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February 21, 2010 at 8:43 AM #516788February 21, 2010 at 9:02 AM #515884
NotCranky
ParticipantJust some thoughts on the original posters queries.
Regarding late entry into the housing boom, the point about missing out is certain. I think the element of trust involved,held by the individual buyers and encouraged while not sufficiently challenge by the media or the government, has been buried….in part the notion has been shouted down by the “responsible” in favor or ‘greed’ “stupidity” and the like.I am not denying,gullibility, greed and the rest of that.Trust was a big part of it.I am sure some people were sensitive to the fudging in the liar loans. I am also sure they had doubts and heard warnings from many of us not to enter the market.
Many people had some thinking going on along the lines that… “if this is happening there must be a reason”. In the case of some, the fact that this is America…The most organized,powerful and important country in the world, running on complicated but probably sound principles, it can’t be wrong to go along with it… This is prosperity unfolding for me.
Some Immigrants in awe of this country and inpired by it’s wealth and various other less sceptical types were too “faithful” when the national leadership and biggest, smartest banks, and their “friend” the Realtor, threw money at them. They thought it must be somewhat in the ballpark of normal and there were just things that were going to evolve and protect them that the naysayer doesn’t see . While they themselves didn’t see it, it was only because they didn’t understand much about economics and business,afterall, the drums of persuasion had been beating for a long time and it was getting easier to borrow as the prices went up. There was an element of being warn down by this persuasion, that the “responsible” can’t imagine succumbing to… and Trust.
February 21, 2010 at 9:02 AM #516027ParticipantJust some thoughts on the original posters queries.
Regarding late entry into the housing boom, the point about missing out is certain. I think the element of trust involved,held by the individual buyers and encouraged while not sufficiently challenge by the media or the government, has been buried….in part the notion has been shouted down by the “responsible” in favor or ‘greed’ “stupidity” and the like.I am not denying,gullibility, greed and the rest of that.Trust was a big part of it.I am sure some people were sensitive to the fudging in the liar loans. I am also sure they had doubts and heard warnings from many of us not to enter the market.
Many people had some thinking going on along the lines that… “if this is happening there must be a reason”. In the case of some, the fact that this is America…The most organized,powerful and important country in the world, running on complicated but probably sound principles, it can’t be wrong to go along with it… This is prosperity unfolding for me.
Some Immigrants in awe of this country and inpired by it’s wealth and various other less sceptical types were too “faithful” when the national leadership and biggest, smartest banks, and their “friend” the Realtor, threw money at them. They thought it must be somewhat in the ballpark of normal and there were just things that were going to evolve and protect them that the naysayer doesn’t see . While they themselves didn’t see it, it was only because they didn’t understand much about economics and business,afterall, the drums of persuasion had been beating for a long time and it was getting easier to borrow as the prices went up. There was an element of being warn down by this persuasion, that the “responsible” can’t imagine succumbing to… and Trust.
February 21, 2010 at 9:02 AM #516454ParticipantJust some thoughts on the original posters queries.
Regarding late entry into the housing boom, the point about missing out is certain. I think the element of trust involved,held by the individual buyers and encouraged while not sufficiently challenge by the media or the government, has been buried….in part the notion has been shouted down by the “responsible” in favor or ‘greed’ “stupidity” and the like.I am not denying,gullibility, greed and the rest of that.Trust was a big part of it.I am sure some people were sensitive to the fudging in the liar loans. I am also sure they had doubts and heard warnings from many of us not to enter the market.
Many people had some thinking going on along the lines that… “if this is happening there must be a reason”. In the case of some, the fact that this is America…The most organized,powerful and important country in the world, running on complicated but probably sound principles, it can’t be wrong to go along with it… This is prosperity unfolding for me.
Some Immigrants in awe of this country and inpired by it’s wealth and various other less sceptical types were too “faithful” when the national leadership and biggest, smartest banks, and their “friend” the Realtor, threw money at them. They thought it must be somewhat in the ballpark of normal and there were just things that were going to evolve and protect them that the naysayer doesn’t see . While they themselves didn’t see it, it was only because they didn’t understand much about economics and business,afterall, the drums of persuasion had been beating for a long time and it was getting easier to borrow as the prices went up. There was an element of being warn down by this persuasion, that the “responsible” can’t imagine succumbing to… and Trust.
February 21, 2010 at 9:02 AM #516548ParticipantJust some thoughts on the original posters queries.
