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View Poll Results: Did the media create this recession?
Yes 21 28.77%
No 52 71.23%
Voters: 73. You may not vote on this poll

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Old 04-16-2008, 02:07 PM
 
Location: Chino, CA
1,458 posts, read 3,061,190 times
Reputation: 555

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Quote:
Originally Posted by AnthonyB View Post
Well to be honest "Glimmer of Hope in the New Home Sales Front" is quite a biased title with a manipulative intent. Not factual or informative at all. Especially if most markets fell by double digits and a couple rose by one or two.
It is informative and factual ... because half the regions showed higher sales.... and overall the total drop was only -1.8%. So a "Glimmer" of hope would make some sense. Anyways... I would hope that we all know that the news is biased... and depending on what your source of news is, the station/source would have its own biases either positive/negative etc..

Quote:
If you want to argue that media titles should represent only the facts in a neutral tone, I might be willing to go along. Of course they would probably be so dry that nobody would buy the papers.
Yea, it would be boring... that's what CPAN's for
Quote:
Unfortunately I don't buy the argument that bias is OK if it is positive to what one group wants. Continued overspending might be good for the economic figures, but bad for those already drowning in debt. House prices dropping bad for sellers, good for buyers. Less consumption bad for stores, great for the environment.
I agree that we should all try to live within our means. I would like to see more exports and more domestic investment spending by businesses and our government. The consumer/citizens shouldn't be the only source of economic growth. Isn't it surprising that we're in a recession when corporations have been shipping jobs to Mexico, and building huge R&D and manufacturing facilities everywhere but here. Not to mention we spend almost as much on Wars and military expenses (~4% of GDP) as we do with the entire nations education ~4-%5.

-chuck22b

Last edited by chuck22b; 04-16-2008 at 02:20 PM..
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Old 04-16-2008, 02:30 PM
 
Location: Imaginary Figment
11,456 posts, read 13,339,304 times
Reputation: 4773
Quote:
Originally Posted by bchris02 View Post
Does anybody else think the media created this recession but continually reporting nothing but doom and gloom and convincing the consumer to not spend? Few people realize this but during the last recession the economy actually started shrinking in July 2000. You never would have known we were in a recession. Why? A Democrat was is office. The media was talking recession last year when GDP was growing a 4+% I am no fan of Bush, but the media wants to further damage his legacy at all costs and what better way to do that than topping off a failed foreign policy with the worst recession since the Great Depression.
You've got to be kidding.
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Old 04-16-2008, 02:37 PM
 
28,900 posts, read 49,256,604 times
Reputation: 46331
No.

Let me relate two conversations I had in the past five years.

The first was five years ago, when my wife and I were talking about refinancing our house. We talked to a mortgage broker, who was suggesting ARMs and Interest only loans, etc. etc., when all we wanted was a 30-year note refinanced. Afterwards, we asked ourselves, "What's going to happen to all these people, the ones who needed to resort to an ARM to buy a house in the first place, when interest rates inevitably go up?"

The second conversation was with a developer two years ago. I was helping to market a development. However, I had seen some absorption studies that showed that demand was beginning to drop off. I told the builder that I had doubts about selling a bunch of $750,000 homes with interest rates beginning to surge. The guy just shrugged his shoulders and kept building anyway. He filed for bankruptcy last fall.

So, yeah. Part of the economy depends on how people feel about the economy. But a lot of people in positions of responsibility never paid attention to what would happen when interest rates went back up again.
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Old 04-16-2008, 02:42 PM
 
Location: NJ
2,212 posts, read 6,589,348 times
Reputation: 2190
Quote:
Originally Posted by chuck22b View Post
It is informative and factual ... because half the regions showed higher sales.... and overall the total drop was only -1.8%. So a "Glimmer" of hope would make some sense. Anyways...
"Gimmer of hope" isn't a factual term. It indicates that price rises are a good thing - there is a value judgement attached. As is prefacing 1.8% with "only". The most factual thing would be to say that the national drop was 1.8% with some regions posting larger ones and some smaller, with a few showing small gains. And then a big chart.

Quote:
Originally Posted by chuck22b View Post
I agree that we should all try to live within our means. I would like to see more exports and more domestic investment spending by businesses and our government. The consumer/citizens shouldn't be the only source of economic growth. Isn't it surprising that we're in a recession when corporations have been shipping jobs to Mexico, and building huge R&D and manufacturing facilities everywhere but here. Not to mention we spend almost as much on Wars and military expenses (~4% of GDP) as we do with the entire nations education ~4-%5.

-chuck22b
If you want to see more exports and a switch from consumerism, then you should welcome housing price drops and a recession. If they drop, people don't need as much to buy housing. Therefore they need less to live. Plus, if the dollar drops like a stone, even better. American labor becomes cheaper, other nations can afford to buy more of our stuff, manufacturing can come back and so on.

