DJMT on the Big Picture & NAR
Its always interesting to see which media picks up what comments. Yesterday's critique of the NAR spin was grabbed by Dow Jones Market Watch :
MARKET TALK can be found using N/DJMT
11:56 (Dow Jones) Month after month, the National Association of Realtors puts as bright a spin on its home report no matter the numbers, and while it's stopped predicting an outright bottom, it still comes close. This month, after reporting February pending sales were down 21.4% from a year ago, the industry group still predicted "essentially stable" sales, with an increase coming this summer. "You have to be a drug abuser to believe a 21.4% drop in the year-over-year index is a sign of stability," Barry Ritholtz writes at The Big Picture. (PJV)
My apologies for lumping in the Realtor's group with drug abusers. In doing so, I meant no insult to the crackheads of the world...
Wednesday, April 09, 2008 | 09:36 AM | Permalink
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And after reporting the worst job numbers in over 5 years our lovable gov't was also busy making sure that all those unemployed tech workers stay unemployed.
http://blogs.wsj.com/biztech/2008/04/07/government-quietly-changes-rules-on-foreign-tech-workers/?mod=WSJBlog
mind-numbing what this administration is doing on a daily basis to remove the middle class.
Ciao
MS
Posted by: michael schumacher | Apr 9, 2008 9:54:11 AM
MS,
WHAT MIDDLE CLASS?
Posted by: Ross | Apr 9, 2008 9:57:54 AM
Sometimes harsh statements are allowed...
What do you mean by government getting rid of middle class?
Posted by: Remy Piwowarski | Apr 9, 2008 9:59:25 AM
Crackhead Bob says thank you!
Posted by: Metroplexual | Apr 9, 2008 10:06:19 AM
What do you mean by government getting rid of middle class?
_____
Do your blog a favor by looking out the window of your faux ivory tower every now and again.
Sheesh.
Posted by: Marcus Aurelius | Apr 9, 2008 10:09:22 AM
The nar and realtors have called the bottom since the peak.
credibility in the sewer.
Posted by: Renterfornow | Apr 9, 2008 10:13:05 AM
New realtor pitch. Tell you how overpriced houses are and that incomes went up 20% last 5 years while houses appreciated 100%+ but are still pimping insane house listings at 2005 prices.
kick around a realtor today. Call'em on their bluff.
Posted by: Renterfornow | Apr 9, 2008 10:16:32 AM
MA-
No shit.......
Anyone that puts a title longer than the meat of what they actually posted is a little... ah "precious" for me .
Ciao
MS
Posted by: michael schumacher | Apr 9, 2008 10:18:17 AM
"You have to be a drug abuser to believe a 21.4% drop in the year-over-year index is a sign of stability,"
That is an insult to drug abusers everywhere.
Posted by: Peter_BK | Apr 9, 2008 10:19:12 AM
I'm sure the NAR can stop any time they want to.
Posted by: heather | Apr 9, 2008 10:26:14 AM
SANITY: where did we desert you ?
Posted by: paul griffith | Apr 9, 2008 10:28:43 AM
My apologies for lumping in the Realtor's group with drug abusers. In doing so, I meant no insult to the crackheads of the world...
Barry, ROFLMAO! Tell it all brother, tell it all!
Posted by: SPECTRE of Deflation | Apr 9, 2008 10:33:05 AM
See the last line of the above post!
Posted by: Barry Ritholtz | Apr 9, 2008 10:33:27 AM
LOL....Nice.....
I wish I could post a video montage of local realtor behavior. It would be the comedy of the year!
Posted by: portland Refugee | Apr 9, 2008 10:39:16 AM
MS, but it were that simple. I guess it's easier to point fingers at administrations than to look at the institutionalized stealing by all levels of government. We are where we are because of fractional reserve banking and fiat money. This is going exactly as it always has with these systems in place. History proves me right although I take no comfort in this fact.
I think the Bush Administration sucks the big one, but it didn't start our slide, and to think otherwise is nonsense.
Posted by: SPECTRE of Deflation | Apr 9, 2008 10:39:36 AM
People who make money on transactions like realtors(and drug dealers) should always be expected to say that it is the right time to buy(or sell).
Same reason brokers will use all sorts of psychology and "tools" and anything else shiny they can think to get you to trade...THEY MAKE MONEY FROM THE TRANSACTIONS!!!
