Quote of the Day
Each day as I read The What’s explanations and referenced articles I could see the unthinkable WAS occurring. And let’s face it, who else on this blog was predicting the catastrophic collapse of the US banking system and the economy? The optimists were thoroughly delusional, eyes and brains neutralized by their own dreams and desires….
Each day as I read The What’s explanations and referenced articles I could see the unthinkable WAS occurring. And let’s face it, who else on this blog was predicting the catastrophic collapse of the US banking system and the economy? The optimists were thoroughly delusional, eyes and brains neutralized by their own dreams and desires. Here’s a toast to the grand tradition of skepticism…and perhaps a well-informed logical pessimism as well.
— by Oxygen in I Told You So…
Cellar dweller.
The poetry.
Not to spend more time than necessary on the subject but some posters made some valid points.
The local assclown and his toadies were up and down these pages swearing on a meltdown for 2 to three years. Now we have a couple of these sycophants back here with selective memory, touting this cellar dweller as the messiah of money markets.
Again, what does it take to say an up market is coming down again? especially when it is understood as cyclical in nature?
Barf….
It’s not like What was debating with a panel of Nobel laureates. Lets’ face it. It doesn’t take much to win a macroeconomic forecasting debate among the Brownstoner commentariat.
By the way, a lot of people were forecasting it (Warren Buffet, for starters). They just weren’t hanging around the Brownstoner forums.
By the way, what are these prescient forecasts What made? I recall him linking to newspaper articles, ranting and raving every time the DJIA dropped, etc. That’s more consistent with being a bitter real estate have-not/barnburner than financial seer.
My next stop is the pjs? That is too funny. If only I could set you straight, poor, poor fool. I am enjoying a nice Gros Freres et Soeur, right now. You? Fool.
Whuh is not only bitter but angry.
You don’t mean 40% poorer – you meant 40% less wealthy. And sulk it more. Like I said 3 months ago in Curbed and here, it is always the low and middle class that get hits the hardest during recessions. Yeah they may down grade their living, but they will be down grading to YOUR apartment – since you will lose your job and won’t be able to afford your rent. Next stop ‘the projects’. Misery loves company.
Then from there – you and the What will champion the next big thing like rebound.
Am loving the revisionism. The What was ridiculed not for his tone, not for his (obvious) oddities, but mostly because all you doubters thought he was wrong. You don’t think being an equities naysayer in 1928 gets you any points for foresight? Then you’re a jackass. The What called the what, the when, the why, and the how. And you know what? I love him for it. And you know what else? I think you people are 40% poorer than you were three weeks ago for not listening to him. And you haven’t even started to eat it on your over-mortgaged house. Every single one of you creepy little bubble economy leaches who will now need to find real work –you know you would have been on here calling him out, had he been wrong. So man up.
PS Ha –go ahead and call a recovery. Go back and look –bear market rallies all the way down, down, down throughout the early thirties. Of course, since you know from macro, equities, swaptions, I’m sure you’ve gone all in. Right? Jackass.
wine lover:
you should write when you have less vino in you. I can’t get through your post. Who are you imitating, Tolstoy? Keep it under 600 pages OK?
the What’s demeanor lost the audience, not what he was saying. some of what he was saying about the socio-demographics of purchasing in various neighborhoods was relevant here but was lost most of the time. the financial world is not my thing, and personally, I never knew if the financial content of his posts were valid or not, but I agreed with the demographic analysis of many of his points.
i have been buying and selling in Brooklyn since the mid-90’s, and my initial impressions of buying in Brooklyn never changed in the past twelve years. I didn’t want to buy in the areas that the What railed against even when they were ridiculously cheap. I looked at $150K apartments in turner towers for instance and $450K houses in Clinton Hill and Fort Greene and Boerem Hill and other neighborhoods that incorporated predominantly african american ghettos and/or projects and thought that time was against me then and still think it. ie: that the shift would never occur to being a truly safe neighborhood for me. I didn’t even care about the financial implications.
back in the ’90’s, i had a black friend who went in with a couple of family members to buy a building in Fort Greene as an investment (rental apts.), and they got sick of the problems of the neighborhood, and sold. at the time I thought if black people don’t want to deal with the area, I for sure can’t (i’m white).
the What’s repeated rant was that you are a A**hat (a term i would never use because it’s rude and alienating) to spend a lot of money in these areas because you are a minority if you are upper middle class and especially if you are white, and if real estate collapses, your actual safety and your financial stability are threatened. his perspective was right on, but his delivery was terrible. i used to wish that the What could change his aggressive and hostile posts so that some of his information could help buyers, but no dice. sure there will be people out there could have used his advice.
i came to this site to learn something and to teach others the things that i learned. i’ve been slightly shocked at the opinions tossed out -many that are totally uniformed from either lack of personal experience or from actual facts. i still hope that people on this site can open their minds to insight when posted and learn, but i’m not sure that it will happen.
ok, so does this mean that if I start posting endless purile rants about how things are gonna get better, how the stock market will climb up again, how housing will recover and so on. For the next three years ad nauseum. When the economy does recover and there is stability, I will be lauded by sycophants and toadies as prescient?
Point is, the “optimists” were only angered by the extreme rhetoric of a loon.
Nobody here seriously thought there would be no end to the
“irrational exuberance”.
What we still do not see is the widespread housing foreclosures and the people walking the streets and the whole Mel Gibson on the dark highway scene out of Mad Max that was common to these threads until recently.
Don’t overstate things folks. Even a broken clock is right twice a day. Economics is understood to be cyclical. Guess which way the market will start to move next? hummmmmmmmm.