Of course that would mean less cheap imports, less "stuff", lower standard of living materially and a cut in cheap vacations to other nations. Our buying power would lessen but our selling power increase.

Painful to get there though.
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Old 04-16-2008, 03:48 PM
 
Location: America
6,993 posts, read 16,057,917 times
Reputation: 2083
Quote:
Originally Posted by chuck22b View Post
Hi Wild Style,
Unless we have infinite time on our hands and are able to actually fly across the country and look at the regions, etc. on hand.... the only data, and research we can actually get are from reports, and what is reported in the media. The regional sales numbers are from the Commerce Department report. I didn't make up the numbers. There was a positive growth in the south and the west... and the north east was doing alright until the massive drop in February. Take a look at the report yourself and make your own conclusions:
http://www.census.gov/const/newressales.pdf

I don't blame the media for the recession. It's obvious there are larger and more complex economic factors on hand. It's just that the media should have more responsibility and have more reserve when choosing how to report. Unless you think the media has no influence whatsoever on public perception.

The media was ra! ra! during the housing boom too? Do you think that could of influenced sales? Remember the Dot com boom and how they were reporting on instant wiz kid millionaires... and more recently instant housing millionaires?
We have to remember that the media is a business. Their direct revenue source isn't the viewers... but the advertisers.

And lack of research will also prolong the recession we are in now... ie, people just look at what the media tells them.

-chuck22b
what you posted said sales were down in the south from the previous year. Didn't look at the west, at work now. Will check it out later.
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Old 04-16-2008, 04:10 PM
 
Location: Chino, CA
1,458 posts, read 3,061,190 times
Reputation: 555
Quote:
Originally Posted by Wild Style View Post
what you posted said sales were down in the south from the previous year. Didn't look at the west, at work now. Will check it out later.
All sales are down year over year... the increase is in the month over month Seasonally adjusted sales rate.

-chuck22b
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Old 04-16-2008, 05:44 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,407,562 times
Reputation: 2748
The media is like someone standing around a camp fire with gasoline, matches, firecrackers, a fan....they'll do just about anything to fan the flames and make it worst than it is.

Like the "housing crisis", when in fact its only a small percentage of people in crisis out of all the homeowners. If it was 1 in 10 homeowners, I could understand. Or in the 30's, when one of out of every 3 or 4 people were out of work, then its a crisis.

The media seems to be on a crusade to report on the economy in the narrowest of ways.

If it was a sports story, and a few percent of fans cause trouble, the media will call them out on it. Like if a fan throws something at a player or interferes or something.

But with the housing crisis, there seems to be a real block in reporting the truth. People bought something they couldn't afford. I don't know why they make it so murky.

Or reporting inflation. Or reporting on housing vs renting, there are alot of people that want housing to go down. But you never see headlines..."Renters cheer drop in housing prices". Or "Good news for west side renters, home prices drop again!"

It's all super distorted. Even among supposedly "independent" media sources. The grip they have on peoples minds is scary.

I can trust their reporting on travel, entertainment, sports, leisure. But with the economy, they seem to put on blinders, and report on things with almost a religious bent/zeal.
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Old 04-20-2008, 09:46 AM
 
74 posts, read 189,939 times
Reputation: 47
Default Darwin would frown

Quote:
Originally Posted by baystater View Post
What created this soon to be official recession.

1. Retards at bank making bad loans
2. Retards that got home loans or refi's and did bother reading their contracts.
3. Retards (especially Alan Greenspan) at the FED that felt the need to interfere in a the natural ebb and flow of the markets.
4. Retards at the National association of Realtors that kept saying "Now is a great time to buy!"
5. And finally Retards that actually believed that the markets were going to go up forever.

So in essence Retards created our current situation. Granted the media didn't help the situation that much either.
So, how many bakers and real estate hired-hands should be trusted after the dust settles in a few years (let's hope that is all it takes) ?
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Old 04-20-2008, 09:54 AM
 
Location: Wherabouts Unknown!
7,805 posts, read 17,593,730 times
Reputation: 9435
GrittyMcDuffy wrote:
So, how many bakers and real estate hired-hands should be trusted after the dust settles in a few years (let's hope that is all it takes) ?
Those bakers are baking way too many donuts. People eat them, get too much sugar in their system and make foolish financial decisions. The bakers are the real culprits who created this recession!
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Old 04-20-2008, 10:10 AM
 
74 posts, read 189,939 times
Reputation: 47
Default Lol

I meant to say cooks. They cooked the books. I saw the typo after the fact and had to laugh at the irony. I think that much more surprises to be revealed in the upcoming year concerning the banking industry. Wouldn't it be a major lucky streak if all the bad,bad news has been accounted for in stock market and real estate circles and we could get on with repairing the economy?

Let's all do our part to improve things out there economically.
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