now reduced to an adviser/supervisor role.

and don't forget the douchebags from million dollar listing. there's are truly an annoying trio.

Larry said...

Does anyone know why my flash audio in firefox doesn't work on HP ? It works on YouTube but not on HP.

Towjam said...

I have to admit I still watch some of them from time to time. But most just seem to be reruns of the shows shot when things were still ok.
I want to see them revisit all the homes and see if they were able to sell them for a profit and how much they made or lost on the deal.
Of course still like This Old House.

Anonymous said...

The big guestion is why doesn't the Lenders sell off the toxic waste assets themselves . To act like these assets are not sale-able is false ,but to act like they have future bigger value is false also .

If the banks don't want to sell their crap to the open market it is because the decline is ongoing and they will be worth less.

Anonymous said...

Nice To See Kendra "Mensa" Todd again. Coming soon to a Rocco Siffriedi flick.

Anonymous said...

The hearings are pure BS ,because the key questions are not being asked . People don't qualify for credit anymore ,thats the problem .

consultant said...

Patrat said, "The Chinese and maybe others, are cashing in their bonds. They want their money and we have to pay NOW!"

You are ABSOLUTELY correct.

I suspect that more than a few Wall St. boyz received calls from people who were going to break their legs if they didn't come up with their money.

As Chris Rock once said, "Show me a guy who is an asshole, and I'll show you someone who needs his ass kicked".

Sounds like a good strategy for turning this country around.

Anonymous said...

Just give Paulson 100 billion so
the money is there so daily function
for a couple of months until all the issues can be worked out . Now smaller
banks are complaining because they feel they are going to be left out of the bail out . Now perferred stock holder want tax relief because of this bold bailout .

Every action creates another reaction . The real truth is that this toxic waste of CDO's that place side bets on assets and created more leverage was a Casino game created by Wall Street .
The point is ,if the street doesn't want to purchase these fraudulent assets ,why should the taxpayers ?

I think if the public knew they were purchasing casino paper they would say no . Let the investors in those CDO eat it ,those accounts were not insured for most part .

Anonymous said...

I got a idea . Debate the Bail Out Bill for three months ,in the meantime the stock market will do nothing for three months .Provide
daily funds injections for daily function for banks and protections for money markets. Let banks and credit markets make loans as they would based on true risk .

No damage would be done and it would give time to work out a
bill that might be fair or effective .

Anonymous said...

patrat said...

"A little off subject - I do laugh at these shows now - but just watching the final arguments on CNBC. Here is what I think they can't say: The Chinese and maybe others, are cashing in their bonds. They want their money and we have to pay NOW!1 That is why it is so urgent. That is just my guess."

Why couldn't they say that? Most Americans wouldn't be even remotely interested or concerned. It may be a correct guess, but why the Chinese and others cashing in their bonds should be a deep, dark secret, I can't fathom. Certainly anyone with any authority on Wall Street would already know it.

Anonymous said...

Hey ,nobody said that you don't need credit markets ,especially for big long term purchases,even cars . The issue is
not extending more credit than the
risk is sound. In other words ,if the borrower cannot afford the timed payments than the borrowers will default anyway .

The American people already over-borrowed and can barley afford the payments they got . Its pretty stupid to think that the markets need more money for tapped out borrowers . This is what the log jam is and this is what can't be solved until people incomes go up , or they have time to pay off
debt .

eric in vegas said...

"Instead he ended up making an offer for a 1 bedroom condo for $339K, off-strip overlooking a liqour store. I'm like what the fuck? That condo is at best worth $175K."

Not even that! You can find condos all over Vegas for 100k or less and a little more for a halfway decent part of town. That's gotta be an old episode.

Keith, these housing porn shows will never admit prices are falling. Their advertisement money would dry up in two seconds if people didn't think they could add 100k in value to their home by going to Lowes or Home Depot and getting some granite counter tops.

Anonymous said...

THIS IS SICK!!!!

Anonymous said...

