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2007 Housing Predictions Norman vs Schiller



December 29, 2007 – Comments (6)

 I picked this up off Calculated Risk, a look at predictions from last year. Someone did a edit to add in what happened over the year.  Atkins is from Dumb and Dumber, listen to Schiller, Stein would put you in the poor house, Norman must have also been on Dumb and Dumber, Pallin is seeing a mild correction.


Gotta ask yourself what's this Mike Norman's personal interests... 

6 Comments – Post Your Own

#1) On December 29, 2007 at 3:58 AM, MakeItSeven (31.71) wrote:

Mike Norman is incredibly obnoxious and stupid and yet he acted like he knew it all and only condescended enough to talk to Peter Schiff  without presenting any facts. I am amazed that Peter Schiff could be calm enough to explain to him and that any news chanel is ignorant enough to let him talk.

I wouldn't call it him Dumb and Dumber,more like a g*dd****d SOB if I ever have to mention his name.  I'm with housingpanic here "I wouldn't have the patience or compassion to have a discussion with an empty suit like Mike Norman."

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#2) On December 29, 2007 at 6:15 AM, saunafool (< 20) wrote:

Typical news reporting: find one or two people on each side of the argument, let them yell at each other, and do no follow-up to see who is making more sense.

The thing I would note, however, is that the bearish case was supported by facts showing inventories, price explosion, increases in fancy financing. The bullish case was all hot air, and the results prove it. 

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#3) On December 29, 2007 at 7:29 AM, camistocks (55.17) wrote:

Entertaining discussion! 

I would say Tom Atkins reminds me of a male stripper, Peter Schiff is a doomsday prophet; Ben Stein is an idiot, but he is right; Mike Norman reminds me of a Mafia guy, who wants to sell you a used car...


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#4) On December 29, 2007 at 10:33 AM, dwot (29.24) wrote:

MakeItSeven, I watched the ending part about 3 times where Norman is shaking his head and laughing at Schiff like Schiff is an idiot.

When I was in university one of my younger instructors was doing work on how adolescents gain power and basically what her research was showing is that a lot of teens that have "power" and are "popular" is because they are mean and obnoxious.  Other teens are afraid to meet them head on kind of thing.  This Norman guy's behaviour is exactly the kind of thing she was studying, the kind of bullying/condescending put down that teens lack the confidence to oppose.  And if you go to the second link and look at the video at that link roughly 11 months later, Norman is still picking on Schiff. 

saunafool, I watched the video a few times and it looks like an edited original.  They made their predictions a year ago and you can see that Atkins and Norman were the hot air sales men.  Schiff was right on.  I also watched the link at the web site and I forget if Schiff was talking about America's ability to borrow in both or just the second.  I think America's ability to borrow is going to be the biggest thing to play out over the next year or two.  He's already calling it that basically the rest of the world is going to stop financing this gross living beyond your means and I think that is the call to watch for.

camistocks, call him a doomsday prophet, but Schiff got it right with his 2007 predictions. 

I didn't like Stein's advice at all.  Buying at a top will cost enormous lifestyle, and this top is so big in some places that it will cost all lifestyle and quite possibily the ability to ever retire.

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#5) On December 29, 2007 at 9:49 PM, camistocks (55.17) wrote:

It wasn't difficult to predict the housing bust at the beginning of 2007 and the eventual spillover into the economy, because Americans are so heavily indebted. Even Ben Stein said that he didn't know how long it would take but people who find their dream house should not wait. Because they are not buying this for investment purposes but for the quality of life. I also think he doesn't mean people who can't afford the house. (MY advice: build a career and a safe income first!)

Only slimy "hot air" salesmen, as you call them, like Tom "Chippendale" Atkins and Mike "used car dealer" Norman were continuing to beat the drum.  Frankly, would YOU buy a house from those two guys?

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#6) On December 29, 2007 at 9:59 PM, dwot (29.24) wrote:

Did I call them "hot air" salesmen?  I think they are and I wouldn't put it past me to do so, but did I?

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