Yes, it’s one of the podcasts I frequently consume. But the impossibility of being wrong was something that the RON PAUL crowd would eagerly proclaim about their political prognostications.
Right. About everything. All of the time.
Like Russia wasn’t going to invade Ukraine.
That Russia would win quickly.
That it’d steer people away from joining NATO.
That the Petrodollar would collapse because of BRICS, and they’d be able to make up the difference because of global demand.
Right. About everything. All of the time. RON PAUL
Similarly, there was a new story as I was languishing in a hotel room in Biloxi that gave me a lot of pause.
To hear the explanations for the “housing bubble,” it was all about either the Federal Reserve, or the big banks.
NAR agreed to a settlement of early a half-billion dollars about the things they’ve done.
That’s not the big banks. It’s not the Fed. Both the buyers’ and sellers’ agents were making a 3% commission on every house they sold.
How many of those people suffered anything for their part in creating the crisis.
I think I’ve written about how the radio where I was working in 1999 had twelve separate mortgage br0kers advertising on two AM talk stations at the same time. Most of them were arm-in-arm with a Realtor. Only a Realtor is a Realtor.
The agent gets his/her 3% for the sale. The mortgage broker gets a cut on the initial sale, a fee when it’s refinanced, then bundles them to sell off to Fannie or Freddie.
The Realtor has a fancy new car to show off properties and further perpetuate the scheme.
What do the Millenia’s do in response? Elect Obama who reinflated the housing and stock markets.
Trump, armed with still-depressed interest rates, continued the inflation.
Sally the Realtor, and Bill the mortgage broker, yeah, they had to surrender their leased vehicles, but never faced anything more in penalties.
And, while they head towards retirement, are taking tax deductions for whatever mortgage interest they’ve got left.
And they’ll do that forever.
103 days.
That’s how long until every single Boomer can start taking pre-tax withholdings without penalty.