Quote from ByLoSellHi:
Remember all those 'Flip That House' type shows, where some 22 year old with ZERO clue of construction or real estate would overpay for some house (usually by 300%), put 80k into it, typically going 50% over budget, and sell it for a 200k profit?
Remember the young equity brokers that would just pour money into any old fund, back in 2003 to mid 2007, and make nothing but money, no matter what the makeup of companies was?
Remember developers selling lots to public homebuilders, raking in the cash?
Remember the condo king of Miami, Jorge Perez, borrowing 12 billion to build 17,000 condominiums in Miami (before going broke)?
Remember that show, 'King of Cars,' featuring Towbin Dodge, where they were selling 400+ cars per month? I just talked to the largest Nissan Dealer in Texas, who told me he went from selling an average of 315 new cars a month to - 27 last month. Ouch.
Remember when the casinos in Vegas were so crowded you'd have trouble finding a table? Go ask a waitress who fetches drinks working on tips (the scantily clad kind) what she's making now versus three years ago.
Remember when Mortgage Brokers who didn't finish high school were making 600k a year? Or that Porsche dealer that was the biggest in the country in Ventura County, California, home of the subprime mortgage industry, that closed down as former mortgage brokers were leaving their unpaid Porsches on the lot at night with the keys under the floor mats?
Yeah, those days are loooong gone.
The problem now is that bubble that is now deflating is leading to massive deleveraging which is hurting the people that do know what hard, honest work is, and have been doing it all their lives. These people are getting crushed, now, too.
Yeah, those days are looong gone.
