IS THIS the equivalent of the Tip from the Shoeshine boy...
(EXCERPT From Peter Schiffs article):
WHISTLING PAST GRAVEYARDS
by Peter Schiff ... Euro Pacific Capital ... December 23 2005
To their credit, Wall Street pundits have noted the proliferation of signs warning financial danger; to their peril most have chosen to ignore them. Four examples of such cognitive dissidence relate to General Motors, gold, pensions, and the housing bubble.
...
When it comes to the housing bubble, signs of a top (specifically the for-sale variety) are literally all around us. Yet Wall Street’s judgment remains clouded by meaningless new construction numbers and phantom new home sales. They have yet to realize that publicly traded homebuilders are now in the business of selling shares, not houses, and that maintaining a market for the former requires that they keep building the latter, regardless of whether or not a market will actually exist for those houses by the time they are completed. Such a concern is irrelevant for those insiders currently selling shares. It will only become a problem for those foolish enough to buy. Further, many new home sales in effect do not represent sales at all, but rather option issuances. Receiving a $25,000 deposit on a $500,000 condo hardly constitutes a sale. If real estate prices fall, or “buyers” simply fail to qualify for financing due to higher interest rates, changing financial circumstances, or the inability to sell other properties, such options will not be exercised, leaving homebuilders holding a glut of unsold inventory.
Finally, in a Bernard Baruch classic, the personal ad of a twenty-three year old female Russian immigrant, featured on a popular internet dating site, ending with the following post script: “man who is in real-estate, real-estate developers or investors are welcome because i am interested to get into this and learn how to make right investments.”
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