But would you have listened to him, or the others? Good vid.
Havent' watched the vid yet, but I did listen...
At work I deal with a lot of real estate appraisers (our customers). Part of my job is following some of their online forums (to see what is being said about our products). Appraisers were at ground zero of the subprime mess from the very beginning - getting pressured by predatory lenders and crooked mortgage brokers to "make the number" to get bad loans processed. The ethical and smarter appraisers refused to go along and lost a lot of business during the feeding frenzy. But those same people that chose not to participate (to their own financial detriment), were predicting all of what has since transpired, chapter and verse, starting almost 3 years ago. They, as a group, not just an individual, accurately predicted the chain of events and the timetable.
I did listen. My retirement all got pulled out of the stock market before things started to go haywire. Simply because the facts were so plain to see and impossible to argue against. We also cater to mortgage brokers and real estate agents, as well as big lenders, so I was hearing about the subprime monstrosity every day, from every angle. Listening to the guys in the trenches of the subprime fiasco, it really seemed pretty easy to see how things would go. The old hands in the appraisal business connected the dots between the subprime, the mortgage backed securities market, credit policy, real estate prices and the stock market very clearly.
- DAA
