The New Housing Bubble – Policy Created? Nothing we do not already know!

[Eugene]

I looked through the original report, and I don’t see any places where Barofsky accuses the administration of recklessly doing anything. What he really says is that “Federal Government’s concerted efforts to support home prices … risk re-inflating that bubble”. But that does not make for such a good sound byte.

[temeculaguy]

After what Eugene wrote I decided to read the actual report too.

I read the executive summary, I’m not reading the 200 page report, but I read enough to see that the author of the originally linked article made a few word changes to meet their goal. If you read the blog below the article, it’s all political, very little about economics, just the generic “I hate Obama” stuff.

The guy says that we as taxpayers have a greater risk than ever before, so we should put in some rules and safeguards now otherwise we will run the risk of causing another bubble. The next time it wont be our money helping, it will be entirely our money. It makes sense. What doesn’t make sense is how his words are translated into what people are commenting on. This is starting to feel like a “Reverse Lereah.”

I’m coining a new phrase, a “Reverse Lereah” is when no matter what people say or do, regardless of the data, everything indicates further housing price declines and overall economic decline. David Lereah was the National Association of Realtors chief economist during the bubble and he was like Bagdad Bob, give him any quote or piece of data and he would tell you how that proves real estate will go up. If you read deeper you could see where he twisted or overlooked something intentionally, now I’m seeing the same behavior by doom and gloomers.

[temeculaguy]

After what Eugene wrote I decided to read the actual report too.

I read the executive summary, I’m not reading the 200 page report, but I read enough to see that the author of the originally linked article made a few word changes to meet their goal. If you read the blog below the article, it’s all political, very little about economics, just the generic “I hate Obama” stuff.

The guy says that we as taxpayers have a greater risk than ever before, so we should put in some rules and safeguards now otherwise we will run the risk of causing another bubble. The next time it wont be our money helping, it will be entirely our money. It makes sense. What doesn’t make sense is how his words are translated into what people are commenting on. This is starting to feel like a “Reverse Lereah.”

I’m coining a new phrase, a “Reverse Lereah” is when no matter what people say or do, regardless of the data, everything indicates further housing price declines and overall economic decline. David Lereah was the National Association of Realtors chief economist during the bubble and he was like Bagdad Bob, give him any quote or piece of data and he would tell you how that proves real estate will go up. If you read deeper you could see where he twisted or overlooked something intentionally, now I’m seeing the same behavior by doom and gloomers.

[temeculaguy]

After what Eugene wrote I decided to read the actual report too.

I read the executive summary, I’m not reading the 200 page report, but I read enough to see that the author of the originally linked article made a few word changes to meet their goal. If you read the blog below the article, it’s all political, very little about economics, just the generic “I hate Obama” stuff.

The guy says that we as taxpayers have a greater risk than ever before, so we should put in some rules and safeguards now otherwise we will run the risk of causing another bubble. The next time it wont be our money helping, it will be entirely our money. It makes sense. What doesn’t make sense is how his words are translated into what people are commenting on. This is starting to feel like a “Reverse Lereah.”

I’m coining a new phrase, a “Reverse Lereah” is when no matter what people say or do, regardless of the data, everything indicates further housing price declines and overall economic decline. David Lereah was the National Association of Realtors chief economist during the bubble and he was like Bagdad Bob, give him any quote or piece of data and he would tell you how that proves real estate will go up. If you read deeper you could see where he twisted or overlooked something intentionally, now I’m seeing the same behavior by doom and gloomers.

[temeculaguy]

After what Eugene wrote I decided to read the actual report too.

I read the executive summary, I’m not reading the 200 page report, but I read enough to see that the author of the originally linked article made a few word changes to meet their goal. If you read the blog below the article, it’s all political, very little about economics, just the generic “I hate Obama” stuff.

The guy says that we as taxpayers have a greater risk than ever before, so we should put in some rules and safeguards now otherwise we will run the risk of causing another bubble. The next time it wont be our money helping, it will be entirely our money. It makes sense. What doesn’t make sense is how his words are translated into what people are commenting on. This is starting to feel like a “Reverse Lereah.”

I’m coining a new phrase, a “Reverse Lereah” is when no matter what people say or do, regardless of the data, everything indicates further housing price declines and overall economic decline. David Lereah was the National Association of Realtors chief economist during the bubble and he was like Bagdad Bob, give him any quote or piece of data and he would tell you how that proves real estate will go up. If you read deeper you could see where he twisted or overlooked something intentionally, now I’m seeing the same behavior by doom and gloomers.

[temeculaguy]

After what Eugene wrote I decided to read the actual report too.

I read the executive summary, I’m not reading the 200 page report, but I read enough to see that the author of the originally linked article made a few word changes to meet their goal. If you read the blog below the article, it’s all political, very little about economics, just the generic “I hate Obama” stuff.

The guy says that we as taxpayers have a greater risk than ever before, so we should put in some rules and safeguards now otherwise we will run the risk of causing another bubble. The next time it wont be our money helping, it will be entirely our money. It makes sense. What doesn’t make sense is how his words are translated into what people are commenting on. This is starting to feel like a “Reverse Lereah.”

