.. and yet, there are doubters STILL.
Well, I'm glad you've come around to my argument that both parties were to blame. As for Bush, I said the WH wanted to take the foot off the gas. And it's true as far back as April 2005:
" “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).
Now, note that the WH still wants to expand ownership. That's bad. But they clearly see things are heading for trouble.
32 chip Says: "Fixie, some errors in that piece of yours but to focus on one: your claim that successive presidents adhered to a ‘markets fix all’ approach." Your post was actually two different topics. On the one above, Google "Brooksley Born". Clinton killed any hope of regulating over the counter derivatives, without which this bubble couldn't have happened (or at least not in the form it took.) He may have been a social liberal but he was a market conservative. The politics south are so polarized many ignore Willie had his own bubble; Dotcom. Instead he's credited with governing a period of prosperity. Re: the WSJ bit, they're hardly the most objective source when it comes to fiscal regulatory topics and that mess is a perfect example, starting the sentences with 'subprime' and then tacking on a slew of… Read more »
"Word straight from God, folks, get in the market NOW."
Right, well, if the imaginary spaceman god-on-a-stick says so, I'll get right on that, shall I?
A friend of mine had come to Vancouver from my old country to buy a condo. I explained him the situation and he asked me to talk to his realtor who was pushing them to buy. During our arguments he tried to play the Chinese card; what a blunder; he said 300,000,000 chinese want to invest in vancouver. beleive me, I am not joking. he also mentiond the line up in pre-sale in Burnaby.
Any way, my friend decided to put off his purchase for a while.
Numbers to warm a bear's heart
Maybe we should all leave Vancouver and look outside, better wait for the final radioactive numbers before we look on the coast though!
East Van Realtor … band handle! Do you advertise your small penis too!
Sucks to be you
On boy, looking forward to tonight's numbers! I have a feeling that they are going to be great! May the RE party continue!
The sudden increase in civil unrest around the world makes me wonder if Goldman Sachs has figured out how to securitize it.
Here's for anyone who thinks immigration will save us…
That's a whopping 57% drop in international migrants from last year!
Another 0.0% growth for BC's population, soon to be negative as our 8.8% unemployment rate keeps a climbing…
Yes ,even the idiots from Dunbar have stopped buying here in Vancouver east.
On my street ( grandview area) there are 3 heritage large homes that would have been snapped up buy rich kids (with mom and dad's help)in days, are now getting stale.
The easy / stupid money is drying up.
You're right, Bush et al weren't applying the brakes, though they did want to take the foot off the gas with regards to Fannie and Freddie. I'm just saying if you're going to blame the politicos, you have to look at the guys who thought it was a swell idea to throw away risk controls so people with no or little income could own a home. And you just have to listen to Frank and Dodd as they presided over House and Senate sessions on housing to see how much they enjoyed "rolling the dice," as Frank famously said.
@fixie guy: Fixie, some errors in that piece of yours but to focus on one: your claim that successive presidents adhered to a 'markets fix all' approach. "When Fannie and Freddie were finally taken over by the government in 2008, more than 10 million subprime and other weak loans were either on their books or were in mortgage-backed securities they had guaranteed. An additional 4.5 million were guaranteed by the FHA and sold through Ginnie Mae before 2008, and a further 2.5 million loans were made under the rubric of the Community Reinvestment Act (CRA), which required insured banks to provide mortgage credit to home buyers who were at or below 80% of median income." What this means is: "Thus, almost two-thirds of all the bad mortgages in our financial system, many of which are now defaulting at unprecedented rates,… Read more »
Higher/Lower interests rates not important, crash can ,and, will occur regardless.
Higher rates would speed trip to the bottom.
Lower rates will just prolong correction time.
April 4 soon, listings even in choice Chinese locations are starting to pile up pretty good.
Tic toc tic toc,
Free ride is over