Enough energy to copy and paste

The blog post from Tuesday in which a "moratorium on home price declines" was suggested appeared at Seeking Alpha yesterday. The comments were hilarious and I have just enough energy to copy and paste them here.

MarketBoy
08:34 AM
Wed Feb 13th
What an idiot. As if you can force anyone to pay a set price based on valuations 3 years ago. Markets control price, not the government. Let the market go - and punish these yahoos that thought we would always have 30% appreciation per year.

The markets are just starting to realize that not everyone is responsible enough to own a home, or at least make payments on those homes.

Here is another great plan - lets never sell our cars for less than our purchase price. Or how about my PC? Or my toothbrush?!! Yeah, I should be able to force someone to pay "peak value" for my toothbrush. No losers anywhere...... puuleeease!! Wake up buddy. Get out of your textbook and welcome to the real world.

ike
08:48 AM
Wed Feb 13th
i agree - you're an idiot. what about the affordability for first time buyers - the loans were based on false prices to begin with- by mandating that those false prices are now the real prices is absurd - while you are at it why not make into law that my 3 year old sneakers are worth $1000, i'll invite you to the yard sale

"Magazine-Cover-Indicator" Indicator....
09:37 AM
Wed Feb 13th
LOL....your satire article put a smile on my face

"Magazine-Cover-Indicator" Indicator....
09:39 AM
Wed Feb 13th
heh heh....you forgot -- we also could nationalize the Banks

SwT
10:18 AM
Wed Feb 13th
I'm seriously hoping that this article is an excercise in writing satire, and is Iacono's attempt at a "Modest Proposal".

If he's serious, I propose we push for the same price-cap resell mandates on cars. I'd love to get back what I put into my very used American made sedan. Oh but wait, I forgot, this is a 'free economy', sellers price at what buyers can absorb, based on affordability and supply and demand. My bad.

tradeking13
11:06 AM
Wed Feb 13th
Awesome idea! We should do the same for the stock market, too! Then, I can sell my shares of JDSU for $900!

John S
11:54 AM
Wed Feb 13th
Surely your not serious? Haven't we gone to war to stop these communist ideas?

User 121302
01:18 PM
Wed Feb 13th
Good sarcasm! I would also add that we need to get all the illegal immigrants back that fled this country. We need them to buy more homes to bring the prices back up. Also, when these illegal immigrants are hired by the builders again, the illegal immigrants will spend money and prop up our economy again. This is one way to get taxes from the illegal immigrants, ie., we get property tax revenue. This will make the county supervisors smile with glee.

Also, I like the idea of freezing prices on homes because the builders aren't making enough money. Selling a house for a million bucks that is built with cheap illegal immigrant labor doesn't have enough profit for the builders.

We also need to keep the prices fixed because the city councilmen and county supervisors still need to tack on extras in order for the developer to proceed, for example, a fire truck here, some public art there, etc. Our buyers don't really care about the extra cost these uncaring politicians tack on to the cost of a house.

yippee eye ah, yippee eye oh, it's a wonderful idea to freeze prices, else they could drop another 20-50%.

One Dusty Cowboy
San Jose, CA

Dave T
01:29 PM
Wed Feb 13th
I am a recent real estate agent in northern California. Your argument here is beyond ridiculous. RE is so over inflated that I can't in good conscience sell property right now. I do believe that this years good deals are next years foreclosures. I hope the value decline down to the 2001 level so that people can purchase a home especially first time buyers, based on what they can realistically afford and not some bogus loan application.

It used to be that it was cheaper to pay a mortgage than it was to rent. Now a mortgage is 2 to 3 times higher, makes no sense. Home prices are 1300% higher than they were in the '70's and incomes have not risen 1300%. Prices have to come down!!

Malkiel
05:51 PM
Wed Feb 13th
Not good when your audience can't tell your satire from your real stuff--best not to try it on audiences with no sense of humor (that is, readers of financial publications).

As for your modest proposal, great, but the downside is we can all expect to live and die in the houses we currently own because nobody in the future will ever be able to move for lack of a buyer...

John C
09:29 PM
Wed Feb 13th
The fact that some didn't get the joke is especially disheartening in an election year. I commend the writer for using satire to point out the limit of what government can do and how emotional we can get when it comes to property (most peoples' largest investment by far). Hopefully those who "took the bait" will reflect on how much of their election choices will be made based on taking the candidates election promises at face value.

NOT Shirley either
09:55 AM
Thu Feb 14th
Of course he's serious.
And DON'T call him Shirley!

If I had a little more energy I'd transcribe the opening remarks of Sen. Jack Reed (Dem. - Rhode Island) at today's Senate Banking Committee hearing - they were even more hilarious.