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So long, David!


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2007 May 15, 8:31am   25,242 views  241 comments

by HARM   ➕follow (0)   💰tip   ignore  

Mission Accomplished!

A Farewell to (option-)ARMs

David Lereah has officially vacated his post as chief shill, propagandist, economist for the NAR. Needless to say, we're really going to miss him here at Patrick.net. Over the many months we have been following him, we have come to revile, detest, loathe, appreciate him as a reliable bald-faced liar, shameless industry whore, source of real estate market information, as well as the public face of the NAR.

David will most likely be replaced by well known NAR lackey, toady, devil spawn, senior economist Lawrence Yun, as he moves on to pursue other interests. He reportedly left his post at the NAR due to being universally reviled, having zero credibility, the repeated death threats, wanting more time to spend with his family and to accept a new position as Chairman of Move, Inc.

So long, David! We all wish you the best!
HARM & the gang

#housing

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1   HARM   2007 May 15, 9:34am  

I was wondering how many David Lereah related threads I had posted over the last 2 years, so I checked the archives.
Result: more than I would have guessed.

http://patrick.net/wp/?p=75
http://patrick.net/wp/?p=264
http://patrick.net/wp/?p=303
http://patrick.net/wp/?p=354
http://patrick.net/wp/?p=399
http://patrick.net/wp/?p=407
http://patrick.net/wp/?p=428

2   DinOR   2007 May 15, 10:16am  

Most awesome graphic yet! :)

That'll be hard to top. Blanche (the douchebag) Evans was on her book signing tour so she was unavailable for the group photo. Suffice to say wherever TCDL winds up his primary function will be continued defense of the 6% commission and the "good fight" of battling disintermediation.

3   Malcolm   2007 May 15, 10:45am  

Absolutely amazing. What a day this has been. This couldn't have happened any better even if we had choreographed it.

4   Paul189   2007 May 15, 11:56am  

I love this threads graphic and Muggy that is a great piece!

5   Malcolm   2007 May 15, 12:27pm  

Good one Muggy. Some of those deals used to seem fishy.

6   skibum   2007 May 15, 1:06pm  

Ha Ha,

Those numbers are in line with my observations. We were at the Home Despot last Saturday getting some planting-related stuff, and the place was empty. No lines, maybe 1 customer per aisle at the most. Eerie.

7   Malcolm   2007 May 15, 1:21pm  

Ug, these stupid brand extensions always seem to come back to bite you in the end. They cost so much for just a little increase in market share. I'll never figure out why companies keep trying to be everything to everyone instead of focusing on their core competency.

Randy, I just know you've got a take on this.

8   skibum   2007 May 15, 2:23pm  

I’ll never figure out why companies keep trying to be everything to everyone instead of focusing on their core competency.

The perfect example of this phenomenon is the Porsche Cayenne - what an abomination of a car! It's ugly, and it dilutes the Porsche name...All in the name of making money off the (now dwindling) SUV craze.

9   Malcolm   2007 May 15, 2:37pm  

Perfect example.

10   Randy H   2007 May 15, 2:41pm  

HARM

You are the master at contextually artful graphics. My hats are off.

11   Randy H   2007 May 15, 2:42pm  

Malcolm

Skibum pretty much sums it up for me. And in about 15% as many words as I'd have used.

12   Malcolm   2007 May 15, 2:43pm  

Here in San Marcos, we have a Home Depot, and 1/2 a mile away we have a White Cap which is another one of these silly spinoffs. All they are doing is cannibilizing their own base and doubling the overhead, real smart.

13   Malcolm   2007 May 15, 2:51pm  

Across the street from Home Depot is a Lowes, so basically to use a military analogy they are trying to out flank them. The problem is they flank so far out that they weaken their whole core. They'd be better off if they would invest resources in efficiency since they can't differentiate a DIY warehouse. Lowes went with the high end experience. Polished floors, wide aisles, a cleaner experience. Home Depot has the self checkout which I love, but the service in the stores is God awful. Retail sucks, I don't know why it attracts so many ventures. You have so much crap to deal with with ever decreasing margins, and the disability lawyers just waiting to say your aisles aren't wide enough.

