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Tuesday, October 16, 2007

Been under the weather...

I just had to open a new post after seeing ABCs Nightline tonight.
They started the show by saying the real estate "bubble" was about to burst and the bottom of the market wasn't going to happen until sometime in 2009!

Needless to say I was captivated! I was anxious to hear what new information they were going to drop on me so I could begin to plan my funeral!

What a left turn! (and I DO mean L-E-F-T!)

They interviewed a guy that has been saying all along, that the real estate boom was only a bubble and that if you looked closely at the numbers, the stock market actually outperformed real estate as a long term investment! Oh My Gawd! Where-o-where did they get this supposed guru?

He's a blogger! That's where! Everybody knows we bloggers are the smartest people in the world, right?

What a doofus! Here's a guy that blogs like the rest of us and is interviewed by a national news organization because he is seen as a real estate guru! What a stupid move by ABC! Do they really think we're(the public) all so dimwitted? I guess some people will be talking around the water cooler tomorrow - Did ya see that Nightline piece on real estate? Man, am I glad I sold that rental property last year! It's for sure going to go way down in value according that expert they interviewed!

Give me a break!

Even after confronting this dude with examples of some people realizing phenominal growth in their real estate holdings, he flatly refuted the profits as being a matter of luck. He said he has been renting for several years and he has done better in the stock market. He went on to say that he would not be buying a home anytime soon - he's going to wait until the market bottom's out!

Yeah... uh, good luck with that strategy dude.

At the end of the piece they revealed his motive. It seems that several years ago he tried unsuccessfully to purchase a Berkeley Hills home and feels that the real estate industry is rigged and has treated him unfairly! Here's a guy that didn't have the cash to outbid the winner for a lovely home in Berkeley, so he goes on a crusade to trash the realestate market by compiling his own catalog of facts supporting his claim that the real estate business is a failed enterprise! Talk about the tail wagging the dog!

This guy is a total nut! And ABC gave him 10 minutes of late "prime time"!

I don't know which is more irresponsible - the dude or ABC!

The real estate market is driven by factors that include supply, demand, economic growth, job growth, and regional and local elements.

Not to mention - location, location, location!
For example: Nobody wants to live in Detroit. Everybody that can afford it, leaves - they all want to live in warmer climates! That home next to the RR tracks is worth half the value of the same home on the lake.
Real estate is a heck-of-a-lot more complicated than just one guy's opinion!

Shame on ABC for purporting this lie on the American Public! Shame on Nightline for wasting valuable TV time with this lefty whacko real estate "guru" from Berkeley!

It's just another example of the media bias in America today. They want to say something bad about our thriving economy and real estate is on everyone's mind - so why not? Anything to make George look bad. We all know that George created all this. He created the "bubble" down there in Houston. And we all know that the "phoney" war in Iraq has distracted him so much that he has not been able to sustain the "manufactured market" so it is crumbling around his feet. Another George Bush Failure!
Will It Ever Stop!?!
I really don't think any of the mainstream media will be satisfied until George is back home in Texas and a liberal democrat is in the White House.
What has this great land become?