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ECONOMISTS SURPRISED — EXPECTED RISE
EDITOR’S RANT: HOW STUPID DO YOU HAVE TO BE TO NOT KNOW THAT HOUSING IS IN THE TOILET AND GOING LOWER? They won’t fix foreclosures, they won’t fix title, they won’t help investors and they won’t help homeowners. They admit that housing drives the economy, that consumer spending comprised 70% of our GDP, the unemployment is absurdly high and under-stated, that credit is gone, savings are low, and that nobody has any money. They know the banks won’t lend either precisely because they don’t like the prospect of appraisals on property being sustained nor the prospects of people keeping their jobs. And they know that there are literally millions of homes on the market and waiting to be on the market and that millions more will be in the pipeline if we don’t stop this foreclosure farce.
Somehow they managed to compute projections that would show improvement in new home sales. Who did they think would buy them? New home sales and existing home sales in volume and price are still headed down. Any reasonably knowledgeable person on the street will tell you that. But the spin doctors were saying otherwise and THAT is what caught the eye of Wall Street. The reality of our economy receding to third world status where the people with money have a moat and gates and guard dogs is somehow eluding “economists” — but not all of them. Many predicted this drop of 16.9% and are still predicting further drops.
This is what happens when you spin an entire society and an entire economy into vapor. The housing boom was a securities boom, with collateral damage equivalent to the gross, and as yet unreported profits of off-shore entities and on shore entities from what Wall Street calls securitization and derivatives. There were no derivatives involved because the paper referred to fictitious transactions. And so there was no securitization, not the least corroborated that they didn’t bother to transfer the toxic paper trail for fear of revealing their culpability.
Everyone is scared to death to simply tell the truth. Recently a man died at the age of 52. He was an evangelical christian and he was a legal scholar. He wrote a book called the Collapse of American Justice in which he argued that the rule of law (the foundation of American society) had been replaced by the misrule of politics. His name is William Stuntz and nobody ever heard of him. Yet he spoke the truth which could be even more sensationalized by media than the lies they are currently spewing out to the public — but then they wouldn’t be playing ball with the megabanks and the government and they might not get access to leaked information that was (a) intended to be leaked and (b) false. The book by Stuntz is mostly about criminal defendants, but considering the fact that borrowers are the ones being characterized as criminals by the misuse of politics, it applies quite neatly. I wonder if anyone will read it.
The correction is clear an unambiguous. Correct the false transactions, returning the investors and homeowners as closely as possible to the position they were in before the lies were told and the money flowed like Niagara Falls. But in order to do that, we must give up the myth that there is nothing wrong with the megabanks and that they should be allowed to survive after financial genocide conducted on a world scale that was previously unimaginable.
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