Wednesday, April 22, 2009

David Lereah

- Chief economist of the National Association of Realtors from 2001 to 2007!

- In 2000, published a book called The Rules for Growing Rich: Making Money in the New Information Economy -- which, just before the tech bust, advised investing in tech stocks!

- When that didn't work out, switched his writerly focus to real estate, penning the 2005 book Are You Missing the Real Estate Boom? -- in 2006 retitled Why the Real Estate Boom Will Not Bust!

- Relentless spin-meister for the real estate industry!

- Known in the real estate industry as "Baghdad Dave," after Mohammed "Baghdad Bob" al-Sahaf, Iraqi Information Minister -- the Saddam Hussein propagandist who claimed that Iraqi troops were defeating American troops as the U.S. invaded the country in 2003!

- In October 2005, derided those who suggested real estate prices might be too high -- calling them "Chicken Littles"!

- When the real estate slowdown became too big to ignore, predicted it would be a "soft landing"!

- In January 2007, said regarding housing prices, "It appears we have established a bottom"!

- As of April 2009, observers are still on the lookout for a true market bottom!

- Has started his own business, but isn't yet making the big bucks again -- causing his wife to whine, "We have an expensive lifestyle: a big house, a housekeeper once a week, college tuitions, the country club"!

- Idiot!

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