San Diego Daily Transcript executive editor George Chamberlin has once before been featured on these pages for making misleading statements in his "Money in the Morning" column. It is, unfortunately, time for a followup.
Last Friday’s edition of Chamberlin’s Money in the Morning (subscription required) included the following paragraph:
Speaking of real estate, I finally found a Wall Street analyst who thinks it’s a good time to buy a house. "We believe many recent ‘bad reports’ on housing, rather than suggesting a worsening collapse, merely reflect what has already happened. Although reports will remain volatile, evidence is mounting the worst in housing is already behind us and a bottom is nearing," wrote James Paulsen, chief investment strategist at Wells Capital Management. That’s one guy you’ll never see on CNBC or hear about from the UT.
I don’t even know where to begin with this one. There are certainly real estate bears to be found in the investment business, but on the whole, Wall Street analysts have for years tended strongly to err on the side of over-optimism when it came to the housing market. This should not come as a big surprise, considering how many of these same analysts are employed by firms that have earned jaw-dropping profits from the mortgage securitization boom.
If Chamberlin is having trouble finding Wall Street analysts who are sanguine about housing, he’s just not looking.
But it’s the last sentence of that paragraph that really blows me away. The suggestion that the Union-Tribune refuses to quote bullish housing pundits is absolutely ludicrous…
read more at voiceofsandiego.org
June 11, 2007 @ 5:10 PM
I’d like a pound please…..
I’d like a pound please…..
June 11, 2007 @ 7:16 PM
Rich, if you listened to
Rich, if you listened to KOGO in the mornings you’d hear Chamberlain spout of this type of non-sense quite regularly. This is pretty much par for the course.
June 11, 2007 @ 9:21 PM
The really funny lines from
The really funny lines from C- in the morning on KOGO are when he has to explain downturns in the market; he really seems to lose his footing, then. I feel for the guy, sometimes. It’s going to be a long, painful period, this forthcoming downturn, for him.
June 12, 2007 @ 6:43 AM
He spoke to the same thing
He spoke to the same thing at the (marketing) seminar held in Del Sur earlier this year. And he seemed truly bothered by the U-T. I almost felt like there was more history behind it and made me wonder if George had been snubbed by the paper at some point.
I don’t get why George can’t bear to be the slightest bit bearish about the housing market. I know I’ve heard him bash other things–I know he hates annuities, for example, so he’s not just a silver lining guy. Clearly it helped him get a speaking engagement like the one I just mentioned, but is he otherwise in the pocket of or significantly connected to the REIC?
JWM in SD
June 12, 2007 @ 10:56 AM
Supposedly his daughter
Supposedly his daughter bought at the peak using unconventional financing…on Daddy’s advice…ouch.
June 15, 2007 @ 11:13 AM
C’mon, Chamerblin….quit being such a pussy and defend yourself here…you know you’re pissed. Now, fight back! (if you can even find your manhood, that is)