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Quotes that will live in Infamy


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2006 Sep 8, 8:15am   20,581 views  230 comments

by HARM   ➕follow (0)   💰tip   ignore  

day of infamy

Some notorious quotes --like events-- represent pivotal moments that should never be forgotten. They should be preserved for posterity and passed along to future generations to serve as a warning. Some of the crap the REIC (Real Estate Industrial Complex) has been spewing for the last 5 years meets this lowly standard of putrescence.

Whenever these shills try to reverse course, change their tunes or revise history in the face of (now undeniable) evidence that their empire is crumbling, these quotes should be trotted out and rubbed in their lying, ugly faces at every opportunity.

Here are some of my infamous favorites:

Source: L.A. Times (August 28, 2005)
“Equity Is Altering Spending Habits and View of Debt”

“If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years,” said David Lereah, chief economist of the National Association of Realtors and author of “Are You Missing the Real Estate Boom?” “It’s as if you had 500,000 dollar bills stuffed in your mattress.”

He called it “very unsophisticated.”

Anthony Hsieh, chief executive of LendingTree Loans, an Internet-based mortgage company, used a more disparaging term. “If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there, doing nothing.”

Source: Federal Reserve Board (February 23, 2004)
Remarks by Chairman Alan Greenspan: Understanding household debt obligations
(just as Greenspan was preparing to start RAISING rates from 1%)

"... many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather than fixed-rate mortgages during the past decade.

...American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home."

Source: N.Y. Times (March 25, 2005)
Trading Places: Real Estate Instead of Dot-Coms

Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors says that "South Florida is working off of a totally new economic model than any of us have ever experienced in the past." He predicts that a limited supply of land coupled with demand from baby boomers and foreigners will prolong the boom indefinitely.

Source: CNN Money/Fortune (February 13, 2006)
A tale of two markets

If you want to know where real estate prices are headed in California's Orange County, the man to talk to is Gary Watts. The Mission Viejo broker has 35 years of experience and doubles as a spokesman for the O.C.'s Association of Realtors.

... Since 1997, Orange County home prices have seen a 195 percent rise. Will the good times last another year? Gary doesn't hesitate. "Fifteen percent is pretty much in the bag for Orange County in 2006," he says. "It's impossible for prices to go down this year."

Source: N.Y. Times (October 16, 2005)
Chasing Ground
Bob Toll (President of Toll Brothers):

"In Britain you pay seven times your annual income for a home; in the U.S. you pay three and a half." The British get 330 square feet, per person, in their homes; in the U.S., we get 750 square feet. Not only does Toll say he believes the next generation of buyers will be paying twice as much of their annual incomes; in terms of space, he also seems to think they're going to get only half as much. "And that average, million-dollar insane home in the burbs? It's going to be $4 million."

Source: N.Y. Times (March 25, 2005)
Trading Places: Real Estate Instead of Dot-Coms:

"I just don't think we have what it takes to prick the bubble," said Diane C. Swonk, chief economist at Mesirow Financial in Chicago, who was an optimist during the 90's. "I don't think prices are going to fall, and I don't think they're even going to be flat."

Source: Planet Jackson Hole (September 6, 2006)
Un-Real Estate

“‘In Jackson, the market doesn’t really go down,’ said (realtor) Linda Walker. Broker Ryan Olsen agrees. ‘We are immune to the up and down treads that plague many real estate markets,’ he says. ‘Our real estate market is essentially quite ‘bullet proof!’”

Source: Contra Costa Times (September 13, 2006)
Housing bubble may spare East Bay

One analyst agreed real estate will not implode in a bubble scenario. Sean Snaith, an economist who tracks regional economies in California, has opined that the Bay Area at worst would endure a housing soufflé that weakened slowly, not a bubble that evaporated.

"The run-up in housing prices was really driven by fundamentals, not speculation," Snaith said. "Growth in the Bay Area economy and the state overall was not confined to housing-related sectors."

Source: WILX.com (January 10, 2007)
Housing Market Recovery?

‘I think the decline that we’ve seen is not going to occur,’ said Tomie Raines Realty President Debbie D’Valentine.”

Source: newspress.com (January 24, 2007)
Low bids take glow off property auction

“At both days of the auction everyone spoken to said the bids came in too low and no one expected them to be accepted. Leibert was upset with the auction, calling it a ‘farce.’ She believes the bids were too low and the auction didn’t deliver serious bidders.”

