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Mass delusion for homedebtors

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June 22, 2007 – Comments (1)

The majority think their houses are worth more than they were last year, despite numbers that show quite the opposite.

Could be the same people that are forking out nearly 50% of AUM for Blackstone.

PT Barnum had it wrong. There are thousands born every minute.

1 Comments – Post Your Own

#1) On June 22, 2007 at 4:11 PM, DemonDoug (78.88) wrote:

I read something on the HBB (attributed to donald trump) that made a lot of sense:

 

If you owe bank and little money, they own you.

If you owe the bank a LOT of money, you own them. 

(Think about the difference between a 500 thousand and 500 million dollar loan.)

Psychology hasn't reversed in the housing market yet.  The reason housing is going down is not because greater fools are wising up, but because they can't get the credit any more to fraudulently buy a "primary" residence or 3 at 10x income. When sentiment does turn, watch out below.

I agree, there are thousands born every minute.  That's why if you are not a sucker, you can profit from the idiots who are (see my blog about idiot's rally).

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