Regarding late entry into the housing boom, the point about missing out is certain. I think the element of trust involved,held by the individual buyers and encouraged while not sufficiently challenge by the media or the government, has been buried….in part the notion has been shouted down by the “responsible” in favor or ‘greed’ “stupidity” and the like.I am not denying,gullibility, greed and the rest of that.Trust was a big part of it.I am sure some people were sensitive to the fudging in the liar loans. I am also sure they had doubts and heard warnings from many of us not to enter the market.
Many people had some thinking going on along the lines that… “if this is happening there must be a reason”. In the case of some, the fact that this is America…The most organized,powerful and important country in the world, running on complicated but probably sound principles, it can’t be wrong to go along with it… This is prosperity unfolding for me.
Some Immigrants in awe of this country and inpired by it’s wealth and various other less sceptical types were too “faithful” when the national leadership and biggest, smartest banks, and their “friend” the Realtor, threw money at them. They thought it must be somewhat in the ballpark of normal and there were just things that were going to evolve and protect them that the naysayer doesn’t see . While they themselves didn’t see it, it was only because they didn’t understand much about economics and business,afterall, the drums of persuasion had been beating for a long time and it was getting easier to borrow as the prices went up. There was an element of being warn down by this persuasion, that the “responsible” can’t imagine succumbing to… and Trust.
February 21, 2010 at 9:02 AM #516799ParticipantJust some thoughts on the original posters queries.
Regarding late entry into the housing boom, the point about missing out is certain. I think the element of trust involved,held by the individual buyers and encouraged while not sufficiently challenge by the media or the government, has been buried….in part the notion has been shouted down by the “responsible” in favor or ‘greed’ “stupidity” and the like.I am not denying,gullibility, greed and the rest of that.Trust was a big part of it.I am sure some people were sensitive to the fudging in the liar loans. I am also sure they had doubts and heard warnings from many of us not to enter the market.
Many people had some thinking going on along the lines that… “if this is happening there must be a reason”. In the case of some, the fact that this is America…The most organized,powerful and important country in the world, running on complicated but probably sound principles, it can’t be wrong to go along with it… This is prosperity unfolding for me.
Some Immigrants in awe of this country and inpired by it’s wealth and various other less sceptical types were too “faithful” when the national leadership and biggest, smartest banks, and their “friend” the Realtor, threw money at them. They thought it must be somewhat in the ballpark of normal and there were just things that were going to evolve and protect them that the naysayer doesn’t see . While they themselves didn’t see it, it was only because they didn’t understand much about economics and business,afterall, the drums of persuasion had been beating for a long time and it was getting easier to borrow as the prices went up. There was an element of being warn down by this persuasion, that the “responsible” can’t imagine succumbing to… and Trust.
February 21, 2010 at 9:10 AM #515894temeculaguy
ParticipantMatt, do you think gold has entered bubble territory? I haven’t studied it but there are three warning signs that I have seen, none of them are mathematical.
1. It has replaced Real Estate/Mortgage in advertising for both selling and places that will buy your gold.
2. It has replaced R/E as a watercooler discussion topic.
3. The same people that I know who were flippers and annual refi toxic loan people are now having these “tupperware” type home parties where you bring your unwanted gold jewelry and sell it, the housewife hostess gets a kickback for hosting the parties.
The third one is the most important to me, I have a number of friends who I have known for a decades, they are my canary in a coalmine, they fall for every bubble and dive in deeply. Whatever they get into is cause for suspicion as they seem to be bubble magnets. Now that they have turned to gold, my spidey sense is acute. Once every other housewife became a realtor, the end was nigh, now that every other housewife has become a gold broker, I’m thinking the game is over.
What say you?
February 21, 2010 at 9:10 AM #516037ParticipantMatt, do you think gold has entered bubble territory? I haven’t studied it but there are three warning signs that I have seen, none of them are mathematical.
1. It has replaced Real Estate/Mortgage in advertising for both selling and places that will buy your gold.
2. It has replaced R/E as a watercooler discussion topic.
3. The same people that I know who were flippers and annual refi toxic loan people are now having these “tupperware” type home parties where you bring your unwanted gold jewelry and sell it, the housewife hostess gets a kickback for hosting the parties.
The third one is the most important to me, I have a number of friends who I have known for a decades, they are my canary in a coalmine, they fall for every bubble and dive in deeply. Whatever they get into is cause for suspicion as they seem to be bubble magnets. Now that they have turned to gold, my spidey sense is acute. Once every other housewife became a realtor, the end was nigh, now that every other housewife has become a gold broker, I’m thinking the game is over.
What say you?
February 21, 2010 at 9:10 AM #516464ParticipantMatt, do you think gold has entered bubble territory? I haven’t studied it but there are three warning signs that I have seen, none of them are mathematical.
