I think it's time for the corrupt David Lereah to hear from HP'ers directly. So everyone write whatever you'd like to say to the corrupt David Lereah here, and I'll email the thread to the NAR
Have at it. But no swearing.
September 23, 2006
An open letter from HP'ers to the corrupt David Lereah
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David Lereah's biography (from the NAR Website), with my comments immetidately following:
David A. Lereah is Senior Vice President and Chief Economist of the NATIONAL ASSOCIATION OF REALTORS®. Dr. Lereah serves as the Association's spokesman on the U.S. economy, the housing and real estate markets as well as other economic and policy issues affecting the real estate industry in the United States and abroad. He directs the Association's Research Division, the Regulatory and Industry Relations Division, the Real Estate Services Group and Strategic Planning activities for the Association.
David Lereah is recognized as a leading expert in the real estate and financial services industries and his career has included tenures with private industry, government, and academia. Prior to joining NAR, he was Chief Economist for the Mortgage Bankers Association of America (MBA) and acted as the COO with responsibility for the Association's Research, Business Development, Industry Technology, Education, Marketing, Public Affairs and Meetings divisions. He also had responsibility for the Association’s Research Institute for Housing America and Societas, an international lending institute. At the same time he served as President and Chief Executive Officer of Lender Technologies Corporation – a wholly owned subsidiary of the MBA which specializes in technology and information solutions for the mortgage lending industry.
Dr. Lereah was Managing Principal and Chief Executive Officer of Vantage Financial Group, Inc., a consulting company focusing on financial and investment management for the banking and real estate industries. He also was the Chief Economist of Sovran Bank (predecessor of NationsBank and BankAmerica) in Richmond, Virginia, and served on the Asset/Liability and Investment Committees for the holding company. Dr. Lereah spent several years as a bank regulator and a Financial Economist for the Federal Deposit Insurance Corporation. In that capacity, he authored numerous articles on bank management and hedging strategies. He also was a member of the American Bankers Association's Economic Advisory Counsel. Dr, Lereah began his career on the faculties at the University of Virginia and the Graduate School of Management at Rutgers University, where he specialized in banking issues, market information problems and financial market research.
Dr. Lereah's economic and real estate market commentary is regularly quoted in major news media including the Wall St. Journal, New York Times, Business Week, USA Today, CNN Business News, CNBC, CBS Evening News and C-SPAN. Dr. Lereah has also served as an expert witness, testifying on economic and financial services issues before the U.S. Congress. He is a prolific speaker, giving presentations and seminars on economic, real estate and investment issues throughout the U.S. and other countries. He has written numerous articles and books on finance, investments and real estate, and his new book, All Real Estate is Local, will be released in February 2007 published by Doubleday, Random House. He also recently released, Are You Missing the Real Estate Boom, by Doubleday, Random House in February 2005.
Dr. Lereah has served on a number of Board of Directors/Advisory Councils, including Velao Interactive Solutions Corporation, EZ Archive Corporation, The Harvard University Industrial Economist Council, The Burnham-Moores Center for Real Estate at the University of San Diego, The Gerson Lehman Advisory Council, and the National Housing Conference, Center for Housing Policy. Dr. Lereah received his B.A. in Economics & Marketing from American University, Washington, D.C. and his Ph.D. in Economics from the University of Virginia, Charlottesville, Virginia. He lives with his wife Wendy and three children in Fairfax Station, Virginia
Comments: David, given your background in banking and regulation of bnks, there is ABSOLUTELY NO EXCUSE for your not understanding the dangers of over-issuance of credit.
In addition, certainly you are old enough to have lived through the previous real estate bust (and the decimation of the S&L industry) if the late 1980's/early 1990's.
Sadly, it seems you have "sold your soul" to the devil of the Real-Estate-Industrial-Complex and you will reap a whilrwind of negative consequenses as this latest, largest real estate collapse play out. Perhaps you will have an epiphany during the crisis, turn away from your deceitful ways, apologize for the harm you have helped perpetrate on society and will then become an advocate for financial discipline.
