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.
Wednesday, September 27, 2006
Posted by Bakersfield Bubble at 1:20 PM