I am still trying to figure why a newspaper would avoid reporting the facts of the housing bubble and the potential effects on the local economy. Instead, they do the bidding of a pair of local realtors. Instead of reporting the pontential problems associated with negative amortization loans and pay option arms, they placate these guys so they will increase the dollars spent on advertising? Instead of discussing the problems associated with families spending 50% of their income on housing and the damaging effect on their personal lives, they choose to do ANOTHER puff piece and make us all believe how great these guys are.
This blog has never been about these guys. This blog is dedicated to discussing the issues the local news outlets refuse to address because so much of their revenues come from REIC sources. Yes, they are part of the story, along with loose lending standards, mass speculation and cheap & easy credit.
http://www.bakersfield.com/137/story/75651.html
http://www.bakersfield.com/137/story/75650.html
Wednesday, September 27, 2006
Damage Control
Subscribe to:
Post Comments (Atom)
8 comments:
I like the picture of Cole standing above Crisp. I guess he sees him as the son he never had.
Sad. Can't reporters do math? $250million in sales even if they keep 4% is $11 million split 50:50 with their employees they each get $2 million per year. DC claims $160,000 in salary. Other realtors tool around in $80,000 cars, he has a $300,000 car. Other agents have million dollar houses, he is building a $5m mansion.
60 employees and $250m sales is $4m per employee at 4% that's $160,000 per. Reasonable but no way do they actually do 4% and no way is this enough on even a cash flow basis to support bodyguards, jets, McLaurens, mansions, $50k watches, charities, etc.
Yes! I had the same conversation with someone else earlier today. Do the math. Also, the claim they are up 60%, our local sales are down 35% YTD. Have these guys really captured that much additional business.
DO THE MATH!
crispy&cole
I hope he is not using investor trust fund cash to cover his expensive life style choices, thinking he will pay it back with all the money he is going to make. I am sure something like that is not happening. No sir nothing of that nature, cannot be. All the investor money sitting there, nope not going to touch it, no sir.
I scoured the puff pieces for the one thing glaring in its abscence. "Have any of your companies been served with any search warrants? Yes/No."
Damage control?!? If you ask Cole their business is just fine and the rumors haven't effected it....so why the damage control?
*affected (Crispy school of learning here...Who needs an education, just sell real estate)
Interesting what a cult of personality develops.
Post a Comment