San Diego Housing Bubble News and Analysis

Congratulations Mr. Fancy-pants media high roller!

From the article:

"AngryRenter.com does seem to be tapping a vein of genuine public ire. Rich Toscano, a renter who is a financial adviser with Pacific Capital Associates in San Diego, initially thought the site was an authentic, popular enterprise. "It looks like a young person did it," he says.

He was instinctively sympathetic, having started his own blog: Professor Piggington's Econo-Almanac for the Landed Poor, a celebration of foreclosures and other misfortunes suffered by real-estate brokers who he says helped inflate the local bubble. Though Mr. Toscano realized later that FreedomWorks was behind AngryRenter.com, he says the message is more important than the identity of the messenger. Everyone should be angry about any bailout, he says."
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I'm not a WSJ reader so maybe this isn't unusual reporting, but his characterization of this blog seems...a bit off. It doesn't look like Mr. Phillips spent much time researching before publishing.

Maybe it is worth responding to Mr. Phillips and suggesting a better way to characterize the service Rich has provided through his hard data and reasoned argument, warning of the bubble early on and saving untold numbers of people untold amounts of money.

You can email him at michael [dot] phillips [at] wsj [dot] com.

Yeah, that doesn't seem like what this blog is about. Maybe BMIT, but not here. Unless Rich told him that.

I wrote him this:

Hello,

I think the characterization of Rich Toscano’s Piggington website is a bit off. It is not a celebration of foreclosures and misfortunes; rather, it is one of the few places people can get accurate, unbiased information about the housing market. Most media outlets (not yours of course) put their spin on “news”, which often happens to favor their sponsors. Rich, like myself and many others, found himself unable to buy a home in San Diego due to the obvious speculative bubble in real estate which, until recently, was all but denied by the mainstream media.

If you wish to make a comment on the blog, there is an ongoing thread discussing your article. I would love to see you visit, it would be great to know a reporter actually researches the topics on which he reports. Here’s the link:

http://piggington.com/rich_in_the_wsj_th...

Wow, he already replied! Cool!

Understood. I put that in because I got to know Rich in researching the rise and fall of the Cromers, whose story Rich weighed in on. Thanks, Mike

My reply to his reply was:

Thanks for the reply. That was quick! I am not familiar with the rise and fall of the Cromers, but I know Rich personally as well and would never describe him (or his blog) as celebratory over someone’s misfortune.

BMIT was contacted for the article due to its coverage of the Cromers, due to a need to stay anonymous, BMIT chose not to participate.

is BMIT a celebration of someone's misfortune? I sure hope not. rather, I hope it serves to demonstrate the overwhelming amount of greed that led to the bubble and then the current collapse.

Yes, while flattered to be included in the article I was quite shocked by that characterization of piggington. The articles I write primarily concern the economics of the housing bubble and its aftermath -- they have nothing at all to do with either blaming realtors or celebrating peoples' misfortunes.

Thanks very much for the supportive comments, nostradamus and others, they are greatly appreciated. Thanks also for being polite to the article's author, as he seemed very nice and I'm sure this is just a misunderstanding.

Have a good weekend yall...

Rich

Yes, OC - That is more accurate. There is no misfortunate. I enjoy hearing the downfall of the greedy. You point those out more specifically than here. I love the special features.

Sorry, guys, but I, for one, won't take the high road here.

Sure, I like to see unbiased, objective reporting of the current housing debacle. And Piggington does a first rate job of that. But, frankly, I'm also here to celebrate - put that in capital letters "CELEBRATE" - the comeuppance of ignoramuses who couldn't control their greed. Many of these folks were CELEBRATING their own genius and purportedly "superior investment skills" not so long ago. Well, I love me some schadenfreude.

Now, as for those good folks who just slipped up and got caught up in this mess, I do not celebrate their demise. It's unfortunate and I pity them and wish them well. But, we mustn't forget that in most investments there are no victims, just willing participants.

But the majority of the folks currently in distress do not fall into the latter group, they fall into the former group. And they deserve to be mocked and ridiculed. Perhaps they'll learn something that can be applied the next time around.

If that makes me a "bad person," then so be it. I can live quite happily with that.

If you're a bad person, then so am I. The way I see it, all those greedy people buying multiple properties made it more difficult for the average person to buy just one to make their home. I am right there w/you celebrating their downfall. And just not too long ago they were celebrating how savvy they were, drinking their spiked juice on the subprime crazy train.

That is GREAT they quoted our unsung hero! About time. They should write an entire article just on Rich and his website.

I join those in congratulating Rich. He seems to be a class act and I do enjoy this site.

Everybody had a hand in the greed, dave. I'm not celebrating, I'm just happy the house of cards has fallen so I can get a property at a reasonable price.

"Everybody had a hand in the greed?" Really? You sure about that? Well, I'm pretty sure that I'm one unit of "everybody," and I sure as hell didn't have a hand in the greed. And I'm sure as hell gonna end up helping to pay for these numbnuts' mistakes. So if all I get is a little celebrating, I'm gonna go ahead and take it. Everybody didn't have a hand in the greed, Marion. There are a lot of folks out there that had NO hand in the greed.

Interesting thread. Not sure Rich's vision for this site is to gloat about the sufferings of others, but maybe I am wrong? P.S. You would love the tonights Niteline on the super rich. Actually, don't watch it, you will probably blow a gasket.
MPO

Congratulations, Rich!!

BTW, your site is not about gloating over other people's misfortunes, even if a few of us don't mind watching flippers flop. :)

Congratulations Rich.

Nice to see that all of the time and energy you have so generously put out there is returning to you.

Submitted by davelj on May 16, 2008 - 6:03pm.

"Everybody had a hand in the greed?" Really? You sure about that? Well, I'm pretty sure that I'm one unit of "everybody," and I sure as hell didn't have a hand in the greed. And I'm sure as hell gonna end up helping to pay for these numbnuts' mistakes. So if all I get is a little celebrating, I'm gonna go ahead and take it. Everybody didn't have a hand in the greed, Marion. There are a lot of folks out there that had NO hand in the greed.

Hi there, Mr. cold-as-ice. ;)

I meant the lenders, brokers, real estate agents who were involved.