Friday, January 22, 2010

Why Housing and the American Dream are Complete Scams

Fellow renters, you'll love this clip.

James Altucher of Formula Capital rants about the scam that is home ownership in America.

As a renter myself (a renter in California, no less!), I ate this clip up. I still remember feeling REALLY dumb in '03-'05 when everyone was buying property that "never went down" - at least not in Northern California.

Now with unofficial unemployment in Sacramento County pushing 17%, and home prices off their peaks by 50%, the common wisdom has changed a bit!

Still, I don't think we've hit bottom - not as long as we're still in the early stages of a Depression. I'm only interested in buying property if it's for $0.10 or $0.20 on the dollar - which I think there's a chance we could see, if we get the complete fallout that Bob Prechter & Co are calling for.

Further recommended reading:

5 comments:

peter2o10 said...

Hope we dont out-contrarian ourselves in emotional excitement but just today Barclays executives announced that they had agreed to pay the bulk of their bonuses, in 1-3 years time..........in barclays stock.

Brett Owens said...

HAHAHA - that's fantastic!

Brian said...

Good To see that Short Trade working out

Brett Owens said...

Thanks man - so far so good.

LC David said...
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