Eugene David
...The One-Minute Pundit

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THE NEWS HACK'S CREED:
I know more than you.
I make lots more money than you.
I'm smarter than you.
I'm sexier than you.
I appear on TV all the time.
I work ten minutes a day.
I rule the universe.
I'm going to live forever.
You are an idiot.

THE NEWS HACK'S CREED, No. 2:
A lie isn't a lie when it tells THE TRUTH.

THE NEWS HACK'S CREED, No. 3:
I've come to realize that the looseness of the journalistic life, the seeming laxity of the newsroom, is an illusion. Yes, there's informality and there's humor, but beneath the surface lies something deadly serious. It is a code. Sometimes the code is not even written down, but it is deeply believed in. And, when violated, it is enforced with tribal ferocity.
--JOHN "OMERTA" CARROLL.

THE NEWS HACK'S CREED, No. 4:
News isn't news when we don't report it.

PERMALINKS:

THE NEWS HACKS' DICTIONARY

THE EUGENE DAVID GLOSSARY

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Friday, May 19, 2006

Posted 6:23 PM by Gene

The housing -- well, it isn't quite a bust, but it isn't a boom any longer -- is one of those topics that gets the Gordon Gekko con-SER-va-tives fuming. ALL THAT NEGATIVE TALK BY THE PRESS STOPPED PEOPLE FROM BUYING! they scream. Rampant speculation had nothing to do with it; nor, we can be sure, did building twenty million condos.

As in MIAMI:

Empty condo towers are almost as common as palm trees. Speculators had assumed they could flip the properties before closing. They were wrong.

In downtown Miami a spanking-new 860-square-foot one-bedroom condo at 335 South Biscayne Boulevard has a skimpy cap rate of 3.5%. You can rent it from Realtor Jorge Rico for $1,700 a month or buy it for $385,000. Rental income is likely to head downward as still more condos are tossed into a renter's market. As speculative owners struggle to pay mortgages out of meager rental income, for-sale signs will go up. Single-family homes have also been overbuilt in Miami.

TRANSLATION: RENDELLISM HAS ITS LIMITS.

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