1. It has replaced Real Estate/Mortgage in advertising for both selling and places that will buy your gold.
2. It has replaced R/E as a watercooler discussion topic.
3. The same people that I know who were flippers and annual refi toxic loan people are now having these “tupperware” type home parties where you bring your unwanted gold jewelry and sell it, the housewife hostess gets a kickback for hosting the parties.
The third one is the most important to me, I have a number of friends who I have known for a decades, they are my canary in a coalmine, they fall for every bubble and dive in deeply. Whatever they get into is cause for suspicion as they seem to be bubble magnets. Now that they have turned to gold, my spidey sense is acute. Once every other housewife became a realtor, the end was nigh, now that every other housewife has become a gold broker, I’m thinking the game is over.
What say you?
February 21, 2010 at 9:10 AM #516558ParticipantMatt, do you think gold has entered bubble territory? I haven’t studied it but there are three warning signs that I have seen, none of them are mathematical.
1. It has replaced Real Estate/Mortgage in advertising for both selling and places that will buy your gold.
2. It has replaced R/E as a watercooler discussion topic.
3. The same people that I know who were flippers and annual refi toxic loan people are now having these “tupperware” type home parties where you bring your unwanted gold jewelry and sell it, the housewife hostess gets a kickback for hosting the parties.
The third one is the most important to me, I have a number of friends who I have known for a decades, they are my canary in a coalmine, they fall for every bubble and dive in deeply. Whatever they get into is cause for suspicion as they seem to be bubble magnets. Now that they have turned to gold, my spidey sense is acute. Once every other housewife became a realtor, the end was nigh, now that every other housewife has become a gold broker, I’m thinking the game is over.
What say you?
February 21, 2010 at 9:10 AM #516809ParticipantMatt, do you think gold has entered bubble territory? I haven’t studied it but there are three warning signs that I have seen, none of them are mathematical.
1. It has replaced Real Estate/Mortgage in advertising for both selling and places that will buy your gold.
2. It has replaced R/E as a watercooler discussion topic.
3. The same people that I know who were flippers and annual refi toxic loan people are now having these “tupperware” type home parties where you bring your unwanted gold jewelry and sell it, the housewife hostess gets a kickback for hosting the parties.
The third one is the most important to me, I have a number of friends who I have known for a decades, they are my canary in a coalmine, they fall for every bubble and dive in deeply. Whatever they get into is cause for suspicion as they seem to be bubble magnets. Now that they have turned to gold, my spidey sense is acute. Once every other housewife became a realtor, the end was nigh, now that every other housewife has become a gold broker, I’m thinking the game is over.
What say you?
February 21, 2010 at 9:18 AM #5158994plexowner
Participanttemeculaguy
notice that most of what you are referring to is people SELLING their gold
aren’t most financial bubbles about people BUYING an asset class?
and, if you investigate the outfits buying the gold and what they are up to, you will find that the sellers are receiving about 60% of what their gold is actually worth
if anything, perhaps it is another stupidity bubble – people being duped to sell the only real store of value they own at a ridiculous discount right before the item they are selling increases in price by several hundred percent
but that’s just my opinion …
February 21, 2010 at 9:18 AM #516042Participanttemeculaguy
notice that most of what you are referring to is people SELLING their gold
aren’t most financial bubbles about people BUYING an asset class?
and, if you investigate the outfits buying the gold and what they are up to, you will find that the sellers are receiving about 60% of what their gold is actually worth
if anything, perhaps it is another stupidity bubble – people being duped to sell the only real store of value they own at a ridiculous discount right before the item they are selling increases in price by several hundred percent
but that’s just my opinion …
February 21, 2010 at 9:18 AM #516469Participanttemeculaguy
notice that most of what you are referring to is people SELLING their gold
aren’t most financial bubbles about people BUYING an asset class?
and, if you investigate the outfits buying the gold and what they are up to, you will find that the sellers are receiving about 60% of what their gold is actually worth
if anything, perhaps it is another stupidity bubble – people being duped to sell the only real store of value they own at a ridiculous discount right before the item they are selling increases in price by several hundred percent
but that’s just my opinion …
February 21, 2010 at 9:18 AM #516563Participanttemeculaguy
notice that most of what you are referring to is people SELLING their gold
aren’t most financial bubbles about people BUYING an asset class?
and, if you investigate the outfits buying the gold and what they are up to, you will find that the sellers are receiving about 60% of what their gold is actually worth
if anything, perhaps it is another stupidity bubble – people being duped to sell the only real store of value they own at a ridiculous discount right before the item they are selling increases in price by several hundred percent
but that’s just my opinion …
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