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March 21, 2007 Always question the source!
This is a pathetic example of journalism! This "article" sites the likes of anitwar.com, kitco.com and (my favorite) goldenjackass.com. The last two are brokerage houses for gold, the perceived "hedge" against any market bubbles. (note: the total return on gold has been about 75% - over the last 20 years, consistent with the rate of inflation). The article bashes mortgage brokers with which I can understand. Their ethics in the past few years are most certainly circumspect. However, I have even less respect for commodity brokers. They are the used car salesmen of the financial industry (no disrespect to used car salesmen) and are in the business of sensationalizing the impending bear market, even in the most prosperous times. And regarding Jimmy Rodgers, I have heard him speak. As a global investor in third world countries, he is a strong proponent of commodity investing. Yes, he is a smart guy, but he too is in the business of raising capital for his fund. The impartial journalist takes us to his true feelings with;"Bernanke--could care less about the public welfare. All their energy is devoted to building a lifeboat for themselves and their fat-cat buddies. Once, they've robbed the last farthing from the public till they'll be gone, and we'll still be marching along the path to national calamity."
There are several interesting and correct perspectives in this article, specifically, the complex nature of the MBS markets today. However, this is really an advertisement all dressed up like an article. It is biased and directs you to commission based sources (much like mortgage brokers).
Is it true that we are at risk of a real estate bubble? Of course. We face risk every day in the stock market, real estate market, earning dollars instead of euros, etc. My personal opinion (for what it's worth) is that we are leaning toward that long predicted real estate bubble, but I will not predict the burst date. And I certainly am not going to trick you into buying a bar of gold before it gets here......
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