By Max Steps on a Snaith

September 18, 2007 4:51 PM | Link to this

OK, it’s a long way geographically and academically from Central Florida to, say, Harvard.

Still, it’s hard to believe a “professor” of economics is so naive that he thought Bush would continue to let Bernanke just hang out there and let the Administration look bad, on the way to an election.

The Admiinistration has to lose this perceived problem, and fast.

Credibility my a*s.

What kind of credibility does this shnook Snaith have? Or Jeff, for that matter, or the Palm Beach Post, worst of all.

By Steve

September 18, 2007 5:35 PM | Link to this

I agree with Mr. Snaith.

By Economist

September 18, 2007 6:40 PM | Link to this

The Fed’s issue is balancing inflation and the economy. Regretably, this rate cut will only further depress the dollar making the cost of imported goods and oil that much more expensive. This rate cut will only feed inflation. Most consumers will only see their dollar purchasing power decrease.

Snaith is correct, this move will not “fix” the problems and will only give markets more confidence in getting their way when requesting interest rate cuts.

By Convinced

September 18, 2007 6:57 PM | Link to this

This really gives Jeff the credentials to make comment.

Position at The Post: Business writer Here since: Joined The Post in 1999; I’ve covered South Florida real estate since 1993. Hometown: Raised in Peoria, Ill.; live in Lake Worth. What I blog about: Real estate. What I do when I’m not working: Change diapers, surf, bicycle. Biggest real estate regret: Selling my Delray Beach townhouse in 2001 instead of keeping it as an investment. It more than doubled in price in four years.

By Convinced

September 18, 2007 6:57 PM | Link to this

This really gives Jeff the credentials to make comment.

Position at The Post: Business writer Here since: Joined The Post in 1999; I’ve covered South Florida real estate since 1993. Hometown: Raised in Peoria, Ill.; live in Lake Worth. What I blog about: Real estate. What I do when I’m not working: Change diapers, surf, bicycle. Biggest real estate regret: Selling my Delray Beach townhouse in 2001 instead of keeping it as an investment. It more than doubled in price in four years.

By Where did the dollar go?

September 18, 2007 7:35 PM | Link to this

Does anybody have pesos I can trade for my Dollars? I will give you a wheel barrel full. Por Favor

By Max thinks "economist" is a Ringer

September 18, 2007 7:42 PM | Link to this

Excuse me, Sir, but just how stupid are you?

Regardless of the fact that this will have plusses and minuses for the economy (mostly plusses for families), the fact is the move was made for political reasons, not economic. Are you to dumb, too naive, to green to understand that?

Do you really think the Fed Chairman is a King unto Himself, and does not serve at the pleasure of the President?

Schmuck!!!

Tell me something. If I want to be a psychologist in PBC, I need certification. If I want to be a security guard for $7 an hour, I need a license. What exactly are the qualifications that make you “an Economist”? (Other than being a SCHMUCK?)

By Max Backs.....

September 18, 2007 8:03 PM | Link to this

Convinced: I think Jeff’s involvement with soiled diapers explains the source of much of his material in this blog.

Where did: Save me some of those Pesos, Amigo….we are going to need them.

By takurpik

September 19, 2007 12:27 AM | Link to this

Have seen many properties posted showing price drops that supposedly could never happen in PBC, where “prices rise as we speak” chanted for past two years.

Maxi keeps saying the posts are all in Evergrene or Montecito, or criminals, etc,etc.

Juno Beach also probably beneath cosideration for maxi, but this has promise as tear down once price drops further :

391 Sunrise

F778719

Days On Market: 326

Current List Price: $699,000

Initial List Price: $899,900

05/18/07 - Price Reduced to $799,900 06/07/07 - Price Reduced to $749,900 08/29/07 - Price Reduced to $699,000

Sold Apr 2005 $895K

Where the frick are all those rich So Americans, Euros, Boomers, maxi ?

Maxi, if many posters here and other sites are easily posting many listings showing sales way below 2005/2006 sales, don’t you feel at least a tad embarassed not to be able to find any ?

By Max tired of "pikurnoz"

September 19, 2007 1:45 AM | Link to this

Pikurnoz — when I followed up your lower resales, 90% of them were absolute b******t.

Now, I am not saying people can not sell for less than they paid — whatever their reasons are, and whatever the market conditions are.