There is a new kind of house porn show where they give $10 to failing flipper or home debtor on the brink of foreclosure, so that person can fix up up the house a little and try to sell it and get out or refinance at a better rate and keep the house. Not kidding, I saw it on TV.

Anonymous said...

I totally quit watching the HGTV shows because more and more of them featured a home being purchased or sold or remodeled by Jack and his "wife" Bill. HGTV is promoting homosexuality and making it seem like everyday ok stuff. Poo on them!!!

Anonymous said...

"Nice To See Kendra "Mensa" Todd again. Coming soon to a Rocco Siffriedi flick."

I would like to see him painfully do her in the backside all while forcing her head down into a dirty toilet with his foot.

jfp said...

There is a new kind of house porn show where they give $10 to failing flipper or home debtor on the brink of foreclosure, so that person can fix up up the house a little and try to sell it and get out or refinance at a better rate and keep the house. Not kidding, I saw it on TV.

LOL. Is it called Catch My Falling Knife or something? That's awesome.

Miss Goldbug said...

$800. These people are the last fools in.

Miss Goldbug said...

Won't they be surprised when the listing realtor tells them $525K is a stretch.

patrat said...

Answer to anonymous from patrat. It may not be that they are cashing in their bonds, maybe just not buying any more. Either way, our economy is stalled. This is where our cash flow comes from - foreign countries that buy our bonds. These bonds are not worth anything - I would guess they don't want them any more.
But to say that we have screwed up so much that we have no money and are effectively owned by our creditors would probably cause people to pull money out of accounts like crazy. A run on the bank. All of our money is owed to the creditors. If you think people are angry now, how do you think they would take that?

tater said...

I quit watching housing porn. It makes me sick to see how dimwitted these flippers and their buyers really are.

There is one thing where these housing porn shows would be helpful: Have the FBI seize every show, where they flipped a house in the last five years. I'll guarantee you that you'll find toxic loans galore. Then, arrest each and every flipper, along with their real estate agents and the appraisers where the loans went bad. Of course, the buyers should get their asses thrown in jail for fraud, if the loan went bad.

bubble bubble toil and trouble said...

These poor schmucks wasted $85,000 (excuse me - the taxpayers wasted $85,000 - cause we know it was heloc money never to be repaid) to 'improve' this shitbox house on a major thoroughfare with cars whizzing past all hours of the day and night???
Yes, it's amazingly disgusting now to look back on it, but it was stooopid even when it came out.
Lipstick on a pig, indeed.

Anonymous said...

There are indeed idiots still out there. I know one woman who paid $214,000 for an average frame townhouse in Maryland in July of this year. Now her next door neighbor has his on the block for $199K. I think she caught the falling knife.

Anonymous said...

I love the last line "$875k or $950k with a garage!"

A $75,000. markup for a garage which may cost $25K to build? It really does show a complete level of loopy financial thinking and detachment from reality.

Cheers, Haggis

Anonymous said...

Kendra Todd has a fantastic future going back to regular porn. She looks like a screamer.

Housing porn is so yesterday.

Anonymous said...

Do you really want to go through the hassle of going through FDIC

http://www.sfgate.com/cgi-bin/
article.cgi?f=/c/a/2008/09/24/
BUA0134EKM.DTL&feed=rss.business

Moody's this week cut the financial strength rating of WaMu's main bank subsidiary to "E," its lowest, saying the thrift's capital is insufficient to absorb its mortgage losses.

Washington Mutual assured customers Wednesday that Standard & Poor's rating actions do not affect the safety of customers' deposits, which are insured by the FDIC up to certain limits.

Matt C said...

Hi Keith,

Let me tell you how my wife and I like to watch housing porn. First, we download a bunch of Austrian economics oriented mp3s from Jim Puplava, HoweStreet, Al Korelin, Gary Dorsh etc. Then, we listen to our mp3s while we watch the porn with the TV sound off. The total disconect, is to be savored, like a fine wine!

-Matt C