Tobin Smith, Changewave ResearchListen to this guy! Spin it, pump it, and whitewash it to the bitter end.
He keeps saying:
"We have to inject some capital." - - - Capital from where, jackass???
Asked from where, he says:
"But the capital can come back."
Huh? From where???
And these gems,
"We're in a normal economic maelstrom." Huh?!
"If you're making the bet that the American homeowner is going south... that's a bet I'm not going to take, because they're not going to do that." Huh?!
-------- FAIL!! --------
Schiff 9, Realtors/Analysts 0
4 comments:
Peter Schiff is right again.
He has been making sense for years.
The majority of Americans are still in the dark about what's going on. I have in-laws facing foreclosure and they are still spending money like crazy. Once they get kicked out and living in an apartment, they reality will finally slap them in the face.
Sorry to hear about your in-laws, and you are correct. It will take pain and anguish to wake people up. "Wealth" through debt spending is never a good idea.
I'm sorry for them as well. But they are what I consider "typical Americans" that spend well beyond their means. I am a European living in Los Angeles; I have always been very frugal with my money because that's how I was raised. I've been witnessing the spendig madness since I got married to my American wife. It's been quite an eye-opener.
Tyrone...
What do you think about Realtors listing foreclosures with pictures that are of different buildings.
like this one...
http://www.redfin.com/CA/LOS-ANGELES/2260-N-CAHUENGA-90068/unit-405/home/7127486
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