A Critic of Our Coverage
What's that saying about everyone being a critic?
In response to one of the Biz Waves blog items about "bad news" in the housing industry, here's a comment from reader C. Norris.
Too many reporters chasing too little bad news that just isn't there. A poll may be newsworthy but a poll, in itself, is not news. Neither are the mortgage default rates. The actual numbers are puny compared to the 1990's, when the defense/aerospace industry collapsed around a "peace dividend" and put a lot of aerospace workers out of a job and home. Half of the real story is that there is no story out there other than that of lending money to people who could not have gotten a home loan without the benefit of sub-prime lending subsidies. In other times, they would not have been on the media's radar screen at all, because they would not have existed. The other half of the real estate story is the excessive amount of mortgage brokers and their real estate agents. As with all economic bubbles, excessive employment in that segment of the economy occurs. The wise and the pro's will survive, those just "passing through", will pass through. When the press can find another issue to over promote then this "crisis du jour" will simply disappear down the memory hole. As well it should.
Here's the blog item C. Norris disagreed with.