Tuesday, November 10, 2009

They Really Said It ! [4]

All financial bubbles involve euphoric optimism from unsuspecting public. But there is also the "fear of missing out" that leads to panic buying at inflated prices.

Nothing captures this feeling like these books by the then Chief Economist of the the National Association of Realtors - a person that deliberately lied, twisted data and quietly slipped out of limelight when it all came crashing down.

There is no shortage of documentation of impossible comments by David Lereah, who was routinely criticized and made fun of by almost all economic commentators. So I won't add any of his deceitful comment here.

I haven't read his books, won't waste my precious time on them. But just the front cover of his books say it all. Notice how the family is looking upwards to the house that's floating like a balloon destined to go only higher. This is how we all felt, and made to feel this fear by the likes of David Lereah.

Then he had the audacity to update this book to have following title ...

This guy should be in jail.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...