The Morning Report
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Monday, Aug. 7, 2006 | A great article by Kelly Bennett. I strongly disagree with Greg Smith’s real estate promotion act. First of all, I don’t think a public official should be advising people on investments. Second, the market is clearly falling, and advising people to buy now is fiduciary irresponsibility. If the market keeps falling, and someone loses money on a home because they followed his advice, could he be sued? I sure hope so! He sold out for money, and there is no worse act in my book than selling yourself out to money, and profiting at the expense of the less fortunate and less educated. Mr. Smith, you are supposed to assess our taxes, not encourage us to buy overpriced homes in a falling market. Ever heard of “asset bubbles” and “reversion to the mean”? Where will you be when the people buying overpriced homes in a falling market with adjustable loans end up in foreclosure? Shame on you Mr. Smith, for betraying our public trust in your office!

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