Like Frankenstein’s monster…

[lendingbubblecontinues]

we need to keep economists like Alan Gin, David Lereah, Leslie Appleton-Young, and even Fed President Moskow on the run.

As the “villagers” we must ensure that these “monsters” are never allowed to enjoy esteemed status among us. Notice how they are attempting to change their tune from “soft landing” to “we told you this would happen”. More than ever, we must be vigilant in calling these people out for what they are…liars!!

Now, grab your pitchforks and let’s go…

[bub]

I’m with you lendingbubbleco. I’ll supply the torches and in case we catch one a bucket of tar.

Anyone have a few bags of feathers they can supply?

[powayseller]

Don’t forget to add Thornberg to your list. He went from “prices will NOT go down” in May 06, to “prices can fall 10%” just recently.

[SDbear]

Did you guys listen to David Lereah today after the housing resale nos. appeared? He was saying that sellers should reducing prices if they want to sell. These people do what they are meant to do i.e. increase transactions. Now their talk wud be encouraging price reductions. So why complain? Don’t kill them just when their talk is going to help us RE bears. Wait until they disseminate pessimism (on prices).

[Diego Mamani]

These guys may call themselves economists, but they are first and foremost spokepersons for their institutions. If you want to know what Economics, as a discipline, has to say about current conditions, you need to listen to academic economists like Shiller or Leamer, whose research is not funded by the RE or lending industries.

Also, bear in mind that the tools of economic theory were never meant to predict the future, but rather to understand why markets and economic agents (consumers, businesses, gov’t) act the way they do.

We should document, as much as possible, what Lereah and company have been saying since 2003, and contrast that with their CYA statements today. It looks like these people tarred themselves by changing their tunes so abruptly; we just need to come up with the goose feathers.

[Author]

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