The NAR should be banned, broken up under RICO and Robinson-Patman. They are evil, they are directly responsible for the ongoing worldwide financial collapse, they have been exposed, and they should be destroyed.Former real estate bull admits, “I spun”
As chief economist for the National Association of Realtors, David Lereah was famously optimistic. Now a private consultant, he’s abandoned what he calls the “positive spin.”
Q: Were you wrong to be so bullish?
A: I worked for an association promoting housing, and it was my job to represent their interests. If you look at my actual forecasts, the numbers were right inline with most forecasts. The difference was that I put a positive spin on it It was easy to do during boom times, harder when times weren’t good. I never thought the whole national real estate market would burst.
Q: The NAR’s latest forecast calls for a slight increase in home prices next year. Thoughts?
A: My views are quite different now. I’m pretty bearish and have been for the past year and a half. Home prices will continue to drop. I think we’ll see a very modest recovery in sales activity in 2009. But we’ve still got excess inventories, a bad economy and a credit crunch that will push prices down further, another 5% to 10% more. It’ll take a long time to get back to the peak prices we saw in many markets.
Q: Any regrets?
A: I would not have done anything different. But I was a public spokesman writing about housing having a good future. I was wrong. I have to take responsibility for that.
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14 comments:
He was and still is a pimp hustler.
Just because you're PAID to do something, doesn't automatically make it right!
Unfortunately, we have many, many people running major institutions who think the same way.
That's why no one of consequence is being indicted for wire fraud, and why we are so screwed!
I was only following orders. I thought that excuse for moral lapse was debunked at Nurenburg a long time ago.
So CNN is finally asking him this question, printing the result, after prices collapsed 40% or more?
MSM, thank god it's there to protect the interests of ordinary citizens.
This is OLD news. It was published and posted here days ago.
Finally reading the posts, -eh?
DIE
May you rot in hell, David Lereah. You and all the realtors. A nice salute from Chicago (home of NAR).
He's still an incompetent economist. Home prices will only fall another 5-10%? That is a joke that would be hilarious if it weren't so sad.
At least Lereah's admission of guilt further erodes the credibility of the NAR Chief Economist title. Miniscule as it is already.
Allow me to supplant Lereah's mea culpa with a 'truthy' Bush response to his administration's failures:
A: I worked for an association promoting an oil and defense agenda, and it was my job to represent their interests. If you look at the results of my official acts, their profits exceeded their wildest expectations. The difference was that I put a 'war on terror' spin on implementing their agenda. It was easy to do after 9/11/2001, harder when the national debt exploded. I never thought the whole global economy would burst...
The funny part is that MOST folks believed this El Stupido because THEY REALY wanted to believe.
And so it went boys and girls, as they were singing liberating songs giving hope to the American Dream of owning a home(s) for FREE plus money back at closing.... Hallelujah!
El stupido kept on yelling,..
DO YOU BELIEVE..YES,YES YOU DO BELIEVE....and the masses started singing this famous song,
I do believe,I do believe others shall overpay some day.
All LIAReah had to do was call himself a SPOKESMAN for the NAR, instead of its "Chief Economist". An economist is supposed to relate truth, whereas the spokesman just supports what the organization aims for.
That he can't even tell the difference is very much what's wrong with Americans today. Of course, too many millions of Americans couldn't tell the difference either, so that's also what's wrong. The franchise of dishonesty was (and still IS) very widespread.
Democraatus said: So CNN is finally asking him this question, printing the result, after prices collapsed 40% or more?
Yes, they're asking now since it's SAFE ... the collapse is on and their corporate masters can't blame them for causing it now. But to ask about falling prices at the rise or peak of the bubble? Their corporate masters would have fired then blacklisted them.
I bought his book for 25 cents at a garage sale. Figured I'd let the grandkids read it someday.
i smell a class action against NAR coming.
Davis Lereah must be upset that he wasn't named to the Obama transision team like the esteemed Nicolas Retsinas.
Change you can believe in!
http://change.gov/learn/obama_biden_transition_agency_review_teams
No surprise. Anybody trying to form your opinion has some kind of stake in it, you just need to find it.
That includes the author of this blog.
Was he "paid" to write a couple books saying "buy now before it's too late" (Are you missing out on the housing market boom - there's still time to get in). Did he hand the money from the books over to the NAR if he was just writing them as a paid spokesman, then the NAR should get the proceeds.
Somehow, I think he wrote the books on his own, deliberately swindled everyone and kept the money, just like all the banksters did.
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