“‘I think a lot of buyers thought they were going to bottom-feed. These are eager but not desperate sellers.’ Jeff Miloff said. ‘The auction tells me we are in a market correction.’ The bids were so unrealistic the auction showed people didn’t do their homework, Miloff said.”

Source: Monterey County Herald (June 29, 2006)
Reaching The Dream Without Moving In California

"Many in California have reached the dream of living in a million-dollar home without moving."
--Leslie Appleton-Young (vice president and chief economist for the California Association of Realtors)

Source: brisbanetimes.com (September 3, 2008)
Sky's no limit for property prices

"Brisbane’s median house price - currently about $450,000 - will hit $1 million in only seven years time and continue to climb, reaching $20 million by 2044, according to an in-depth research report by property firm Johnston Dixon.”"

CEO John Johnston said as ’staggering’ as the predictions sounded, they were based on growth values of the past 37 years. ‘Brisbane’s median house price has grown by 10.8 per cent annually for almost four decades,’ he said. ‘If values continue to grow for the next 37 years the way they have for the past 37 years, Brisbane will move into the sphere of generational home ownership.’

Please post some of your own favorite "pearls of wisdom" you feel are especially worthy of remembrance.

HARM

#housing

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227   Randy H   2006 Sep 14, 6:21am  

DS

Crime and political opportunism have and will continue to spawn bona fide "conspiracies". No one contends that. A well planned bank robbery is a conspiracy, by definition. A well planned military action is as well, depending upon whether you're the bomber or the bombee. But all that junk about the WTC is so complex, involving so many people and so much clandestine, cross-boarder cooperation, that it's just practically implausible.

Planning stuff is hard.

Planning stuff and keeping it secret is very hard.

Planning stuff and keeping it secret amongst lots of people is extremely hard.

Planning stuff and keeping it secret amongst lots of people despite obvious moral, ethical and often spiritual personal conflicts for many involved is impossible.

But the X Files was a cool series.

228   salk   2006 Sep 14, 6:35am  

It's difficult to maintain the "911 conspiracy" when theorists require the usage of CIA "voice morphing" to explain the cell phone calls. With that said my pilot friend says that only an advanced test pilot could have flown into the WTC at that speed and embankment. I listen to UK radio and the acceptance of a conspiracy is near universal.

229   Randy H   2006 Sep 14, 11:20pm  

Might as well add in a very plausible explanation I've heard regarding the classification of Pentagon-related photos & video. What I've heard from some former defence intelligence (retired) guys is that it's very likely that videos and some photos of the Pentagon attack capture the facility's automatic air defence measures in action. And, that those measures proved faulty, inadequate, or simply ineffective. This evidence would be immediately classified as a threat to national security just as fast as someone discovering maps of secret steam tunnels into NORAD. The DoD doesn't really want functional videos of "how to destroy the pentagon" posted on every anti american website, after all.

230   Different Sean   2006 Sep 16, 8:34pm  

these are all post hoc explanations (about file footage, etc). and the explanations certainly haven't come from the defence establishment themselves. there are plenty of photos of the pentagon out there -- that explanation sounds particularly unlikely to me -- they could even edit out or blur superficial details they wanted to hide... i really can't see that footage realistically becoming a primer to so-called 'terrorists' at any time in the future -- besides which , you can see the pentagon up close just driving past to DC... plus all the photos taken of the actual fire and damage. what protections are there, anyhow? thickened and reinforced walls, which is the work that was being done at the time -- and the late-scrambling fighter planes are meant to be the protection...

i take your point that it's hard to plan something like 9/11 -- it seems implausible -- and yet... there are Black Ops teams in the CIA, and we don't know what they get up to. Clearly they are expert in using explosives, also. plus a willing Mossad with divided loyalties getting involved to precipitate a middle-eastern crisis. There seem to be a lot of threats of people losing their jobs and gags being applied too... a metallurgist working for the labs that did some of the steel analyses lost his job for writing a letter saying he didn't see how it was possible... the firefighters were gagged...

it's reached the point where Zoo! magazine just published 3 or 4 pages reiterating all the 9/11 conspiracy points in their last issue, by a coincidence...

a friend of mine who lived in the states for a while said that most of the people they met there thought the X-files was a documentary... ;)

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