{"id":767,"date":"2006-12-14T10:37:17","date_gmt":"2006-12-14T17:37:17","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=767"},"modified":"2006-12-14T10:37:17","modified_gmt":"2006-12-14T17:37:17","slug":"remembering-the-past-and-choosing-to-forget-it","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/767\/remembering-the-past-and-choosing-to-forget-it\/","title":{"rendered":"Remembering the past and choosing to forget it?"},"content":{"rendered":"

As George Santayana<\/a> said, “Those who cannot remember the past are condemned to repeat it.”<\/p>\n

Okay, so what about the people the can <\/em>remember the past, but choose to ignore it? There has<\/em> to be a famous quotation for that, too, right?<\/p>\n

On the front page of today’s Wall Street Journal, the headline reads: Housing, Auto Slumps May Defy Usual Role as Recession Harbingers<\/strong>. The authors note that home construction is “plummeting”; new car sales are “weakening”; and, long-term rates are “well below” the short-term rates — three major readings that preceded economic recessions of years past.<\/p>\n

The authors then tell us that Wall Street is “betting that the old rules don’t apply”. A recession is possible, but not very likely. Says the head of a major economic forecasting group:<\/p>\n

“This time will be different”.<\/em><\/p><\/blockquote>\n

I am not a smart man, Jenny<\/a>, but I know what hubris is. The signs are all there, folks. So, keep your eyes and ears open because you’re going to hear the word “recession<\/a>” quite a bit over the next six months. The more you hear it, the more chance that it will happen. It’s the self-fulfilling prophecy in action.<\/p>\n","protected":false},"excerpt":{"rendered":"

As George Santayana said, “Those who cannot remember the past are condemned to repeat it.” Okay, so what about the people the can remember the past, but choose to ignore it? There has to be a famous quotation for that, too, right? On the front page of today’s Wall Street Journal, the headline reads: Housing, […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1889,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1889\/arms-look-scary-before-they-look-good-or-how-wall-street-dupes-the-little-guy\/","url_meta":{"origin":767,"position":0},"title":"ARMs Look Scary Before They Look Good or (How Wall Street Dupes the Little Guy)","author":"Brian Brady","date":"September 4, 2007","format":false,"excerpt":"I don't look real smart today, do I ? Mortgage rates in general took a fairly substantial dive during the previous week with longer term rates dropping double digits in most cases and some rates returning to mid-2006 levels. However, the Mortgage Bankers Association reported a spectacular increase in the\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1147,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1147\/bad-loans-buried-in-the-back-of-the-breadbox\/","url_meta":{"origin":767,"position":1},"title":"BAD LOANS: Buried In The Back Of The BreadBox","author":"Brian Brady","date":"March 14, 2007","format":false,"excerpt":"Let me tell you a story about how the subprime mortgage market collapsed and millions of baby boomers had to accept less money in retirement. If you liked the Da Vinci Code, you're gonna love this one. It's not wrapped up in sex, or murder, or corruption, just good-old fashioned\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4455,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4455\/leveraged-loser-loans-lead-to-loss-of-liquidity\/","url_meta":{"origin":767,"position":2},"title":"Leveraged Loser Loans Lead To Loss of Liquidity","author":"Brian Brady","date":"September 15, 2008","format":false,"excerpt":"I'm kicking this one up to the top, in honor of today's events.\u00a0 It's a historical look about the early MBS markets.\u00a0 Now before you jump me for my incorrect conclusion, I didn't realize that the hedge funds leveraged their loan holdings 10 to 1 (or more).\u00a0 That \"38 bucks\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5011,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5011\/peter-schiff-our-leaders-irrationally-promoted-home-buying-discouraged-savings-and-recklessly-encouraged-borrowing-and-lending-which-together-undermined-our-markets\/","url_meta":{"origin":767,"position":3},"title":"Peter Schiff: “Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets”","author":"Greg Swann","date":"October 16, 2008","format":false,"excerpt":"Peter Schiff in the Washington Post:Amid the chaos of recent days, as the federal government has taken gargantuan steps to stabilize the financial markets, realigning the U.S. economic system in the process, comes a nearly universal consensus: This crisis resulted from government reluctance to regulate the unbridled greed of Wall\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1667,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1667\/the-800-pound-gorilla-in-the-corner-the-meltdown-of-the-wall-street-mortgage-market\/","url_meta":{"origin":767,"position":4},"title":"The 800 pound gorilla in the corner – the meltdown of the Wall Street mortgage market","author":"Morgan Brown","date":"July 16, 2007","format":false,"excerpt":"As we go about our daily lives in the mortgage and real estate world; dutifully performing our job functions and taking the high road of customer enlightenment via blogs such as Bloodhound; we are faced with a very large gorilla looming in the corner of our workplace. That gorilla is\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14552,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14552\/brett-arends-from-the-wall-street-journal-on-zillows-morning-gloom-report-all-this-bearish-news-makes-me-bullish\/","url_meta":{"origin":767,"position":5},"title":"Brett Arends from the Wall Street Journal on Zillow’s morning gloom report: “All this bearish news makes me bullish.”","author":"Greg Swann","date":"May 9, 2011","format":false,"excerpt":"Our friends at Zillow.com have figured out the secret to getting news coverage: Bad news:Home values in the United States fell faster in the first quarter of 2011 than they have in any quarter since 2008, when the housing market experienced its worst performance, according to Zillow's first quarter Real\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=767"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}