Extra, Extra: Negative Press Sinking Housing Market?

there is some truth to his argument...the media whores overhype EVERYTHING

Posted by: guest at November 9, 2007 9:18 AM

Atlantic Yards will not only ruin Brooklyn, it will ruin all of New York, and indeed, as 9:30 suggests, the whole of these United States. Forget Iraq or terrorism, what will bring this country down is a mega-mixed-use development in the middle of Brooklyn. I don't know why the presidential candidates aren't speaking to this.

And by the way, The What is just speaking the truth and the press are along for the ride.

Posted by: guest at November 9, 2007 9:36 AM

The guy is 100% right, truly - but he wasn't complaining when the media was hyping up housing on the upside.

So unless Robert Toll is prepared to return some of his profits to those people who bought his product at the peak (and are now standing on large losses), he really ought to shut up.

FSRG

Posted by: guest at November 9, 2007 9:39 AM

FSRG: How many times has the media covered the 'upside'? I remember when CNN.com had a feature on its homepage called 'bubblewatch' -- that was four years ago. It would be an interesting exercise for Mr. B (if he has the time, of course) to go back and look at the articles referenced on Brownstoner.com. I'm sure the articles are lopsidedly negative. The 'experts' have been predicting the downfall of the NYC real estate market for the last 10 years. They're bound to be right eventually, but it would be refreshing for some of them to admit they were wrong.

Posted by: guest at November 9, 2007 9:50 AM

Toll Brothers weren't blaming the media 2 years ago during the buying frenzy when we were all being told to "buy now - prices are going up"

Posted by: guest at November 9, 2007 9:57 AM

if it wasn't for those meddling bloggers toll would have gotten away with it

this is great news

bitter renter

Posted by: guest at November 9, 2007 10:02 AM

9:50 - - every single newspaper in this country has a real estate section which was essentially non stop advertising for the real estate industry, constant coverage of 'up and coming' areas; price increases. Tabloid shows and magazines cover the real estate purchases of the rich and famous. TV shows like Flip This House, etc.....
These and many other examples exist that perpetuate the myth that you "can't lose in RE" - and guys like Toll profited from that.
- Which is fine BTW, its just silly to complain when the pendulum swings the other way.

FSRG

Posted by: guest at November 9, 2007 10:18 AM

Yeah, and I guess the media is making this up too, right:
http://www.nytimes.com/2007/11/09/business/09fed.html?_r=1&oref=slogin

Posted by: guest at November 9, 2007 10:37 AM

Did you notice that Bernanke is proposing having the federal government guarantee jumbo mortgages, putting taxpayers on the hook?

This from a generation that was outraged at poor people on welfare, cut funds from the New York City Housing Authority and allowed the projects to go to pot.

Posted by: guest at November 9, 2007 10:40 AM

Everyone just needs to buy themselves a roof over their heads (or not) and shut the hell up and concentrate on more important things.

During the past 7 years, everyone has been so freakin preoccupied with how much their house is worth that the rest of the country is going to hell.

Seriously...I'm not saying this to be funny. Look around. During the past decade America has lost its prominence in the world.

Part of that is to blame on all of the greedy people that only think about how much their house is worth, or taking out home equity loans to buy 500 dollar cell phones.

It's absurd. And now we're in trouble.

The dollar is going to be worth nothing in another couple years. There is talk now of having the Euro take the place of the dollar for monetary tracking.

The only way to rectify this is for us all to start paying off our debts and SAVE SOME MONEY.

Posted by: guest at November 9, 2007 11:04 AM

the dollar will come back - after the democrats get elected, raise taxes and end the war. things will work themselves out.

Posted by: guest at November 9, 2007 11:26 AM

Agreed, 11:04. People need to stop obsessing and competing over the values of their property as if they're going to flip and sell tomorrow. Which most people who bought a brownstone aren't planning to do, they're here long term. Why not act like it? Also stop pouring tons of money into renovations that are way beyond what you can afford or what your house is worth today if you had to sell it. Overspending on renovations is something that's been done here and all over the country, encouraged by the industries (and this blog) that all made money hand over fist by making people feel insecure if they didn't have a total top of the line gut-job luxury renovation. People should do only the renovations they can afford then simply enjoy living in their house, focusing on the important things in life.

