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Economists are (still) morons

By Michael Pinter

Mortgage and Lending with First Meridian Mortgage

February 24, 2009 02:27 AM

Except for a few people with some guts, almost every economist is saying the same thing: By the end of 2009, the economy will start to rebound. These are the same bozos who predicted that it would rebound at the end of 2008.

It is a joke. The reality is that we are still getting worse and we will continue wo get worse until there is a compelling reason for it to get better. My guess is ( and has been) middle of 2011. It will take that long for the majority of the homes to get through the foreclosure process and therefore, for the housing market to stop it's decline.

Until these "experts" finally get the picture, we will be in for a lot of dissapointment in the coming years. Wouldn't it be better if we all accepted the fact that we are in for a long process and not some quick, easily fixable situation?

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Goodbye Active Rain

Out of Real Estate

These people do not have a clue. They are being told what to say and that is to keep people afraid.

Feb 24, 2009 02:34 AM

Miami Beach Condos and Homes

www.miamibeachcondosandhomes.com - Miami Beach, FL

I completely agree, there's an art to making phony predictions. They don't want to make the prediction for too far away or they won't get any press, but if they make for nine months from now few people remember the source of the prediction. There's no accountability.

Feb 24, 2009 02:42 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Tony,

I'm not sure what they are being told, but it seems like they all say the same thing. Thanks for the comment. Feel free to subscribe to my blog.

Michael Pinter

Feb 24, 2009 02:49 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Miami Beach,

They either have no brains or no guts. Thanks for the comment. Feel free to subscribe to my blog.

Michael Pinter

Feb 24, 2009 02:51 AM

Michael A. Caruso

Surterre Properties - Laguna Niguel, CA

I always had the feeling (since May of 2005) that they were ging us the medicine in very littles doses so people wouldn't panic.

The recession began about mid 2005 and the depression began in mid 2007. You are very correct in thinking the the recovery may begin in early to mid 2011...funny a 6 year cycle just like the last one of 1991 - 1997.

Please remember me if you learn of anyone moving to "The OC".

Feb 24, 2009 02:54 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Michael,

I agree completely. Thanks for the comment. Feel free to subscribe to my blog.

Michael Pinter

Feb 24, 2009 03:21 AM

Charles Stallions

Charles Stallions Real Estate Services - Pensacola, FL

850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

As long as there is a crisis the Government has the oppurtunity to force their will on the folks and keep a job. ie. the war and now the economy. Isn't it ironic that these crisis come in four year cycles.

Feb 24, 2009 03:58 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Charles,

Thanks for the comment. Feel free to subscribe to my blog.

Michael Pinter

Feb 24, 2009 04:02 AM

Loan Survivor Real Estate Financing Expert

Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

it's amazing that the same people predicting a recovery, are the same "experts" who were surprised by the recession.

find your own path:)

Mar 01, 2009 07:35 AM

Mark MacKenzie

Phoenix, AZ

Michael,

I think it could be more like 2012, simply due to the number of mortgage resets that will be coming due in 2012.

My fear, is that the housing depression could even last longer if Obama's housing plan gets traction. These loan modifications he is advocating for will drag out this housing contraction for even longer.

Mar 01, 2009 08:06 AM

Barbara Klepper

Century 21 American Homes - Babylon, NY

I try not to listen to the news and the economist morons, because all they do is make the public upset. There are plenty of realtors and mortgage people doing well in this economy. I really don't care what the experts predict. Does it really matter if it is Spring 2009, or 2010? I truly believe that the first time buyer tax incentives and low interest rates are great opportunities for buyers.

Mar 02, 2009 08:26 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Barbara,

I agree with you. Plenty of people in each of our industry are having their best year ever. Feel free to subscribe to my blog. Thanks for your comment.

Michael Pinter

Mar 03, 2009 06:30 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Mark,

You may be right. It looks like everything that's happening is only making things linger longer. We'll see.

Michael Pinter

Mar 03, 2009 06:51 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Barbara,

I agree that no matter how the economy goes, many people in both of our industries will prosper. Thanks for the comment.

Michael Pinter

Mar 03, 2009 06:58 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Mark,

You could be right. Everything that is being done seems to be making things linger longer instead of getting through this sooner.

Michael Pinter

Mar 03, 2009 07:00 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Drew,

I agree completely. Thanks for the comment. Feel free to subscribe to my blog.

Michael Pinter

Mar 03, 2009 07:01 AM

Tamara Inzunza

Realty One Group Capital - Alexandria, VA

Close-In Alexandria and Arlington Living

I've also stopped listening to the news. I just the the websites and click on any story that I WANT to read. Real estate and economies are local. Watching the news everyday will give you a negative attitude and make you depressed. Off with the TV I say!

Mar 08, 2009 10:53 PM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Tamara,

I agree with you; the media can really bring you down these days. Thanks for the comment.

Micheal Pinter

Mar 09, 2009 01:04 AM

Kelle Sparta

Sparta Success Systems - Somerville, MA

Real Estate Trainer and Coach

Dear Michael,

I'm posted what I consider to be a viable solution to a sizable portion of the issue - I'd love your feedback. http://activerain.com/blogsview/949474/Solving-Some-of-The-Housing-Crisis

Mar 12, 2009 02:50 AM