Thursday, October 16, 2008

I Have No Sympathy for Real Estate Agents

NYT: Home Prices Far From Bottom
"I am working harder than I have ever had to work to get a deal together and keep it together."
Colleen Pestana, Real estate agent, Orange County, Calif.
Sad day for you. You have to work?! OMG! WTF?

I hold them in similar contempt as leaches. As a matter of fact, they are like leaches, sucking on the blood (and savings) of millions created by the stripping away of rules and regulations, particularly in 2000 with Phil (bunch of whiners) Gramm's deregulation of credit default swaps.

Oh my, look at what happened beginning in 2000. It looks to me as if a lot of fake money was created:

What does it mean? Well, it means banks were allowed to trade and rebundle, repackage and retrade mortgage debt over and over again. This is the contemporary "conservative" view on growth, where each and every transaction means economic development. Whether or not anything of substance or value is actually created is irrelevant.

In fact, that just slows down "growth," when in actuality it is all nothing but ashes and dust, smoke and mirrors; a ponzi scheme of the highest order designed to enrich Gramm's buddies and impoverish everyone else. The banks won, real estate agents were their little minions happy to participate in the shenanigans that brought this country to its knees.

Ownership class indeed. It just turns out that YOU were to be owned.