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Old 01-04-2009, 04:45 PM
 
Location: Keller, TX
5,670 posts, read 5,370,260 times
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Jim Sollisch: Blame Television for the Bubble - WSJ.com[indent][quote]So now we know what happens when too many people who have too few assets buy too much house with the help of too many risky mortgage products and too little oversight. And while there's plenty of blame to go around -- unethical mortgage brokers, greedy bankers and irresponsible homeowners -- one culprit continues to get off scot-free: HGTV.

That's right. The cable network HGTV is the real villain of the economic meltdown.

Last edited by Waterlily; 01-04-2009 at 06:30 PM.. Reason: copyright issues-
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Old 01-04-2009, 05:09 PM
 
Location: Cushing OK
14,545 posts, read 18,229,077 times
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I read where Flip This House is over. Yeah! Always fumed at that one. I would take exception with Design on a Dime. It's wonderful if you don't have a lot of money. If only MORE people would take from that and fix up what they have cheaply with a little creativity over House Hunters.

(Now if What Not to Wear would go off with the flippers)
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Old 01-04-2009, 05:17 PM
 
1,772 posts, read 4,074,725 times
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BIN-effin-GO!!!! I hate these shows with a passion, they are the exemplification of what's wrong with our society. Even today there are re-runs on tlc of some of these shows and it shows a couple in Vt completely in the debt up to their eyeballs and these dingbats don't blink an eye when the mortgage brokers tells them their debt to income is on the bozosphere and they need to consolidate the cc debt to eek out a qualification. So they go to the credit place where they give them a ridiculous consolidation package that lowers their MINIMUM payment to a couple hundred bucks (does it matter at that point), and they act all giddy. So they go back to the mortgage place and the dude gives them a qualification of 275K (wtf these people are in the hole for about 25K with five kids and they say they have no cash on hand for a downpayment).....well no problem, tap 10K from the 401K (probably all they have) and call it a day. So they bought a dump for 210K and lived happily ever after, or so the shows portrays. Just ridiculous, and these people are the median american, no doubt about it.
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Old 01-04-2009, 05:21 PM
 
3,628 posts, read 9,361,343 times
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sweet, just like when all the school shootings were happening, it was all the video games or marilyn manson's fault.

now let's blame some tv stations? sure.

THINK FOR YOURSELVES, PEOPLE.
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Old 01-04-2009, 05:47 PM
 
3,722 posts, read 4,715,155 times
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I literally had to stop watching HGTV along with all the other shows like House Hunters because I was getting depressed by how much it would cost to even buy a home in my area. HGTV was a reminder of what I could never have. I would wonder what these young people were doing that I wasn't where they could afford these homes. Crazy stuff. Whenever I flip past the station I still feel a little ill.
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Old 01-04-2009, 05:47 PM
 
Location: Sequim, WA
795 posts, read 1,955,606 times
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Well...gee...I can't disagree that HGTV played a significant role in helping encourage the stupid, the gullible, and the greedy into helping bring the economy down. But, blaming HGTV is just (yet) another example of what has become an American past-time. That is, ignore all responsibility, ignore accountability, and blame someone or anything when you screw up. I live in a house I can afford, and it never occurred to me that I was "an idiot and a loser" for doing so. And if I gain a pound or two during the holidays, it never occurs to me to blame the grocery store or Jesus.
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Old 01-04-2009, 05:49 PM
 
Location: Keller, TX
5,670 posts, read 5,370,260 times
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I too think it's kind of outside the pale to scapegoat HG and TLC -- they're more reflections of reality, however imperfect.

But I also think there's a bit of truth there too. I used to watch these shows as sort of a supplement to my knowledge of homes and home-buying.

On "My First Home," I saw more than one couple get into a typical mortgage you hear about these days -- ARM, interest-only for a period of time, $0 down, Debt to Income over 45%, piggyback at 12%, substandard FICO, closing costs rolled into loan, etc.

On "Property Virgins," I saw on a NUMBER of occasions a person or couple mention they had (for instance) $25,000 saved up and had been approved for $260,000, and that they were looking in the $180,000 range, and Sandra questions them on this and advises they should try to buy more and then shows them houses in the $270,000-$290,000 range.

On "My House is Worth What?," I saw houses increase in value far beyond the upgrades, and then I saw appraisers recommending improvements that would "double the investment" in them.
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Old 01-04-2009, 05:50 PM
 
Location: Los Angeles Area
3,306 posts, read 3,555,673 times
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Quote:
Originally Posted by supernerdgirl View Post
sweet, just like when all the school shootings were happening, it was all the video games or marilyn manson's fault.
This is a bit different. HGTV is essentially one big advertisement for real estate related industries. Why stop at the commercials, when you can drive your message 24/7? The dramatic transformation seen in the station during the housing bubble says a lot about what was going on behind the scenes.

Anyhow, claiming that HGTV caused the housing bubble is a bit odd. It was rather a symptom of the irrationality and corruption of the times.

I don't get the cable channels anymore, but I do watch it here and there when I'm else where in the background. It seems most of the programming is old.... How are they going to adjust to the times? "Walking away from your debt trap"?
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Old 01-04-2009, 05:51 PM
 
Location: Alexandria, VA
11,997 posts, read 21,291,409 times
Reputation: 17799
I also don't blame these programs - people should have their own mind and realize what can or cannot be afforded. I actually enjoy watching them occasionally - but I certainly don't live my life through them or make any decisions because of them. Some people need to get a life I suppose and not blame some stupid program for their woes.

Overweight people I guess should sue the Food Network? LMAO
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Old 01-04-2009, 05:56 PM
 
Location: Los Angeles Area
3,306 posts, read 3,555,673 times
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Quote:
Originally Posted by Flamingo13 View Post
Overweight people I guess should sue the Food Network? LMAO
In what way does the Food Network support over eating though? It doesn't really.... In a similar fashion its one big advertisement and they've created a large class of products around their brand. But, at least they aren't trying to get people to commit financial suicide (or nutritional suicide), rather purchase overpriced cookware from China.
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