Real Estate Market / Inflation / Recession / Depression (2008 Edition) (capitalism, credit, debt)

[CosmicWizard]

Bob sayeth: Another smooth move by Larry, Moe, and Curly...er, I mean "W", Hank, and Ben.

Bob, equating 'W', Hank, and Ben with the 3 stooges is an absolutely brilliant analogy. Reps coming yer way after I spread it around a bit more.

[Mike from back east]

Originally Posted by CosmicWizard

Bob sayeth: Another smooth move by Larry, Moe, and Curly...er, I mean "W", Hank, and Ben.

Bob, equating 'W', Hank, and Ben with the 3 stooges is an absolutely brilliant analogy. Reps coming yer way after I spread it around a bit more.

Descendants of Curly, Larry and Moe out to sue Bob for libel for defaming their fine name in such fashion.

If Moe were alive, he'd tell the Bush crowd this: http://www.maximumdonline.com/tvwavs/toupee.wav (broken link)

[Bob from down south]

To the tune of "Bad Storm Risin'"

I see a Black Swan a risin'
I see trouble on the way
I see my low-ball puts a strikin'
I see more bailout giveaways

Don't go long tonight
Or you'll catch a fallin' knife
There's a Black Swan on the rise

I hear the hedge funds are explodin'
I think the end is comin' soon
I see the red ink overflowin'
Unemployment, hunger, rage & ruin

Don't go long tonight
Or you'll catch a fallin' knife
There's a Black Swan on the rise (oh yeah)

Hope you got your act together
Hope you got a place to fly
The bond markets point to nasty weather
Wall Street jumpers soon will fill the sky

Don't go long tonight
Or you'll catch a fallin' knife
There's a Black Swan on the rise

[Bob from down south]

And here's a telling glimpse at one possible future...

Hyperinflation forces Zimbabwe to Print $200 Million Notes

Debt will Drown you

[Bob from down south]

A really good (but long) CSPAN interview with Kevin Phillips. Major-league insight in here.

In-Depth With Kevin Phillips

[LBear]

Remember, here is what the EXPERTS SAID, sound familiar?:

"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline”
- Time Magazine 1947

“Houses cost too much for the mass market. Today’s average price is out of reach for two-thirds of all buyers”
- Science Digest 1948 (average price at the time: $8,000)

“The goal of owning a home seems to be getting beyond the reach of more and more Americans.”
- Business Week 1969 (average price at the time: $28,000)

“The era of easy profits in real estate may be drawing to a close.”
- Money Magazine 1981

“If you are looking to buy, be careful. Rising home values are not a sure thing anymore.”
- Miami Herald 1985

“Most economists agree . . . a home will become little more than a roof and a tax deduction, certainly not the lucrative investment it was…”
- Money Magazine 1986

“We’re starting to go back to the time when you bought a home not for its potential money-making abilities, but rather as a nesting spot.”
- Los Angeles Times 1993 (Note that 1993 was the absolute low-point for real estate values in Los Angeles. Prices have sky-rocketed since.)

“Financial planners agree that houses will continue to be a poor investment.”
- Kiplinger’s Personal Financial Magazine 1993

“A home is where the bad investment is.”
- San Francisco Examiner 1996

[sterlinggirl]

Remember, here is what the EXPERTS SAID, sound familiar?:

Over the years I've come to realize that "experts" are carefully prepared salesmen who know all the talking points, and just enough of the bad stuff to help them steer questions back to the sales pitch.

The people who know the whole story are usually carefully hidden away from the public.

[POhdNcrzy]

Uh Bob, that's "Bad Moon Rising".....

[Bob from down south]

Originally Posted by POhdNcrzy

Uh Bob, that's "Bad Moon Rising".....

I saw it, but was too late to edit it out.

[Bob from down south]

LBear, let me add a couple of other related quotes:

"Real estate only goes up."

"Buy now or be priced out forever."

"The bottom is in."

"No job? No credit? NO PROBLEM!! You're PRE-APPROVED!"

"Why yes, Sheriff, the kids and I will get our things and be out in a jiffy."

"There has never been a 5-year period where the stock market has lost money."

"There has never been a 10-year period where the stock market has lost money."

"There's one born every minute."

"No dear, that's just a cold sore."