However, overwhelmingly, far and away, it is the exception rather than the rule, and when you add it all up, our median price is just barely off of a year ago.

Are you really so stupid you can’t understand that?

I can find resales that increased. I can find resales that decreased. I can find anything, because unlike you I have access to the info.

Mostly what I am finding now is people cheating on the doc stamps, as Jeff has reported. I see the contract get approved for, say 350K, it gets recorded on MLS for 350K, and it winds up on PAPA for 285K.

That explains most of your lower sales right there.

By splainme

September 19, 2007 7:54 AM | Link to this

maxi- there are THOUSANDS of web listings of homes,condos, all over Fl NOT SELLING despite lower prices than paid for them in 2055/2006 bubble.

There are also many confirmed short sales and repo listings all over.

You are looking sillier and sillier.

By To Maxipad

September 19, 2007 9:04 AM | Link to this

Maxipad, you ahve absolutely no credibility anymore.

Here’s a perfect case in point: Name one credible source that agrees with your contention that real estate historicaly appreciates at 12% per year.

By Max splains

September 19, 2007 11:32 AM | Link to this

No, Ricky Retardo, I am not looking sillier and sillier. I am looking wealthier and wealthier. And you are looking poorer and poorer as you pay people like me or CW more and more rent — and we gratefully dispense a receipt to you.

Tiny fluctuations in the stock market, the RE market, etc., just don’t matter — unless one is as poor a manager as you, which few people are.

The stock market was up 335 yesterday and is up another 100 today. Is that a bubble, Shithead?
If houses did that you would be howling.

Incidentally, I am in on this stock market gain.
++++++++++++++++++

As for the other shithead — you wouldn’t even know the NAME of a real estate authority, but try finding some quotes from Bill Zeckendorff, Fred Trump, or John Jacob Astor, to start. There are hundreds of modern “authorities”, but they tend to be showboaters like Donald Trump Wade Cook, or Robert Kiyosaki. Maybe you should read “The Art of the Deal,” as I first did 20 years ago. It is the best selling real estate book (and business book) of all time.

The first thing I learned working on Wall Street was that major asset classes return 12% a year (stocks, R/E, etc.) An investor doubles his money every six years. Period. You can dazzle the customers with whatever mix you want to convince them of your brilliance, you still double their money every six years or you are out.

Einstein’s “Rule of 72” was devised to teach people about money. What is 72? It is 12 times 6. In practical terms, 12 is the retun, 6 is the time in years.

Now stop your horseshit. These are absolute basics in the financial world since the beginnings of our modern economy. I don’t expect you to reinvent the wheel, but at least be able to understand what a wheel IS.

By McCrab Consulting

September 20, 2007 4:18 PM | Link to this

Miami-Dade condo and home prices remain strong and continue to rise! Yet you NEVER read any Miami-Dade housing statistics in The Palm Beach Post because they don’t want you to know that the worst part of South Florida is doing the best. The Post’s unrelenting deliberate real estate bashing is killing the Palm Beach County market!

By Lakeworthguy

September 22, 2007 7:21 AM | Link to this

First we have the classic, “The first thing I learned…classes return 12% a year” Only if you include times of “irrational exuberance”, bubbles and ponzie schemes into the equation.

But the real give away was that anyone who actually tries to use the marketing gimmick that is the stock market index to validate their argument proves to everyone how clueless they really are about the markets in the first place.

Perhaps you should stop spending all of your money on “Get Rich in Real Estate With No Money Down” seminars and get a real education instead?

By NOFEARAJ

September 22, 2007 3:57 PM | Link to this

The 1/2 point interest rate cut will help to stimulate the real estate market. I am sure that this rate cut will help those in financial trouble refinance. The amount of homes in foreclosure have skyrocketed. Sellers have dropped their prices significantly in attempt to lure buyers. Its just that buyers don’t know where to find these great deals. I came across a website that has homes below market prices. Some of these homes are in pre-foreclosure or foreclosure. The website is www.321gone.com. Why buy a home at a regular price when you can buy one that is listed on this site for a deal! If buyers bought these type of homes before they went into foreclosure, they would get a great buy and sellers would save their credit and be able to reorganize their lives. I think that Ben’s 1/2 point cut is exactly what was needed during these tough times.

By Fred

September 24, 2007 1:29 PM | Link to this

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