Michael 'Mike' Norman, Economic Contrarian (or Idiot, same thing)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.
Mike's Website:
5 comments:
too funny
This is hilarious, but true!
Mike Norman (not his real last name) should be broke by now, so we won't have to hear his inane blabbering much longer.
Kudos!
the economic contrarian website has already been closed. haha.
Too bad he started a new website. Someone should shut it down for him to spare the guy from more humiliation.
Wow...Just saw one of his videos on youtube and am amazed this idiot even shows his face...He was ranting again on Schiff about how our debt is actually good and that where was Schiff getting this info that no one was wanting to lend us any more $.
Seriously at that point I actually felt sad for the f*cker...He looks semi roided out and NOT like his HEY days with the nice suits and all.
He looks like someone who was beat so bad that emotionally he feels less than a man...He is the Bill Buckner of Real Estate...Even the long hair douchebag cut his hair and is pretty much hiding after getting spanked...But this guy either can't read a newspaper or gets his talking points from the Fed.
I seriously think he's losing it and his ego can't stand it since he knows he was PWND.
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