September 27, 2008

June 2005: TIME Magazine's infamous housing porn cover nails the bubble peak. Sept 2008: TIME Magazine cover FINALLY mentions the housing collapse.

I'm not sure what they were doing the past 168 weeks, but it sure the hell wasn't reporting. Not one cover since the 2005 housing porn on the housing bubble or crash.

Not one cover.

Even though it was far and away the biggest news story in the world.

Even though it impacted every one of their readers.

TIME Magazine failed America. Along with most of the MSM. Maybe that's why their circulation has dropped 600,000+ since 2005. Maybe America is tired of reading crap. They found the blogs now after all. So why read crap?

TIME Magazine, Time Warner and TIME's editor Richard Stengel should be ashamed.

Sure is nice to see them pull their heads out of their infotainment asses and put the news on their cover this week.

168 weeks too late.



Time is doing their usual excellent job of being a contrary indicator. Whenever a trend makes the cover of Time magazine, it usually means that everyone has already jumped aboard that trend and now it is over.

Wait until they have a cover decrying the Death of Housing, and then it will probably be "time" to buy again.

Anonymous said...

Their headline should read "How Wall Street and the Mainstream Media Sold Out America"

skinkx said...

gotta love this WaMu ad from '06

Anonymous said...

Officially out of denial, even for the retards.

Anonymous said...

So since it was time to sell in 2005, is it time to buy in 2008?

Anonymous said...

Keith, I don't know why you care so much about that left wing manipulation rag. I realized when I was in my early teens while I was sitting on the can leafing through it's propaganda pages that it was full of things that someone else wanted you to think.

Anonymous said...

TIME is a horrible left wing communist rag publication. Every journalist, if you can call them that, is a card carrying member of the communist party and they keep a copy of the Marixist Communist Manifesto in their night table in lieu of the Bible.

F, Time mag.... i love how it used to be a quarter inch thick and has been reduced to a 'pamphlet'.

tater said...


Send 'em a link to HP. Maybe, one of those retard reporters will actually do a SENSIBLE thing, and put a link to your blog. On second thought, I don't think those reporters at Time have that much intelligence.

Anonymous said...

Journalists and realestate agents;no difference. The good ones are few and far between.

Anonymous said...

>Their headline should read "How Wall Street and the Mainstream Media Sold Out America"

Best comment of the month.

Lost Cause said...

If you are expecting the truth from Time magazine, you are sadly misguided.

i've had it said...

Yes, way to late. TIME sucks. Anyone who reads that rag is a moron.

And the cover is wrong too. It lays all the blame on Wall Street when the blame goes ALL AROUND. Yes, the Street has a lot to shoulder, but the following share the blame equally:

- The Community Reinvestment Act of 1977; and amended by the Clinton Administration in the 1990s which forced banks to lend to high risk borrowers.
- The Housing activist groups like ACORN and NACHA (in Boston), and thousands of others like them.
- Borrowers who lied.
- Flippers who lied.
- Realtwhores
- Appraisers
- Mortgage companies that committed fraud (all of them did), and created toxic loans known as subprime, alt-a, option arm, low doc, no doc, no income, etc. etc. etc.
- Credit agencies that rubber-stamped the MBS's and CDO's, giving them AAA ratings when they should have been rated Junk.
- Investment Banks that bought the MBS's and CDO's, and drove the securitization. They also took on leverage at 30 and 40 to 1, creating a house of cards.
- The Fed for keeping interest rates too low for too long.

TIME has it wrong by just blaming the Street. It is a worthless rag of a magazine.

sac'to watcher said...

Ah... TIME - The weekly fiction magazine. Or perhaps you could read NEWSREEK or US Skew and World Distort. It's all BS and has been for years. It's why I read the Nation - at least they actually do journalism.

Anonymous said...

Anonymous said...

Marcy Kaptur - A new housingpanic star is born!

Anonymous said...

Who is to blame ...You left out the crook Politicians who were bought out by the fat cat lenders . The Politicians passed the laws that were favorable to the Wall Street/Corporation agenda .

I also heard today that the Lawmakers in both houses were fighting over the part of the Bill
that will bail out Foreign banks or investments firms .

Also ,I'm counting 2 trillion in total of what the government is actually taking with all these bail outs and injections when you add them all up . Plus Plauson wanted a Blank check to take more if necessary .

Anonymous said...

Since I wasn't one of the parties that lied on my loan application ,and I always pay my bills ,and I'm not in debt , and I work hard for what I get in life ,why am I paying .
Arrest all the crooks ,including anybody that took part in the scheme
and make them pay .

A court of law would try to establish blame and a court of law would not make a innocent party pay any of it . I think its clear that anybody that was fraudulent
was taking advantage for perceived get rich quick motives .

Was Cox a fool when he thought that investment firms would self-regulate ? Did Wall Street not know that they were passing
bad junk to investors ,or did they just breach their duty to underwrite loans because it would stop the Ponzi Scheme that was making them so much money ?

You know in law they have a concept of "You Should of Known ",meaning that if its to far-fetched that Wall Street would not of known ,than its considered deliberate . People knowingly continued with the scam because they didn't want to stop the money pumping profit making machine .

Anonymous said...

TIME magazine = adult comic book.