14   Malcolm   2007 May 15, 2:57pm  

Krispey Kreme is another example. Their doughnuts suck in my opinion but the original glazed ones are great when they are hot. So they make it a pain in the ass to get the hot ones because they have to take the line down to make all the other ones. They'd be better off scaling back and producing a consistent lower volume, and doing something with the surplus rather than limiting the main product for the purpose of variety.

15   FormerAptBroker   2007 May 15, 2:58pm  

Who is the lady next to Casey and guy next to Greenspan in the photo above?

16   Randy H   2007 May 15, 3:02pm  

FAB

In defense of the crossovers -- and no, I haven't pulled the trigger on buying an X3 yet, and am now thinking that a 535xi is preferable:

Crossovers are far safer than SUVs because of their center of gravity and safety profile. I'd much rather face eminent rollover in an X5 than in my old 99 Denali Yukon.

That said, the trunk in a X3 is smaller than the one in my old 328i, which will hold a fully assembled Kettler Tricycle.

17   Malcolm   2007 May 15, 3:04pm  

And they have all needed recall services. I believe more than once, and my mechanic told me that in some cases they even bought them back because they were hurting the brand. (unverified but for a while I saw none on the road.)

18   Malcolm   2007 May 15, 3:22pm  

I don't know about the newer ones but Porsche quality is actually quite poor in general. VW has as well. My friend had a 99 Passat and nothing but problems.

19   astrid   2007 May 15, 3:23pm  

Cayenne is brand dilution but I really like the VW Toureg.

Wagons still make more sense in most circumstances. I don't see the point of an SUV unless the owner plans to go really off road on a regular basis -- in which case, a Jeep or a beat up truck probably makes the most sense.

20   Malcolm   2007 May 15, 3:24pm  

Here it comes. On Fox News San Diego, prices are dropping and few are celebrating see the change in San Diego's housing market. I just set the DVR, this should be good. It's going to be followed with some spin, after that see how foreclosed homes may not be the deal they seem to be.

ha ha ha ha

21   Malcolm   2007 May 15, 3:26pm  

BUYER BEWARE is the headline.

22   Malcolm   2007 May 15, 3:32pm  

They actually said don't buy a foreclosure in areas full of foreclosures. They didn't mention the auction, but they talked about auctions in general and how they are commission driven and you can get a better deal elsewhere. I actually agree with this which is why this auction is bad bad news here.

23   Randy H   2007 May 15, 3:49pm  

Bap33

That's great advice, and if I'd known that and you when I still had the thing, I might still have the thing. It was a decent truck and served me quite well when I needed the towing capacity. I had the short version too, but 4wd and 5.9L engine. It was great when I had 4 adults, 1 infant, and 3 large dogs (retrievers & a Shepard). But a nice AWD wagon will probably suffice now, even when we get another dog*.

*post McCrapsion renting phase of life

24   Ozman   2007 May 15, 4:31pm  

http://www.mercurynews.com/ci_5900084?ref=patrick.net&nclick_check=1

"It's not something I wanted to hear or would like to do," Portales said. She thought she'd achieved the American dream for herself, her 10-year-old son and her mother. Now she's fighting depression at the thought of moving into a rental unit and praying for a good outcome."

Wow, I didn't know renting caused depression. How come I'm not depressed after all these years of renting.

25   HARM   2007 May 15, 5:45pm  

Thanks everyone for all the kind words! This was definitely one of my most complex graphics.

@FAB,

The lady next to Casey is CAR's Leslie Appleton-Young ("LAY"), and the guy next to Greedspan is Gary "bagman" Watts.

26   anonymous   2007 May 15, 10:30pm  

Nice work, HARM!