I’m coining a new phrase, a “Reverse Lereah” is when no matter what people say or do, regardless of the data, everything indicates further housing price declines and overall economic decline. David Lereah was the National Association of Realtors chief economist during the bubble and he was like Bagdad Bob, give him any quote or piece of data and he would tell you how that proves real estate will go up. If you read deeper you could see where he twisted or overlooked something intentionally, now I’m seeing the same behavior by doom and gloomers.

[Arraya]

That gives me an idea. I think a new disorder needs to be created.

How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.

The economy/bailout is Obama’s Iraq. An immoral and ill-conceived plan that will be supported to the bitter end by partisan dupes in the face of overwhelming evidence that it is not in their best interest.

It’s a very simple two step plan

1: Keep home prices high by any means necessary for as long as necessary
2: Transfer trillions in “bets” made by a small handful of private individuals to the public

Perception is reality. Until the whole thing collapses.

By then, all that private debt will have been transferred to the average Joe taxpayer and the bad guys will have gotten while the getting was good. This is an old script, updated for 21st Century man with his iPods, blackberries and Prozac.

United States of Enron

[Arraya]

That gives me an idea. I think a new disorder needs to be created.

How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.

The economy/bailout is Obama’s Iraq. An immoral and ill-conceived plan that will be supported to the bitter end by partisan dupes in the face of overwhelming evidence that it is not in their best interest.

It’s a very simple two step plan

1: Keep home prices high by any means necessary for as long as necessary
2: Transfer trillions in “bets” made by a small handful of private individuals to the public

Perception is reality. Until the whole thing collapses.

By then, all that private debt will have been transferred to the average Joe taxpayer and the bad guys will have gotten while the getting was good. This is an old script, updated for 21st Century man with his iPods, blackberries and Prozac.

United States of Enron

[Arraya]

That gives me an idea. I think a new disorder needs to be created.

How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.

The economy/bailout is Obama’s Iraq. An immoral and ill-conceived plan that will be supported to the bitter end by partisan dupes in the face of overwhelming evidence that it is not in their best interest.

It’s a very simple two step plan

1: Keep home prices high by any means necessary for as long as necessary
2: Transfer trillions in “bets” made by a small handful of private individuals to the public

Perception is reality. Until the whole thing collapses.

By then, all that private debt will have been transferred to the average Joe taxpayer and the bad guys will have gotten while the getting was good. This is an old script, updated for 21st Century man with his iPods, blackberries and Prozac.

United States of Enron

[Arraya]

That gives me an idea. I think a new disorder needs to be created.

How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.

The economy/bailout is Obama’s Iraq. An immoral and ill-conceived plan that will be supported to the bitter end by partisan dupes in the face of overwhelming evidence that it is not in their best interest.

It’s a very simple two step plan

1: Keep home prices high by any means necessary for as long as necessary
2: Transfer trillions in “bets” made by a small handful of private individuals to the public

Perception is reality. Until the whole thing collapses.

By then, all that private debt will have been transferred to the average Joe taxpayer and the bad guys will have gotten while the getting was good. This is an old script, updated for 21st Century man with his iPods, blackberries and Prozac.

United States of Enron

[Arraya]

That gives me an idea. I think a new disorder needs to be created.

How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.

The economy/bailout is Obama’s Iraq. An immoral and ill-conceived plan that will be supported to the bitter end by partisan dupes in the face of overwhelming evidence that it is not in their best interest.

It’s a very simple two step plan

1: Keep home prices high by any means necessary for as long as necessary
2: Transfer trillions in “bets” made by a small handful of private individuals to the public

Perception is reality. Until the whole thing collapses.

By then, all that private debt will have been transferred to the average Joe taxpayer and the bad guys will have gotten while the getting was good. This is an old script, updated for 21st Century man with his iPods, blackberries and Prozac.

United States of Enron

[briansd1]

[quote=Arraya]
How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.
[/quote]

I’m not optimistic but rather a realist.

There won’t be a sudden collapse. It will happen over time. Even a household living on credit can last for years before the reckoning. A country with a central bank and the ability to create money can prolong it for decades.

I think of America as a rich noble family slowly selling assets and land to keep up. If you still have power and a military to defend your interests, you can last a while.

[briansd1]

[quote=Arraya]
How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.
[/quote]

I’m not optimistic but rather a realist.

There won’t be a sudden collapse. It will happen over time. Even a household living on credit can last for years before the reckoning. A country with a central bank and the ability to create money can prolong it for decades.

I think of America as a rich noble family slowly selling assets and land to keep up. If you still have power and a military to defend your interests, you can last a while.

[briansd1]

[quote=Arraya]
How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.
[/quote]

I’m not optimistic but rather a realist.

There won’t be a sudden collapse. It will happen over time. Even a household living on credit can last for years before the reckoning. A country with a central bank and the ability to create money can prolong it for decades.

I think of America as a rich noble family slowly selling assets and land to keep up. If you still have power and a military to defend your interests, you can last a while.

[briansd1]

[quote=Arraya]
How about: “Lereah Disorder” – The neurotic tendency toward extreme optimism in the face of likely economic, political and social collapse.
[/quote]

I’m not optimistic but rather a realist.

There won’t be a sudden collapse. It will happen over time. Even a household living on credit can last for years before the reckoning. A country with a central bank and the ability to create money can prolong it for decades.

I think of America as a rich noble family slowly selling assets and land to keep up. If you still have power and a military to defend your interests, you can last a while.

[Author]

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