Posted by: guest at November 9, 2007 11:32 AM

Extra, Extra: Negative Press Sinking Housing Market?

Fundamentals Fundamentals Fundamentals Fundamentals!!!!!
The wheels is coming off fast! For the last 5 years, you couldn't talk to these people (bubble heads). These asshats guzzled the Kool-Aid hard. And now our financial system is fucked.

Things will get worse, 4.00 Gas and high heating bills are coming your way. Lets see of Mr. Homedebter can pay the Mortgage and high commodities prices. Fuck housing, our BANKING system is in big time trouble!

Reality will take it from here.

Read this

"Worst banks crisis" says Deutsche CEO

http://www.reuters.com/article/Finance07/idUSL0839785220071108

The What

Someday this war is gonna end.....

Posted by: guest at November 9, 2007 11:39 AM

TheWhat rocks. Thanks for speaking out.

Posted by: guest at November 9, 2007 11:52 AM

"First they ignore you, then they laugh at you, then they fight you, then you win." Mahatma Gandhi"

I don't want to take any bows for speaking out. I'm very afraid about our banking system. I have told people this was coming. For 5 years people thought I was nuts. They ask me " How housing prices can go down?". My reply was fundamentals. Right now on Wall Street they are going to dump this shit. All hell will break lose on Monday! Please if you have any money in Citibank of WAMU, get it out NOW.

The What

Someday this war is gonna end....

Posted by: guest at November 9, 2007 12:07 PM

That is so funny I forrgot to laugh.

Posted by: guest at November 9, 2007 12:27 PM

The What if I can read into your 12:07 comments that you think Citigroup will fail (this monday) then let me say that your posts last line is wrong.

If Citigroup failed (which it wont and cant) then the war is just beginning because it is essentially the end of the world; the resulting chaos will make the Great Depression look like an economic golden age.

Posted by: guest at November 9, 2007 12:28 PM

"The What if I can read into your 12:07 comments that you think Citigroup will fail (this monday) then let me say that your posts last line is wrong.

If Citigroup failed (which it wont and cant) then the war is just beginning because it is essentially the end of the world; the resulting chaos will make the Great Depression look like an economic golden age."

The stock market will have major problems on Monday. The new rule goes into effect Banks will have to put back the CDO's and SIV's back on their balance sheets. Today a major CDO has begun to sell off assets. The market is looking at the exits. The thing is that 'too big to fall' is ALL BULLSHIT! Your taxes will go up overnight if the US has to bail Citibank out. Understand, we have a GOLBAL BANKING CRISIS on our hands. Wake the fuck up!!!!!

The What

Someday this war is gonna end

Posted by: guest at November 9, 2007 12:42 PM

UPDATE 3-S&P says State St-managed CDO liquidating assets

http://www.reuters.com/article/bondsNews/idUSL0954927220071109

As per reply Dumbasses

The What

Someday this war is gonna end.....

Posted by: guest at November 9, 2007 12:51 PM

1st of all THE WHAT, the new FASB rules dont go into effect until next Thursday and no one knows how the SEC will expect the Level 3 assets to be marked. My guess is initially they will be very liberal and given the write-downs taken so far it appears that the nations accountants believe the same.

And actually in the longrun liquidation of these assets will be a plus because it will start to create a market - remember at current default rates the majority of CDO traunches continue to pay.

The reason why people are calling you crazy is because you are running around calling what is essentially a severe storm, the apocolypse.

Posted by: guest at November 9, 2007 1:09 PM

PLEASE STOP THE ITALICS! I'm getting a headache.

Posted by: guest at November 9, 2007 1:13 PM

"The reason why people are calling you crazy is because you are running around calling what is essentially a severe storm, the apocolypse."

That's what it is. One big clusterfuck. Man, I think this shit just has to happen.