Posted by: Kp | Apr 9, 2008 10:47:23 AM
>>I think the Bush Administration sucks the big one, but it didn't start our slide,>>
It may have not started the slide however it pushed the gas pedal with a ferocity never seen before. How many examples can I give you?
How much time do you have?
They are part and parcel to the largest and most massive amount of fraud EVER fostered upon the populace. And that is discounting alot of other regimes who fall into the category of political PR machines.
I agree they did not start it (that would be giving credit where certainly none is due) but i have never seen an administration go to such lengths as this one has to keep the basic financial system patched together through illegal loans, bailouts and outright fraud all in the name of patriotism and flag waving.
They don't say it but I the motto I see them subscribing to is:" Shorts hate America"
And the baggage that comes with that attitude will only make all of us pay more for everything.
Ciao
MS
Posted by: michael schumacher | Apr 9, 2008 11:00:30 AM
MS, I have all the time in the world for you. LOL! Seriously, bring it on.
Posted by: SPECTRE of Deflation | Apr 9, 2008 11:02:04 AM
As Chris Rock once observed, "nobody sells drugs. drugs sell themselves. you'll never hear a crack dealer say 'How am I gonna get rid of all this crack?'".
Realtors must have felt like those crack dealers for a few years but their inventory is a lot more difficult to move these days.
Posted by: Al Czervic | Apr 9, 2008 11:04:11 AM
Posted by: michael schumacher | Apr 9, 2008 11:00:30 AM
True,
SPECTRE:
"bring it on" ain't such a good phrase to use, nowadays. Sort of like "let them eat cake".
Posted by: Marcus Aurelius | Apr 9, 2008 11:09:36 AM
Our government is the poster child for "spin". But I'd have to give 2nd place to the NAR.
Posted by: Pat G. | Apr 9, 2008 11:23:46 AM
MA, I'm in the same boat as everyone else if the ship goes down. I have no illusions concerning my pecking order. My point was that it's way too simple to blame any one individual for the problems we face although most folks like simple ideas.
I at least know where we are as country, and how we got here. I take no comfort in the knowledge because of the pain I see coming. We are heading from denial to anger, so prepare yourselves as best you can for you and yours. I wish, no pray, that the news was better.
Posted by: SPECTRE of Deflation | Apr 9, 2008 11:26:37 AM
SPECTRE:
This is the opportunity of a lifetime. Ignore the pain and capitalize on the level playing field. You'll not have another such opportunity.
Posted by: Marcus Aurelius | Apr 9, 2008 11:30:41 AM
spectre-
no interest in bringing up the many things you are already aware of. The problem is that the "machine" has decided that one election is worth destroying many years worth of capital all in the name of growth at any cost.
What I see happening this year is that JPM and to a lesser extent BofA will be the depository of all this crap debt (of course massively funded by you and me) so that we never really get a true sense of how irresponsible they were. BSC was delivered to JPM so that the books stayed shut.....that will play itself out many times over the next year or so. That C is not insolvent is just difficult to believe just based on leverage ratio's....they were only slightly less levered than BSC.
We will all suffer (long and short positions) because of yet another failed strategy.
The biggest disappointment for me is that not one member of Congress has displayed any semblance of decency and compassion for the common man....yet when a TV camera is on they care enough to look concerned but can't even ask basic questions that my dog would come up with let alone someone who actually sits on a committee chartered with being responsible.
The financial industry (or at least the reporting of it) needs to grow a large pair and recognize the very serious damage being done. Some have....but not nearly enough.
Ciao
MS
Posted by: michael schumacher | Apr 9, 2008 11:31:40 AM
MS, I can feel the frustration and pain in your post and feel the same way. I'm a strict Constitutionalist, so someone please tell me what group I can support? I look around and see corruption at every level.
Maybe the real answer is that it's ourselves that we have to blame for taking so much for granted and allowing others to run wild with no foresight to where they would take us or how the journey would end. We have an Administration that is part and parcel of a globalist cabal, and a CONgress that is nothing more than a den of thieves. Go to opensecrets.org and pull up almost any member of CONgress. They are all bought and paid for.
Posted by: SPECTRE of Deflation | Apr 9, 2008 11:45:46 AM
