Alex, go take your meds man…you are out of control.

Channeling you innermost George Chamberlain? Just because that moron (supposedly) thinks its all spin doesn’t mean you have to follow him off the cliff, does it?

The media’s coverage can only be called sensational if its an exagerration. So far, it looks to me like the media has mostly been downplaying how serious this mess is and how many people are going to wind up feeling the pain.

If you think it’s bad now you ain’t seen nothing yet.

The only thing that’s sensational about the media’s coverage is how long it took these reporters to recognize what we’ve been saying for years.

This correction has been an excruciatingly long time in coming. It was inevitable. The only questions the Piggs ever had was timing and reach.

The media’s role in the correction was forecasted well in advance too. We noted on the way up that the market included some irrationality, which leads to excess. Those excesses are not limited to optimism during good times; they also include pessimism during bad times.

The media is part of the process, whether the market is on its way up or on its way down.

Channeling you innermost George Chamberlain? Just because that moron (supposedly) thinks its all spin doesn’t mean you have to follow him off the cliff, does it?

The media’s coverage can only be called sensational if its an exagerration. So far, it looks to me like the media has mostly been downplaying how serious this mess is and how many people are going to wind up feeling the pain.

If you think it’s bad now you ain’t seen nothing yet.

The only thing that’s sensational about the media’s coverage is how long it took these reporters to recognize what we’ve been saying for years.

This correction has been an excruciatingly long time in coming. It was inevitable. The only questions the Piggs ever had was timing and reach.

The media’s role in the correction was forecasted well in advance too. We noted on the way up that the market included some irrationality, which leads to excess. Those excesses are not limited to optimism during good times; they also include pessimism during bad times.

The media is part of the process, whether the market is on its way up or on its way down.

Alex,

This is so easy to explain. Media makes money sellling to eyeballs. No one is going to read with a lame headline or topic. Media is great over-emphasizing history (what as happened in the past), and are a lame excuse for predicting the future. This is why media is the last place where you should get your financial advice. They are reporting what has already happened (the obvious). 

Alex, just to inform you.. the so called “crisis” you are referring to was happening from about 2001-2006. This is when lenders would loan more money than would be logical to buyers who probably shouldn’t be getting home loans in the first place. HELOCS were given up to 100% LTV. Instead of proving you made a big salary you could just “state” any amount you wanted. The era of the negative savings rate was born and embraced in America. It became trendy to live well above your means. This made things look good(on wall street), and it made people feel rich, but like many here have fore casted, this couldn’t last forever. This is likely the crisis, the completely irrational, irresponsible, ill-regulated, and out of control credit ORGY that has gotten us into this mess.

.. what you are seeing now is merely the correction, or the cleanup, or the … detox stage… for many, this will be uncomfortable to say the least. I say it is only a crisis to those who have partied too hard.