"st of all THE WHAT, the new FASB rules dont go into effect until next Thursday and no one knows how the SEC will expect the Level 3 assets to be marked. My guess is initially they will be very liberal and given the write-downs taken so far it appears that the nations accountants believe the same."

No they wont be "very liberal". Moody's, Finch and S&P is marking this shit DOWN! The rating agency's are in full CYA mode now. The have the AG's of New York and Ohio breathing down there necks. Remove your head out you ass, were fucked!

The What

Someday this war is gonna end.........

Posted by: guest at November 9, 2007 1:20 PM

"For 5 years people thought I was nuts."

And they still do.

Posted by: guest at November 9, 2007 1:29 PM

"The reason why people are calling you [the What] crazy is because you are running around calling what is essentially a severe storm, the apocolypse".

Exactly

"Die Lage ist hoffnunglos aber nicht ernst"

This news is coming in from MSM and the Internet.

Die Lage ist hoffnunglos aber nich fuck u sllf dumkask fukerrakshole

The What

Posted by: guest at November 9, 2007 1:50 PM

This collapse will make the Dot.com collapse of the early 90's look like a day at the park. It will take years to get over and we have not even started yet. Despite this being the fault of banks and lenders, we will all be paying for this for a long time. I hope you bought your home as a home to live in and not as an investment because you may be living in it for longer than you expected.

Posted by: guest at November 9, 2007 1:56 PM

"Sehr gut ", What". Ihr knowlege des Deutschen ist fast so gut wie Ihr knowlege der Volkswirtschaft. :-)"

YOUR MOTHER!

Anyway lookie here! Our favorite bank WAMU is getting pounded right now. Yeah every thing is OK.

Washington Mutual Skids on Outlook, Cuomo Probe

http://www.cnbc.com/id/21668328

The What

Someday this bullshit will end......

Posted by: guest at November 9, 2007 2:04 PM

death by italics, ahhhhhhhh!

Posted by: guest at November 9, 2007 2:12 PM

Positive press hyped it up. Negative press will help sink it. Therefore, the effect of the press cancels out. End of discussion.

Posted by: guest at November 9, 2007 2:25 PM

Hey 1:09 Read This!!!

The bloodbath in credit and financial markets will continue and sharply worsen

http://www.rgemonitor.com/blog/roubini/224871

It says BLOODBATH not picnic. Understand, This thing is picking up some huge momentum. Stories are dropping every second!!!!

The What

Someday this war is gonna end.....

Posted by: guest at November 9, 2007 2:31 PM

With respect to the market, 'The What' is the only one on this blog who makes any sense. Yeah, he excaggerates (so does Corcoran). But few people saw '29, '87 and '00 coming and most were suprised. I bet there was a 'The What' during each of those eras running around warning people like the old man from 'Friday the 13th', "Your dooomed!" (I guess Robert Shiller for '00 as he is now). Things are never what they seem (on the upside). Better safe than sorry.

Posted by: guest at November 9, 2007 2:51 PM

Wait a second. Let me get this straight...You've been saying this for 5 years? Since 2002 you've been predicting the fall of the real estate market? Hmm. Do me a favor: Check back in with us on this date next year. Let's see if you're right...Then you will have been saying it for 6 years. When do you admit you were wrong? After 10? Can you really say you were right if you've been predicting this for 5 years? Weren't you wrong 3 years ago?
The Why Are We Listening to You

Posted by: guest at November 9, 2007 2:53 PM

People cried wolf on dot com too, 2:53. Should we have ignored them?

Posted by: guest at November 9, 2007 3:02 PM

"How was the dotcom bust a catastrophe?"

Because it drove the economy. The economy was saved by the housing market (low rates, easy money). That's why the 2001 recession was short-lived and barely felt. Tell me, what's gonna save us now?