27   ozajh   2007 May 15, 11:05pm  

OT to some extent (really a reply to the previous thread).

I looked through the Burns report, and noticed that some of the places where they gave the current market a high rating weren't necessarily good qualitative numbers. The Burns methodology simply takes the raw value and compares it to the historical series for the same statistic to get the rating.

So, for example, (nominal) Existing Home and New Home Median Prices both get an 'A', because compared to the historical series they both have current values in the top half dozen samples.

Homeowner's equity gets an A+, because it's just about at the highest NOMINAL value ever, despite in PERCENTAGE terms being very low.

28   ozajh   2007 May 15, 11:19pm  

And a common meme I see starting to get pushed (see the Burns report and the latest SoCal Dataquick report for examples).

"Uhh, congresscritters good buddies; those ambiguous numbers the REIC used for years to make the housing market look better than it was in front of buyers.

Ummm, well, you guys are surely too smart to be fooled by them. Aren't you? Especially now that we really need some help?"

29   DinOR   2007 May 15, 11:59pm  

Muggy,

Thanks for posting the A&E scam alert! Then again, isn't that half the fascination with these shows? Seeing how a make-up artist or hair stylist w/ZIP experience is going to pull this off?

Wasn't anyone in the least bit worried that digging 18" holes all over the lawn (then removing the temporary potted plants) and filling the hole with grass clippings and bark "might" be a liabilty!?

Bob Villa has been accused of this dating back to the 1970's where electrical outlets and even non-functional ceiling fans were "staged" without so much as electrical wiring to them! The more things change...

30   Michael Holliday   2007 May 16, 12:11am  

Michael Holliday Grabs a chocolate chip cookie from the bag sitting on his breakfast table, munches into it. Crumbs tuble haphazardly onto the table and floor, like a bad metaphor for a housing industry in utter disarray...

He reaches for a cold glass of Hi-C fruit punch, knocks over the salt shaker in the process, and takes a hearty sip as he clicks on MSNBC...

As an empty-skirt, money chick focuses into view, he hears her prattle as so much background noise as he ponders just how fast Arizona is heating up, as summer approaches like a freight train of heavily-weighted Fahrenheit. Today it will be 102.

Said TV chick mentions that David Lereah is leaving...

Michael brushes the crumbs and Hi-C fruit punch mustache from his grizzled mug, then blurts out to no one in particular, "Good riddance to bad rubbish!"

He thinks to himself, "Oh, Leareah's finally gone. Let him join the rogue's gallery on the trash heap of housing history! Begone Satan!"

He belches heartily, tosses a rolled up newspaper at the fly on the TV screen, scratches his buttocks then falls off into a fitful sleep...

In his nocturnal reverie, he encounters Jerry Falwell sporting fairy wings and playing a harp. In a cold sweat, he juts up bolt-right. Was it only a dream?

31   Steveoh   2007 May 16, 1:09am  

Okay... I admit that HARM's graphic work is great.

But, I have developed a sensitive spot about the "Mission Accomplished" sign, so often used as a punchline.

I spent 10 months on USS Abraham Lincoln, for that deployment to the middle east, alongside nearly 6000 shipmates. We focused our efforts toward the assigned mission, every day. So when we were finally able to turn over the duties and return home, we did so in the pride that we had accomplished OUR mission. That sign was made BY the ship, FOR the ship, as a testament to the ship's crew and all that we had gone through.

I am as disgusted now as I was then, that Bush took advantage of our return as a backdrop for one of his podium ramblings. (Little fact about that speech: we were close enought to San Diego to see Point Loma on the horizon.)

It has been quite a while since "Abe" returned, and a lot has happened. But still, that sign shows up every once in awhile. Always the butt of a joke.

32   speedingpullet   2007 May 16, 1:26am  

Steveoh - the reason that I - and a lot of other people - get so much enjoyment from the "Mission Accomplished" banner is precisely the reason you mentioned.

