I lost count at the number of bottoms predicted. I guess it's around 12,000 or so. It all started with Alan Greenspan's famous 2006 bottom call. Then Jim Cramer's early 2007 call. And of course we have the NAR calling bottoms every month.
Well right on schedule, a new housing crash bottom is predicted. But this time they really mean it. Like totally, this is the real bottom, we gua-RON-TEE it.
Oh I see economists from Wall St are predicting it, so it must be so. These are the same economists who said all was well in 2005. The same geniuses who ran Lehman and Bear Sterns into the ground. The same economists who are running Washington Mutual into the ground. And of course the economists who ran Freddie Mac and Fannie Mae into the ground.
Several panelists, including Economy.com's chief economist Mark Zandi, Goldman Sachs (GS, Fortune 500) economist Charlie Himmelberg, S&P managing director David Blitzer and S&P senior economist Beth Ann Bovino all agreed that home prices would stabilize sometime during the summer of 2009.
Does anyone take these jokers seriously?
First we had no bubble in 2005.
Then we had a bubble in 2006 but it was manageable.
Then we were supposed to have a soft landing in early 2007.
Then we had a subprime issue that wouldn't affect too many people in mid-2007.
Then we had bailout 1 which was going to solve everything in Sept 2007.
Then we had bailout 2 which was going to solve everything in June 2008.
Now we have bailout 3 which will solve everything.
None of these dopes have been right about anything for the past 3 years. And yet the MSM quotes them as experts. Once again proving the uselessness of the MSM.
But if you believe them, by all means rush out and buy real estate. I heard a real estate agent say now was a great time to buy, and you know, they're really unbiased too.