Posted by: guest at November 9, 2007 3:07 PM

Wait a second. Let me get this straight...You've been saying this for 5 years? Since 2002 you've been predicting the fall of the real estate market? Hmm. Do me a favor: Check back in with us on this date next year. Let's see if you're right...Then you will have been saying it for 6 years. When do you admit you were wrong? After 10? Can you really say you were right if you've been predicting this for 5 years? Weren't you wrong 3 years ago?
The Why Are We Listening to You

I became a real state agent in 2002. I thought housing supposed to rise will inflation. In 2004 things just went parabolic. I couldn't believe prices could rise so fast. I 2005 I knew we was in a asset bubble and prices topped out. The funny money came along and the party got second legs. When in 2005 I would tell people this can't last, they would laugh at me. That year I became a Broker and went on my own. The times where rough, no one listened to me. most of these people are now underwater. They call me from time to time to see I can help them. I'm not talking out of my ass folks, I used to eat, drink and breathe Real estate. 7 day a week 14 house a day. I quit real estate in 2007. I's was to much for me (Mental and Physical). We can't undo the damage, our system is fucked. Plus don't get mad at 'The What" , just listen.

The What

Someday this war is gonna end...

Posted by: guest at November 9, 2007 3:13 PM

2:51 - Exaggerates a "little"? The catastrophe that The What is predicting would make '00 and '87 look like absolutely nothing and substantially exceed the Great Depression.

If you have huge Banks and Financial Institutions like Citi and Merrill completely failing your only protection will be diamonds and a gun - seriously

Now maybe that will happen but since there is nothing anyone will be able to do (except mabe stock up on can foods and put cinderblocks in the windows) The What's screaming is stupid; especially since the underlying world economy is strong in many areas and while panic can destroy virtually everything - even in the worst place - subprime - more than 75% of the loans are still preforming.

Posted by: guest at November 9, 2007 3:29 PM

The What was once a real estate broker? Like Saul on the road to Damascus.

Posted by: guest at November 9, 2007 3:47 PM

TheWhat rocks. Keep sticking it.........

Posted by: guest at November 9, 2007 4:15 PM

What is the What? A big douche...

Posted by: guest at November 9, 2007 4:21 PM

Keep on keepin' on The What.

Posted by: guest at November 9, 2007 4:25 PM

Mr. The What:

If you sold all your tech stocks in February 2000 before the NASDAQ crash, you were a genius.

If you sold all your tech stocks in February 1995 thinking they were just about to crash, you were a dumbass.

The 5 years is precisely what makes the difference.

Posted by: guest at November 9, 2007 4:34 PM

"I's was to much for me (Mental and Physical)."

Clearly.

Posted by: guest at November 9, 2007 5:00 PM

"The What was once a real estate broker?"

I'm still a Broker, I will always keep my license.

"Keep on keepin' on The What."

Thank you for the support but, I trying to get out the word. It's not about The What.

"Mr. The What:

If you sold all your tech stocks in February 2000 before the NASDAQ crash, you were a genius.

If you sold all your tech stocks in February 1995 thinking they were just about to crash, you were a dumbass.

The 5 years is precisely what makes the difference."

See these are the same stupid motherfuckers I had to put up with in real estate. You real stupid and I hope that you saving gets vaporized in this meltdown. You have no fucking clue!

"I's was to much for me (Mental and Physical)."

Clearly.

Yes Clearly Assfuck

The What

Someday this war is gonna end.....

Have a safe weekend

Posted by: guest at November 9, 2007 6:11 PM

'The What' - I think I'm in love with you. I'm guessing you're a day trader, having now given up your real estate career and reading financial highlights all day long. How's that working out for you? I ask because, if we were to hook up, I will definitely need you to significantly pitch in to pay the steep mortgage on my newly bought brownstone. You're such a smart guy, with great passion. Can we meet one of these days? (I'm being very sincere here)

Posted by: guest at November 9, 2007 6:24 PM

I wonder whats the Grade for Florida ? must be a Z !

Posted by: guest at November 9, 2007 7:53 PM

"You real stupid."

rotfl

Posted by: guest at November 9, 2007 9:08 PM

Please don't feed The What. He's gonna disappear like everyone here.

Posted by: guest at November 11, 2007 11:36 PM