Wednesday, March 05, 2008

Q & A Time with the Blogger

David Lereah left the National Association of Realtors almost a year ago. What are the plans for this blog?

The blog will continue to operate as documentation of the David Lereah's role in the destructive US housing bubble. Prominent commentators (those who receive significant media attention) need to be monitored by concerned citizens.

Why did you start this blog? Why do you care?

I started this blog for two reasons; economic activism, and because it is enjoyable. I strongly believe that paid shills, like David Lereah need to be taken to task for their half truths, manipulations, wrong predictions, and destructive cheerleading. It was a way to prevent people from buying at or near the top of the housing bubble.

Is there anyone you want to thank?

My fellow housing bubble bloggers who deserve much credit for helping to expose David Lereah. Particularly, Keith from Housing Panic. Keith is a true ally in helping to discredit Mr. Lereah. Also, thanks to all my readers.

What do you have say to those who say Mr. Lereah was just 'doing his job' as a spokesman for the National Association of Realtors?

It doesn't really matter. Mr. Lereah's is still liable for half truths, manipulations, wrong predictions, and destructive cheerleading. The housing bubble was a gross misallocation of capital. It is having negative effects on our economy now and for many years to come. Mr. Lereah led people into irrational decisions. The foreclosure rate is an outgrowth of the housing bubble. Mr. Lereah and others are in part responsible for this travesty.

Do you feel your blog contributed to David Lereah's exit from the Realtors' Association?

Yes. Reality would have discredited this paid shill anyway, but this blog hastened David Lereah's inevitable departure.


At 1:13 AM, Anonymous james said...

An interesting post on which applies to the NAR economists:

Why Anti-Cassandras Get the Media Attention

Paul Krugman today bemoans the fact that on the housing crisis and especially on Iraq the people who get the most media attention are those who got it wrong.

"It’s even worse, of course, on the matter of Iraq: just about every one of the panels convened to discuss the lessons of five disastrous years consisted solely of men and women who cheered the idiocy on."

(Brad DeLong, Dean Baker and others have made similar complaints.) I think the fact is correct so what is going on?

The answer is media incentives. It wasn't just the experts who were wrong, the majority of the American people got Iraq and housing wrong. The war was popular in the beginning and people continued to buy houses even as prices rose ever higher. So what does the American public want to hear now?

The public wants to hear why they weren't idiots. And who better to explain to the public why they weren't idiots than experts who also got it wrong?

At 1:56 AM, Anonymous Bryce said...

David Lereah is not and never was a "public official".

Treasury Secretary Henry Paulson is a "public official".

President of the United States George Bush is a "public official".

Sgt. Johnson of the Montgomery County Sheriff's office is a "public official".

David Lereah, formerly of the National Association of Realtors is not a public official.

The National Association of Convenience Stores (NACS) is not a public office, therefore its leader is not a public official.

I'm just sayin' that paying homage to basic facts is probably a good idea.

At 5:59 PM, Blogger David said...


Thanks for pointing that out. I have changed the language of the post.

At 11:27 AM, Blogger workhard said...

This is a good post

Idaho Real Estate


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