Posted on 10/12/2011 3:02:28 PM PDT by RobinMasters
As Jazz Shaw predicted, the national media has suddenly begun doing a lot of homework on Herman Cain now that he’s riding high in the polls, and the first one to take a crack at the new Not-Romney is NBC’s Chuck Todd.
Todd challenges Cain on a 2005 column he wrote that dismissed concerns of a “bad economy” and a housing bubble, the latter of which at least turned out to be all too true. Cain admits that he didn’t see it coming, which prompts the obvious follow-up question from Todd about just how good his economic instincts actually are. This starts about four and a half minutes in, if you want to cut to the chase:
(Excerpt) Read more at hotair.com ...
“Blah blah blah, Chuck Todd ... zzzzzzzzzzzzzzzzzzzzzzzz
Cain wasn’t an elected official then, or now.
Obama, Frank, Dodd, Schumer, Reid, Pelosi, Waxman, Waters and the rest of the criminals were elected and IN THE KNOW!
And neither did anyone else....
BTW - when is Ron Paul going to stop sucking the life out of the federal coffers and stop with the friggin EAR MARKS???
So, what did obama tell us about it in 2005?
I saw the housing bubble crashing (all bubbles burst), but I didn’t think it would cripple the entire banking industry.
This observation from 2005 doesn’t bother me. Of much more concern is the Greenspan comment.
I believe Cain can go the distance.
If he turns out to be ‘the flavor of the month’, I don’t think that helps Perry. The next ‘flavor’ will be Newt, and I must say that I’d reconsider him if Cain falls, and that’s something I couldn’t have guessed i’d think, even 2 weeks ago.
Either way, Perry is done, and Romney won’t break 25% in the Primary. I can live with that.
Nein Nien Nien
Did Todd know, he should have let us know.
Pray for America
In 2005 VERY few people realized that housing was such a problem. I knew credit expansion was a problem back then, but I never imagined it would turn out this bad, and it isn’t over by a long shot. We haven’t de-levered credit nearly enough private OR public debt.
Heck, I remember back as soon as 2007, a few people here on FR were raising the alarm over what was soon to come regarding the economy, and they were flamed to no end by most. They were called everything from ‘doom and gloomers’ to RINOs. I wonder if those flamers are still around, and realize how much of a horse’s ass they looked like back then. I’d love to find links to posts made back then. It would make for some entertaining reading! lol
How many of the other candidates recognized the housing bubble in 2005?
I don’t expect a presidential candidate (or president) to know everything. I want a president who surrounds himself with the best and the brightest in their fields (and are people who aren’t afraid to give honest assessments).
I did.....
I moved from Michigan to New Mexico in early 2005, and in looking for a house was shocked on what had changed in the 7-8 years since I had last bought. I had also interviewed in Orange County California before taking the job in NM, did research on housing there, and thought there was NO WAY I would take a job out there, the housing market just didn’t make any sense.... New Mexico was bad, but not nearly California insane.....
Part of it I was moving from an area of Michigan were pricing was flat over 1998-2005, where everywhere else it was up 50-100% plus.....
Maybe he can get his bosom buddy Bawney Fwank on his show and ask him when HE knew, since Bawney insisted right up until they collapsed that Fannie Mae and Freddie Mac didn’t need oversight.
In 2005, even by the end of 2005, it was apparent that housing prices had gone too far up, but the seriously loony loan-writing was just starting. The 2006/2007 vintage of loans was the seriously stupid stuff, coupled with insanely high prices.
I was one of the early people here on FR to start warning of potential home price devaluation (and I was warning of only as much as 15 to 20% - nowhere near as bad as it has become) and then only after March of 2007. The winter of 2006, I started taking notice seriously and working to understand all the inner workings of the mortgage market, in particular answering the question “WTF is a CDO?” It took me seeing the data coming out in late 2006 that there was a whole new class of borrower who defaulted on their mortgage from the very first payment due in 2006 to convince me that the turds were going to hit the turbine blades.
If someone says they didn’t see it in 2005, well, they’re with the vast majority of people. If someone says they didn’t see the banking cluster-(*&&^ coming by September of 2007, then they were dumber than fenceposts. The events of 2007 laid it out for everyone to see that it was going to get bad.
In 2005 sold a duplex for 30% profit and built a house in 2006 which has lost 30% in 5 years.
Should have put my funds in a Cayman bank;) LOL!!
So, who in the hell did? Certainly no one in power who took stringent steps to prevent the resulting disaster.
GW Bush paid lip service to it a couple times, then bragged about how many under his administration had homes, they could not afford to make payments on.
So, who in the hell did? Certainly no one in power who took stringent steps to prevent the resulting disaster.
GW Bush paid lip service to it a couple times, then bragged about how many under his administration had homes, they could not afford to make payments on.
By late 2006, it was obvious to a lot of people including myself here on FR. We were universally attacked by many here though, unfortunately, we were proved correct.
I don’t recall anyone in 2005 making these predictions.
DING DING DING we have a winner! the best post of the day! Yup any moron (except Barny Frank) could tell you a bubble was about to burst. When the average median income in California could not qualify for the average median home, it was only a matter of time. But what was not disclosed is how much paper banks and other institution held. The idea that they bundled and sold to diversify risk ran foul as the banks bought other bank's paper. I had a friend who was at CitiBank and no one knew how deep they were into mortgage paper as separate divisions bought secondary market mortgages and nobody put together the exposure at a top level.. stunning
Freepers have been talking about the housing bubble for 10 years.
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