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The Housing Crisis: Glenn Beck gets it, Obama does not. Do you get it?

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March 02, 2009 – Comments (13) | RELATED TICKERS: RGR , SWHC , WFC

Glenn Beck has a high school diploma, spent most of his "time in the parking lot" instead of class and is a recovering alcholic.

http://en.wikipedia.org/wiki/Glenn_Beck

Obama is a graduate of Columbia University and Harvard Law School.

Glenn Beck gets it, Obama is clueless.

What is more important, is that you get it.

Here you go:

 

Get it... 

Got it?

Good....

13 Comments – Post Your Own

#1) On March 02, 2009 at 3:19 AM, Tastylunch (29.24) wrote:

I'm not sure it's that simple. In 1890 the average american homeowner owned what 1,200 sq foot house on a 1/4 acre and now they own a 2,200-3,200 on a 1/2 acre? So homes should cost more beacuse the homes are bigger (you can argue that they are unecessarily so, but the fact remains they are bigger)

Beck would have been better served using an inflation adjusted price per sq foot metric to cancel out the McMansion effect.

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#2) On March 02, 2009 at 7:53 AM, lquadland10 (< 20) wrote:

GOT IT.

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#3) On March 02, 2009 at 7:54 AM, abitare (31.66) wrote:

Tasty,

Good point. I am not an expert on housing, but many McMansions I see are brick in the front and vinal all the way around the back and sides. Many are made of prefabriated materials, shetrock and use illegal labor to build.  

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#4) On March 02, 2009 at 9:12 AM, imobillc (< 20) wrote:

Well I am an expert in my territory, Chicago IL and Chicagoland area. I have been involved in Real Estate since 1993 and had never thought in my wildest dreams that prices would ever revet back to 1993 prices. But boy was I wrong!

Prices have not reverted back , but gone lower.

For instance a McMansion (brick all around) by my house wouldn't sell for the $1.25 million... after the forclosure one would have thought 875k would be a bargain....... More than 4 months have past and it still up for sale for only 575k a bargain..... (The builder lost two identical properties next to each other.) 

So every one in close proximity to that specific property is in really big trouble, because most people bought condos for a bit less than that and many single family homes sold for over one mil.... 

So what would you prefer?

100 billion more to AIG

vs

Help to homeowners... 

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#5) On March 02, 2009 at 9:17 AM, russiangambit (29.16) wrote:

I was wondering why Glen Beck irritates me so much. Even more than Rush, Rush I find somewhat entertaining. I got it now, - no degree , recovering alcoholic. How did he get on prime time CNN is still not clear.

On the subject of Obama not geting it, I think he does. But the reality and political reality are two very different things. Housing underpins the whole Ponzi scheme of the economy. Letting it unravel completely on your watch is very very scary.

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#6) On March 02, 2009 at 9:39 AM, carcassgrinder (35.58) wrote:

Glenn Beck only gets what he is force fed.  He is one of the most self contradicting, ass kissing "yes" men of the conservative movement.  The type of man that adjust his own beliefs to those which will make him money.....he is a true whore.

I watched him go on a huge rant about obese and overweight people and the burden they were on his tax dollars.  He needs to only look in the mirror to find the # 1 hypocritical fat ass.

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#7) On March 02, 2009 at 10:23 AM, EHoyle80 (< 20) wrote:

Half of America’s $12-trillion housing market is owned or backstopped by Fannie Mae and Freddie Mac. And the news just gets worse for Fannie Mae, already placed under government protection, which reported a $25.2 billion Q4 loss and $58.7 for 2008. ( http://www.reuters.com/article/governmentFilingsNews/idUSN2628231320090227?sp=true)

According to Metropolitan West Asset Management portfolio manager Bret Barker, these losses “reinforce the idea that housing has not bottomed.”

Via Stock Research Portal Blog 

What do you think about this assessment of where housing prices are going? 

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#8) On March 02, 2009 at 12:26 PM, blake303 (29.21) wrote:

Glenn Beck belongs in the parking lot.

http://www.dickipedia.org/dick.php?title=Glenn_Beck 

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#9) On March 02, 2009 at 12:36 PM, abitare (31.66) wrote:

blake303,

That was funny, Colbert is great.

Fox News audience, what do you expect. Glenn is perfect for their target audience. 

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#10) On March 02, 2009 at 10:44 PM, usmilitiadude (31.53) wrote:

Does Colbert get it?

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#11) On March 08, 2009 at 5:56 AM, uclayoda87 (29.18) wrote:

President Obama lives in the only land that he understands:  The Land of Politics.  I heard that he didn't follow the stock market daily, since it wasn't as important as say a tracking poll.  So Obama does get it, from his political point of view.

And do we get it?  Yes, in the form of much higher taxes and a lower standard of living for anyone contributing to this society.

The burden will not be on the rich.  The truly rich have enough money to live out their lives in luxury, without having to work, and therefore not paying much taxes. 

The government waste is now so great that anyone who has a job will pay the price.

The people who voted for change will eventually understand why China and Russia have abandoned real socialism.

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#12) On March 08, 2009 at 3:44 PM, tonylogan1 (27.84) wrote:

abitaire -

Sorry to say, it looks like an awful lot of people do not get it.

Median houses should cost as little as we can make them cost. People should be able to enjoy their lives with their famillies, rather than struggling just to pay for a stucco box.

I foresee eventually you will just custom order your house online and it will show up pre-fabricated in crates from Asia, but I digress.

This problem is not about housing, and those duped into believing that are allowing the biggest wealth transfer in the last 300+ years to pass under their noses.

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#13) On March 13, 2009 at 9:23 PM, Jaycephus (< 20) wrote:

Tony, I agree that a lot of posters here really don't get it, any more than Obama gets it. (He's really turning out to be atrocious: George W. Obama, Bush's third term, only worse.)

Here is the chart Beck's TV chart was taken from:

http://www.glennbeck.com/content/articles/article/198/22010/

It states that the home values used to generate the chart are based on "sale prices of standard, existing houses, not new construction, to track the value of housing as an investment over time"

This IS NOT a chart of average home values, or selling prices.  It is a chart of selling prices of a 'standard' type of house, over a long period, adjusted to today's dollars. Note the $199,000 dollar price in 2006.  No McMansions were selling that cheaply. (Well, NOW they are, but not then.) In fact, in some regions, a very modest home was well over twice the top shown in the chart, so these numbers are obviously a nationwide average as well. 

This removes any 'McMansion' effect.  Not to mention, that the McMansion is a symptom of a problem, not a cause.  How can so many people afford McMansions? The same way single mothers or small families can 'afford' houses they shouldn't really have bought.  Lots of cheap credit, exotic loans, little to no down-payment required, govt-guarantees, etc, all enabled by savings around the world being loaned to American home-buying borrowers.

Looks like housing as an investment over time isn't such a great idea.  A lot of the climb in value is just inflation. You either want to buy at the beginning of booms, and sell at the top, or just treat it as a domicile, NOT an investment.

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