Sincerely,
HP Reader
Dear Dr. Lereah:
Your credentials were very impressive. It has the making of a great statesman, a great leader and more importantly, a good model to all. However, you have not used it for the greater good, but for the interest of the few.
JFK once said; "My fellow Americans, ask not what your country can do for you; ask what you can do for your country." Dr. Lereah, what have you done for your great country? The misinformation you and the industry you are representing has now put our economy in a brink of an economic collapse, far greater than the Great Depression of 1929. Your self-serving interest has caused millions of Americans to lose their homes. In addition, if there is an economic collapse at home, we Americans will be more vulnerable to any terrorist attack. It is easier to defeat a country or an enemy that is hungry. It is easier to defeat an enemy who have no (financial) resources to fight back.
I personally don't know how we are going to come out of this. I hope you will come to your senses as early as possible and at the very least, stop - just stop the SPIN.
Dear Mr Lereah:
As much as I honor your prior achievements and accolades before taking on the position of NAR chief, I regret to say that like many social climbers, you've become a part of the problem instead of its solution.
Here's why, any observant individual will point out that a roaring housing market has to accompany a massive growth of industries and its subsequent job market. Unfortunately, for much of the 2001 to 2006 time frame, only housing and health care related activities added any jobs to the economy. I'm sorry to say it but that's not a fundamentally sound RE market but one based upon both speculation and a Keynesian style base of job tasks (ala healthcare) to make the "minimum payments" on the speculative mania of real estate. And what does the SEC say about using margin? Therefore, given your influence, you could have warned the public of this, instead, like a lot of decorated shills out there, you did the opposite.
And realize too, that someday in the future, you'll have to look back at your life and ask what you've contributed to our great society? Or perhaps, like a lot of leaders with hubris, only a Shakespearian tragedy to your own pocketbook will bring on some penitence.
David
Go F yourself
Sincerely
Millions of Ruined Lives
Good Morning Dave,
Mark Chapman
HAL
David when is the new book coming out? RE still booming till the end of the decade right? Anyone shocked to see that the chicken little's were right needs to be horse whipped. All David preached was JOBS JOBS JOBS. We are creating JOBS! David what WAGES do these jobs bring in?
Either you knew this was coming (still the start it has not bottomed yet) or you sold your soul. I think the you knew.
Here is a little video for you dot.David
http://www.forsakencraft.com/dotdavid.wmv
Dear David...Get a real Haircut.
He's already got a mug shot photo!
How's it hangin' Davo?
You'd crawl on your belly like a crawfish, anything to sell a house, right? Do you know how many people have followed your stupid advice over the last three years? If I were you I'd sleep with one eye open from now on.
David, are you b'nging Suzanne?
He sure does have a purdy mouth.
Find it saddening, and absolutely disgusting that the NAR found it "exciting and FUN" to raise the cost of a home so far out of whack with people's incomes.
It was all party all the time for you guys in your orgy of making Americans into indebted home slaves.
Totally disgusting.
I know this anon post is easy to dismiss, but for what it's worth. I met David Lereah at an industry party in LA back in early 2003.
We spoke at length about my belief that California was experiencing an historic credit/housing bubble that was bound to end badly someday. Lereah not only agreed with me, he told me that was planning to sell his condo in DC "because prices are obviously unstainable."
The face of what is wrong with this country. GREED.
The corrupt Lereah says this:
``We've been anticipating a price correction and now it's here,'' Lereah said. ``The price drop has stopped the bleeding for housing sales. We think the housing market has now hit bottom.''
This POS said earlier this year that they will only go up. Why is he not in prison? A total disgrace to the human race.
Do your country a favor tomorrow and retire. Then you can use the time to reflect on the countless families that are suffering every day due to your shameful deception. I hope to one day see you held accountable for your actions.
why isn't Casey's little bitch ass sitting in some minimal security federal penitentiary tossing it up for bubba big beef?
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