How Realtors Destroyed the Economy - 1 Joanna at a time
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The day before this aired, I argued that lenders and Wall Street bankers had only a partial role to play in the global economic collapse. They were the debt manufacturers (like people who make meth but dont sell it). So, who actually sold the debt (meth) and convinced you to buy more than you could afford?Wall Street brokers didn\'t sell homes. Lenders didn\'t sell homes. REALTORS did. Their commission structure incentivized them to more consistently unethical behavior than any other industry. They are the greedy ones. They are the smarmy, lying, thieves of the American Dream. \n\nWatch this clipand imagine this scenario playing out for millions of Joannas across the country with millions of realtors just like this one salivating for their commission and turning a blind eye to ethics and humanity. Im not saying the lenders were ethical, but nobody is mentioning that the *REALTORS* were the ones who wooed you, took you from house to house for months, built up a fantasy of how great owning would be in your head, and guilt tripped you if you rented at the end of the process. Worse, realtors would ALWAYS give advice on what areas and neighborhoods would go up in value. They are not in the position to give such advice. Most of them have sub-par educations from institutions that did not teach economics or finance. In 2005, the president of the National Association of Realtors said there is NO housing bubble (look on Wikipedia under Housing bubble to read more). \n\nSo, our society needs to stop blaming Wall Street just because its easier to blame someone you cant see and to blame someone perceived to be in the elite class. Wall Street isnt innocent, but if these people were never SOLD the crack by the convincing, manipulative dealers (realtors) then this never would havehappened. \n\nIf every single realtor who put someone in a home in the last 5 years returned their commission to every current homeowner, the global economic crisis would be over. Why? Because realtor commission makes up 21% of the value of a home sold between 1998 and 2008. If you got a check for21% of your homes value, you could pay the mortgage, the banks would be solvent again, and the recession would end.So, realtors: Thanks for destroying the global economy and for ending the American Dream as we knew it. advice, afford, buy, can, created, deceipt, destroyed, economic, economy, financial, global, home, lying, manipulation, meltdown, Realtors, the, unethical, you |
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