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Thursday, August 7, 2008

Mortgage News Daily Reports…The Truth On the State Of Our Economy

I frequently refer to “feel good” reporting by most of our media and specifically our government. Feel Good reporting is telling the public what they would like to hear not what is.

The government, special interest groups and primarily main stream media believe that if we think it is ok it will be ok. They believe that the truth would create a panic and make things even worse.

Every now and then there is a publication that does not function in that manner. Mortgage News Daily is one of them. Here is the link to one of their most recent reports:

Not-so-Happy Credit Squeeze Milestone

Please take the time to go to this link and read the report.

Here is the comment I posted to their post:

Comment by Larry Rubinoff of
Posted: 8/7/2008

A report disclosing the truth however hard it may be to accept.

What I mostly congratulate you on is the following paragraph:

"Most of the reports on home sales, foreclosures, prices, etc., that we cover from such researchers as Case-Shiller, the National Association of Realtors (NAR), the Office of Federal Housing Enterprise Oversight (OFHEO) are lagging indicators and only indicate the trends from two to four months earlier. For predictive purposes they are virtually useless. Some of those collecting and releasing data have their own agenda and skew their interpretation accordingly".

A most important statement - one which I have been stating in my other writings as well as making direct challenges to authors - is the last sentence, "Some of those collecting and releasing data have their own agenda and skew their interpretation accordingly".

I call this "feel good" reporting by those that want to have everyone look through rose colored glasses with the belief that if you think everything is OK it is.

Let's face it, the economy is probably in the worst shape it has been in since the Great Depression. Like the Great Depression however, the rich are gettng richer while the average American is getting broker.

I congratulate Mortgage News Daily for having the "guts" to print the truth and the reality of what is. Contrary to the belief of some with their "own" agenda, the American people are not that DUMB.

One needs only to go to the unemployment lines and ask those people if everything is OK. Ask the millions that are being foreclosed on (and many, if not most, not due to mortgage fraud).

In fact, don't even ask anyone. Just go to the grocery store, the gas station, pay your utility bill and look at the value of your savings and investments - if you still have any.

Everything is NOT OK and will not be OK for quite some time. The first step in any 12 step program is to "admit your problem". Until we do, no changes will happen.

Thanks again MND.
Here is a link to the publication should you want to follow them as well.

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