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"The Media" Replaces Bill Clinton as the Generic Villain

Reported by Melanie - December 26, 2007 -

Tom Adkins has been a Fox "business news" fave for years. He looks like an aging hippie (see video below) but he is super conservative. Fox identifies him as a real estate broker but they rarely tell their audience that he is also the founder of CommonConservative.com and they never tell their audience that he's married to Fox's "senior business correspondent" Brenda Buttner.

Adkins hasn't been on Your World for a while but he was back today (December 26, 2007) -- brimming with conservative fantasies. Terry Keenan was the substitute host and she moderated a discussion about falling home prices, wondering, "Is it time to buy?" Appearing with Adkins was financial guy Gary Kaltbaum.

The discussion touched on today's news that U.S. home price declines "accelerated to record levels" according to the S&P/Case-Shiller index. "The three-month annualized rate of decline was 11.7 pct.," the most since l991. Think about it -- a decline of almost 12% in three short months.

While Adkins argued that "We've hit bottom or close to it," Kaltbaum said, "We're not done yet. There's more to go." Kalbaum predicted, as does most of the reality based community, that the decline will continue, "through 2010, 11 and 12. Maybe even further than that."

After Kaltbaum explained that if you study "bear markets in housing," you see that it "takes many years with a lot of s's and I think there's going to be more to come...more of a buyer's market to come," Adkins laid this on the audience:

I'm not going to say you're wrong about that it takes some time Gary but, um, keep in mind that I think if you're an investor, you want to see how we got here in the first place, and here we are in the best economy in American history. Ten percent in income growth for five straight years [has your income gone up 50% in the last five years?]. Why would housing go down? The reason was 'cause this is a media generated event. There's always foreclosures. There's always subprime issues. They typically get snapped up when, you know, appreciation happens and some in the subprime mess will sell their houses and they'll barely escape out of it maybe but it's still a good deal. But this is a completely media generated event. The media has scared people into not buying houses. That's what's happened.

Here's video.

Comment: Well, hey, the Adkins crowd is, ah, moving -- not necessarily forward -- but they're moving. I'm not a Clinton lover or a supporter but I guess wingers like Adkins do eventually crawl along, in their own way, as "the media" is now to blame for all that ails us and Bill's popularity as the generic villain seems to be waning. But far be it for these corporate liars to tell "the folks" (you know, the people Fox claims to be lookin' out for) the truth, and to hold their friends, the Federal Reserve, the bankers, the hedge fund managers, the Treasury Department, etc., accountable for this ballooning disaster.