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PaperDinero is my hero today. Today they bring you... 70 minutes of Bubble History.
Click to see the see a review of Lereah, Bernanke and their ilk on the housing bubble.
posted by Athena @ 4:14 PM
Friday, October 06, 2006
PaperDinero is my hero today. Today they bring you... 70 minutes of Bubble History.
Click to see the see a review of Lereah, Bernanke and their ilk on the housing bubble.
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1 Comments:
David Lereah, author of Why the Real Estate Boom Will Not Bust - And How You Can Profit from It: How to Build Wealth in Today's Expanding Real Estate Market, says that we are not in a real estate bubble but rather, we are in a real estate balloon. According to Lereah, bubbles burst, but balloons do not -- they just deflate a little. This deflation accounts for the hissing sound that he says we are hearing.
As always, David Lereah is as full of shit as a Christmas goose. According to Lereah, rising housing inventory is a good thing because it allows more people to obtain huge, gimmicky, time-bomb mortgages to finance overpriced debt boxes. Lereah claims that this rising inventory crates a healthy market because it is accompanied by lower prices. Lower prices allow formerly priced-out buyers to jump into the housing market causing prices to rise again. Only Lereah could see a dead cat bounce as a good thing.
Then there's Lereah's Real Estate -- Now More Than Ever! theory: Why right now is a great time to buy, why right now is a great time to sell and why right now is a bad time to wait things out. Watch the video and you too will be asking yourself, "What the hell is he talking about?"
How can you build wealth in a real estate market in which all of the phony equity gained in the last 5 years (equity which has already been borrowed against and spent) is about to be wiped out? Apparently, only David Lereah can answer that question with a positive spin. Maybe he's right. Balloons don't burst -- they just pop.
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