Waking Up from the American Dream

No, Virginia, there ain’t a Santa Claus.

No, there’s no silver bullet for the collapse of home values.

No, there’s no end in sight to the credit crunch, the mortgage meltdown, the bankruptcy brushfire, the foreclosure frenzy or the unemployment ulcer.

No, nothing the government has done has made a damn bit of difference to the average American, so far.

Whose fault is it? Everybody’s, though I noticed so far that the National Association of Realtors has yet to be held accountable in any measure for their active role. Maybe it’s because NAR is the single biggest lobbyist spender out there. NAR bragged of a membership exceeding 2 million agents during the real estate boom. Many of those sales agents were fresh to the industry and didn’t know their ass from the hole in the ground that they were selling for a ridiculous price.

NAR directly benefitted by the inflated home values, the reckless appraisals, the risky mortgages that financed anybody. Who wouldn’t have wanted 6% of commission on home prices from $250,000 on up to the moon? Whether you’re buying or selling, a real estate agent is there to cash in.

Real estate agents were the grand enablers of investment speculators, first-time buyers, property flippers, and fortune-seeking sellers who enjoyed the highest selling prices seen in history.

Why am I blaming real estate agents? Because they deserve to be tied to the same wooden stake atop of dry kindling as the mortgage brokers and the Wall Street alchemists. In fact, any time someone dared to suggest that real estate agents were too numerous, too under-skilled in an industry too easy to obtain a license in, NAR would push back forcefully about agents being necessary ”at the center of the real estate transaction.”

Center of the transaction, eh? Do tell. We have a stake for you, right at the center of this high, dry woodpile.

This entry was posted on Tuesday, November 11th, 2008 at 11:05 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Waking Up from the American Dream

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