Wednesday, October 24, 2007

No to sound like a broken record but....

I told you so.

Here we go again. Merrill comes out and says they lost a few more billion due to junk debt. Everyone on Wall St is shocked, shocked I tell you. Who could have known? This is such a surprise. It came out of nowhere. Wow!! And here we were thinking the worst was behind us. No it isn't. The worst is yet to come as I have said numerous times.

No morons, it is not a surprise. I have been saying this for over a year. Peter Schiff has been saying this for many years. Who is Peter Schiff? He's the "crazy" guy on CNBC. The guy who dares say that maybe real estate doesn't ALWAYS go up. Bob Schiller has been saying this. Who's he? Oh nobody special. Just a Yale professor who created a real estate futures exchange on the CME. But why listen to him when Larry Kudlow and Maria "Money Honey" Barturomo keep handing you gallon after gallon of Kool-Aid?

Now is a good time to buy will say Kudlow. Never a better time to enter the market will chime Maria. And of course now (as always) is a great time to buy a house will say the NAR. No it isn't. Now is about as bad a time as any to buy a house and unless you feel like losing money it's a bad time to buy stocks too.

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