Housing Bubble Conspiracy

[Thailandnotes]

"The Automatic Millionaire Homeowner hit the front bookcase displays at Barnes and Noble in March 2006, at the very top of the real estate market and just a few months before the whole thing crashed and burned. Its main message was simple: If you take out a mortgage to buy a home, you will always make money. There is no way you can lose—no matter when you buy, how much you pay or what type of loan you get. And the kicker is: both the book and finance expert who wrote it were bankrolled by Wells Fargo and Bank of America."

http://exiledonline.com/recovered-hi...estate-bubble/

[zoog]

Re: Housing Bubble Conspiracy

"The Automatic Millionaire Homeowner hit the front bookcase displays at Barnes and Noble in March 2006, at the very top of the real estate market and just a few months before the whole thing crashed and burned. Its main message was simple: If you take out a mortgage to buy a home, you will always make money. There is no way you can lose—no matter when you buy, how much you pay or what type of loan you get. And the kicker is: both the book and finance expert who wrote it were bankrolled by Wells Fargo and Bank of America."

http://exiledonline.com/recovered-hi...estate-bubble/

I particularly like the followup about what the book author is doing today: promoting personal austerity so you can still afford to pay those loans.

[vt]

Re: Housing Bubble Conspiracy

I have known David's father, and David for years. I was shocked when Automatic Millionaire came out, because the reckless advice given was contrary to his first few books which promoted saving and cutting spending.

Amazon.com Review

"David Bach's Smart Women Finish Rich is a homage to the financial wisdom of his grandmother; it's also an excellent foundation for women who are starting to get their financial lives in order. Bach's approach to money management is rooted in years of investment seminars for women and his work as senior vice president of investments at Morgan Stanley Dean Witter. During that time he recognized that "people rarely know what is truly driving them emotionally when it comes to money." In response, Bach has written a guide to money management for women based on his belief that "financial planning is as much an emotional issue as it is an intellectual one." Are you considering your values in your work and investing? What part of your daily work is driven by your goals in life? Is your latte habit preventing you from accumulating substantial wealth? Bach addresses tax strategies, wills, insurance, retirement plans, and investments in a highly accessible manner.Smart Women Finish Rich ably bridges the gap between simple saving strategies and preparing for widowhood and financial independence. --Brad Doll --This text refers to an out of print or unavailable edition of this title."

I feel David was co-opted by FIRE, and is paying the price for that error. It sad to have seen a good start as an author fell apart to the lure of greed.