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I think Jim Cramer is the worst single talking head on the television ever. Didn't the Daily Show produce a devastating video on him showing how many times he was wrong? And how spectacularly he was wrong?
That. I'm amazed that Cramer had a job to return to after being so thoroughly discredited.
In 2004-2005, short of standing up on a chair and waving my arms, I was telling everybody that the real estate market was about to blow. I lost a real estate developer as a client because I advised him to stop building in 2006 and just sell his remaining inventory.
So if some dumb clod like me could spot the looming real estate bubble two years before it broke, then why couldn't some guy like Cramer do it with all the resources at his disposal?
Unless, of course, the guy is a total hack. Heck, who are we kidding? A chimp with a dartboard would make better picks than this fraud.
Jon Stewart used to say that anyone who listened to Cramer faithfully would be on their fourth bankruptcy. Looks like #5 coming up, Florida Real Estate LOL
however the nail in the coffin for me was when he had the Wachovia CEO on his show, who talked up the company, said the balance sheet was great, blah blah blah.
I think it was literally a few days later that Wachovia fell apart and was sold to Wells Fargo.
I've also warned people that the bottom may not even be reached yet because:
1) The prices are still buoyed by record low interest rates. What happens if a 30-year mortgage returns to 6-7% or higher?
2) Florida has a ticking time-bomb in the form of their state-run home insurance program. It's massive and insures much of the worst risks (coastal) in southern florida. When the next big hurricane or multiple smaller hurricanes hits they will be bankrupt by 20+ billion.
This will cause 2 issues:
a) An assessment of 10% will be added to all home, auto etc. insurance in the entire state for a couple years.
b) The implosion of the state insurer will drive rates higher in addition to normal rate spikes after events like that AND people with the state insurer that have been getting a big subsidy will have to likely pay market rates again.
So, depending where you live in the state the next bad hurricane year is going to cause your homeowners insurance to go up at least 15-20% and in some cases perhaps double. This will crush housing prices further.
I've also warned people that the bottom may not even be reached yet because:
1) The prices are still buoyed by record low interest rates. What happens if a 30-year mortgage returns to 6-7% or higher?
2) Florida has a ticking time-bomb in the form of their state-run home insurance program. It's massive and insures much of the worst risks (coastal) in southern florida. When the next big hurricane or multiple smaller hurricanes hits they will be bankrupt by 20+ billion.
This will cause 2 issues:
a) An assessment of 10% will be added to all home, auto etc. insurance in the entire state for a couple years.
b) The implosion of the state insurer will drive rates higher in addition to normal rate spikes after events like that AND people with the state insurer that have been getting a big subsidy will have to likely pay market rates again.
So, depending where you live in the state the next bad hurricane year is going to cause your homeowners insurance to go up at least 15-20% and in some cases perhaps double. This will crush housing prices further.
I recently had the option of real estate in Florida or the cash and opted for the cash. Like Vegas or Arizona they are overbuilt and the Boomers they are built for are not coming. I could stand that in Arizona where Property Taxes are low and Home Owners Insurance is a couple hundred dollars a year, but not Florida
I think Jim Cramer is the worst single talking head on the television ever. Didn't the Daily Show produce a devastating video on him showing how many times he was wrong? And how spectacularly he was wrong?
His voice is very annoying, he screams and rants, never shuts up.
Why on earth did CNBC give him even more airtime??? Are they that desperate?
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