Most thinking people realise that it was placed there to celebrate the considerable effort the Armed Forces made in completing their part of the deal - only to be hi-jacked by the Prez for his own glorification.

Every time I see it now, all I see is Dubbya 'pissing on your chips' (US translation - 'urinating in your french fries' as in 'raining on your parade').

It doesn't demean or diminish the efforts of everyone fighting so hard to bring this war to a successful concluson.

Michael Holliday - if the Rev Falwell isn't now wearing horns, a tail and to be seen travelling downward at speed, then there's something very wrong with the cosmos.

Maybe you were upsidedown in your dream??

33   DinOR   2007 May 16, 1:34am  

Steveoh,

That is absolutely hysterical! I had NO IDEA! The way that was portrayed in the media was as if the "bird farm" was in the Persian Gulf! I was onboard the Tarawa, Peleliu and spent 39 mos. at Cubi Pt. in the Philippines.

The great thing about those commands was that nearly no pol would be caught dead there for a photo op. (Other than Sen. Alan Cranston in the early 80's) when they were filming Herman Wouk's "Winds of War" and I think they told him it was a more prestigious ship? He must have been in his 90's?

34   Steveoh   2007 May 16, 2:00am  

DinOR,

Oh yeah! The whole thing was so staged. The fly on... the long walk to the podium... the hand selected sailors in flight deck jersies on the grand stand off in the distance, during the speech. The Secret Service were total jerks too. I remember getting shoved into a fanroom and told not open the door, as "Traveler" and the entourage were making their way up the passageway. I thought to myself, "now I'm a threat?"

The funny part for us was when the Pres went out into the crowd of Airdales, after he landed. The Secret Service goons were freaking out because they lost control for a few minutes.

...and you know how the spaces get field-day'ed when a VIP is coming? We were replacing floor tiles and firestations for this circus!

But I completely understand the reference made in the graphic above.
I was just sayin...

35   DinOR   2007 May 16, 2:35am  

http://en.wikipedia.org/wiki/Alan_Cranston

Different era, different guy. We had a cake and punch set out on the flight deck and it was obvious the poor guy had a medical staff attending to him every moment.

36   skibum   2007 May 16, 2:51am  

HARM,
For all those folks who are diggin' the graphic, could you provide a link to the thread we had a while back where we had a RE Bubble graphics/Photoshop-a-thon?

37   astrid   2007 May 16, 3:19am  

SP,

Bush won the election in 2004. You have no further say. (snark)

38   Malcolm   2007 May 16, 3:31am  

Steveoh Says:
May 16th, 2007 at 9:00 am
"DinOR,
Oh yeah! The whole thing was so staged. The fly on… the long walk to the podium… the hand selected sailors in flight deck jersies on the grand stand off in the distance, during the speech. The Secret Service were total jerks too. I remember getting shoved into a fanroom and told not open the door, as “Traveler” and the entourage were making their way up the passageway. I thought to myself, “now I’m a threat?”

This is the most disgusting thing I've read this month.

39   DinOR   2007 May 16, 3:34am  

The "Mission Accomplished Banner" aside what makes this particular piece of work utterly amazing is the 1.2 mil. "For Sale" sign next to the shack in the lower left hand corner!

Just a little "Bubble Trivia" but does anyone recall what inspired that little gem?

A. Fantasyland Mortgage

B. DL's mom's house

C. "Naked City" Las Vegas 'home' in the path of progress

D. Senor' Cardage Mortgage

40   Malcolm   2007 May 16, 3:40am  

I like the way Harm did the graphic. It is really a work of art because the viewer has so many interpretations. I think the metaphor of DL calling the bottom 5 times or so reminded me of the good job everyone mission accomplished speech. Then both events seem to follow a similar path. I like the stacked audience, the cheerleaders, and the general theme of conspiracy and corruption. It is a powerful graphic, and I hope that it is not offensive to the great people of our military. Like really good art it should evoke emotion, and be thought provoking.

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