Why the Housing Bubble is Bogus
Chuck Ponzi June 10th, 2009
It’s always good to look back from where we came. Remember the go-go days of Real Estate in 2005 and 2006? Wish you could capture the zeitgeist in a bottle and open it up every once in a while just to see what it smelled like?
Well, it’s a little rancid now, but keeps the mental olfactory nerves sharp. Almost 100% of what Gary Watts wrote during his spastic fit of insanity in 2005 and sold to realtors and local boards as “research” is conjecture, misleading, or fabricated. I dare anyone to find a single sentence in his entire 2006 projection that was not wrong in some way.
Lest anyone think I am unjustified in my relentless criticism of Gary Watts, I challenge anyone to find any point where he was right in the last 3 years. Consider even the following said in December 2007:
I don’t see a recession in 2008 but should the economy begin to slow down more rapidly than expected or mortgage interest rates begin to rise, that could put a damper on our housing market. On the Pro side, usually election years are very good to real estate with low interest rates and increasing employment, thus increasing the demand for housing!
Whaaaa?
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Hey Chuck,
I have a bottle of zeitgeist in the pantry right next to the soy sauce. I sprinkle a little on my eggs sometimes.
I just wanted to thank you for not republishing my comments from our first interview. It was not my finest moment of prognostication.
As popular war advances, peace is closer.
Gary Watts
It is a great lesson to be skeptical of ‘gurus’ with a blatant self interest in the outcome. Keep hammering away, as the memory of the herds tends to be short.