Michael gets inducted based on these two things. 1) His embarrassing appearance on Fox News with Peter Schiff, 2) His ignorant hyping of no-interest loans.
Famous last words from the video, dated Dec 31, 2006:
"I have no idea what Peter Schiff is talking about."
"I agree with Tom (Adkins). I think they're (home prices) going up about 10%."
"What artificial lending standard are you talking about?" LOL
Here is his take on no-money-down housing:
Question: What is your opinion on no-money-down housing developments, like those going up in the Poconos? — Scott (Fair Lawn, NJ)
Mike Norman: Scott, I think no money down is great. It's one of the ways that Americans are benefiting from trends like globalization and the rising use of technology. By lowering capital costs we have access to more credit and that helps the real estate market. As long as we don't enact policy that harms these macro trends, then there is little risk in these highly leveraged loans. As for the Pocono developments themselves, they may have run up too far too fast just as most other properties have, but long-term they're fine.