"Bubbles are belief systems. You cannot reason a person out of a belief that they did not arrive at by reason, particularly if that person has money, reputation, or employment – or all three – that depend on dot com or telecoms stocks, or housing, or dollar denominated assets, or all three. A man or woman with everything on Number Seven has got to believe that Seven is their lucky number. Or that they are not betting, they are investing in a New Era."
Source.
11 comments:
I completely agree with this I have friends that are doing something to that degree and they tell me I cannot believe even for a second that it won't happen I must stay positive and optimistic and IT MUST HAPPEN you shouldn't be negative.
"I must stay positive and optimistic and IT MUST HAPPEN..."
This is also called magical thinking.
fred -
What are you talking about?
In the Bay Area - real estate IS religion.
[And right now, it's out behind the woodshed taking a beating.]
in looking at the link to magical thinking,i was struck by the number of people i know in the real estate field who are alcoholic or in recovery for a variety f obsessive compulsive disorders.this may help explain why so many otherwise intelligent professionals in the field got caught up in the mania,and reinforces my belief that you are wise to keep your anonymity.the advice not to confront a delusional person who is under great stress is wise...a lot of people are going to lose everything they have worked for all their lives,and by golly it is someone else's fault.ah well,maybe they are lucky,i'm smart enough to make dumb mistakes without any help.
The reason so many people have become enthralled by Real Estate profit is that it requires no Real Substance.
In life, we get paid for doing work or creating something.
We have to contribute something to get reimbursement.
Real Estate gives us another option.
Mega wealth can be had by just buying in.
Buy that POS and you will end up rich.
The dream is all too soon becoming a nightmare.
To all the prospective buyers I offer a warning.
This is not business as usual.
Buy with extreme caution.
"People shouldnt be so jealous of that wealth..."
So true. Yet, isn't that the American Way--what you don't have will certainly make you happy? Hence the credit binge...
Two quick questions. First, what does POS stand for/mean? Second, what does FB stand for/mean?
And, yes, get out of the way of the delusional!
Love this blog! THANKS.
"POS" = piece of shister.
"FB" = Farked borrower
Just the same... panics are belief systems as well. You may not remember, but anyone buying in 1994-96 in California had their hearts in their throats.
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