This is so stupid. Even if every house now on the market were sold, and all those waiting to be sold were sold, this would not change the oversupply one iota. As long at that oversupply exists we will be in an endless spiral of never ending price declines. The only way to eliminate the oversupply is to bulldoze about 3 or 4 million housing units.
Nobody, but NO BODY seems to get that basic fact.
Oh sure, you could eliminate the problem by an increase in end user demand.
Yeah, right, like that’s going to happen any time soon. Maybe when we start emerging from the depression in the year 2025.
This makes me sick. It could have and should have been prevented, but Greenspan sat there with his thumbs up his butt hole letting fraud, corruption, and thievery be the guiding principles of financial market regulation.
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You’re goddam right I’m mad as hell.
I’m mad as hell, AND I’M NOT GONNA TAKE THIS ANY MO!
I think I’ll move to Pago Pago.
There is such a place, isn’t there?
OK, so some in the mainstream are starting to realize that Greenspan was at best a buffoon, and at worst an evil, self-serving charlatan and fraud. He was in charge of the development of the insane bubble that led us to where we are now, and to the hell toward which we are heading.
But why isn’t anyone talking about the fact the Henry Paulson was up to his eyeballs in the middle of creating the crap that is blowing up all around us, while receiving and passing out hundreds of millions of ill gotten gains to his buddies while at Goldman Sacks and Pillages.
Talk about putting the fox in charge of the hen house. What the hell was wrong with us that we allowed this to happen, that so many otherwise normal everyday people took part in this greatest of all frauds in the history of planet earth?
What is wrong with our society that we could have come to this, where we would willingly put crooks and thieves in charge, let them make the rules, and then play along like it was all just fine.
And the media? The media stood on the sidelines cheering it all on. Where were the journalists? JOURNALISTS? HA. The financial media has become nothing more than a giant informercial, a bunch of ignorant, know nothing shills. How many times has Bob Pissonme called the bottom in the housing market, only to reverse himself today. The guy is the son of a real estate developer fergadsakes. Pissonme himself taught rahrah real estate courses.
WHERE ARE THE GADDAM PROFESSIONAL JOURNALISTS in all this. C’MON DAVE (Calloway- executive ed of Markitupwatch.com) GET SOME BALLS AND HIRE SOME HONEST TOUGH INVESTIGATIVE REPORTERS ALREADY. Or won’t your handlers allow that?
We deserve what’s coming. We absolutely deserve it. And it makes me sick, because it was all totally foreseeable and foreseen by legions of honest analysts who were laughed at at every turn.
The problem is, we don’t get the last laugh, because there is no last laugh, only ruin and misery.