There were a lot of revealing and informative video segments this week (and last) covering topics related to the housing-mortgage-credit turmoil, the outlook for the consumer and prospects for recession.
Better yet, Realtor’s are now being lampooned in a whole raft of comedic segments on You Tube… I just love the information era!
First, there was an interesting Greenspan appearance on The Daily Show where he suggests that the Fed acts as regulation on the “free” market and that although monetary policy is intended to keep prices stable, lowering interest rates can cause asset and general inflation.
Watch Greenspan Comes Clean on BNN!
Next up is a great Diana Olick segment covering the truly awful state of housing and general recession occurring in Michigan.
Detroit home prices are down 32% with 1 foreclosure for every 29 homes. There has been a local subprime implosion and a recent auction saw homes being sold for the price of a new sofa! Could this be a harbinger of things to come?
Watch into the Future on BNN!
Next, Ron Paul deftly outlines his view of our monetary system, the devaluing of the US dollar, the expense of financing the war and its impact and implications for the poor, middle and upper class.
Watch Ron Paul Talk Economy on BNN!
Next, Mark Zandi, Chief Economist of Moody’s Economy.com joins Bloomberg to discuss the latest housing data showing foreclosure’s doubling in September as compared to 2006.
Zandi suggests that foreclosure will continue into 2009 with Alt-A and Jumbo loans now firmly joined in the fray. As Zandi sees it, states that Boston, Florida, Las Vegas etc… are “a complete mess”.
Watch Zandi Talk Turmoil on BNN!
Next, an excellent News Hour appearance by Professor Robert Shiller and Economist David Hale discussing the latest state of the housing market, it impact on the economy, and its outlook and the outlook for recession in the general economy.
Shiller points out that the recently announced CitiGroup, BofA and Chase rescue fund is reminiscent of past responses by banks during times of crisis (JP Morgan, etc.) and that, although it may help to restore confidence, it may also simply be one of the many events to occur during the unwinding.
Watch Shiller’s Cliffhanger on BNN!
Next, here is easily one of the best interviews I have ever seen concerning economics or otherwise.
Marc Faber, publisher of the Gloom, Boom and Doom Report seems to effortlessly and completely express virtually every aspect of cautious sentiment relating to our current economic predicaments. This interview is just over 30 minutes long but is thoroughly engrossing and well worth the investment.
Watch Farber’s Gloom, Boom and Doom on BNN!
Next, here is kind of a funny interview with Equifax CEO Richard Smith which, although uncomfortable, possibly discloses some interesting facets of the American credit-consumer.
Smith suggests that, although things are NOT getting any better in the credit markets, the majority of the sub-prime housing pain is “isolated” to seven states.
Furthermore, Smith states that lending practices are getting “far tighter” and that the number of mortgages being underwritten today is “far less” than just six months ago.
Watch Credit Squeeze the Consumer on BNN!
Finally, we have a comical short starring Brent Chapman that I think says it all concerning the true nature of the Realtor business. Things must be really going awry for the National Association of Realtors when everyday folks start taking comedic pot shots at ‘em!
Watch Realtors be Lampooned on BNN!
