Barack Obama sat down with Today Show host, Matt Lauer for an interview about his economic policies. What do you think of the the content of this interview? Does it answer your questions about the economy, the Iraq and Afghanistan wars and America’s current policies and practices?
Watch below for Part 1 of the MSNBC video and please comment.
Watch below for Part 2 of the MSNBC video and please comment.
On Friday, November 7, 2008, flanked by some of the most prominent names in the economic and business world, President elect Barack Obama held his first press conference. The central topics, the nation’s economy and of course, the “first mutt.” We will blog about the mutt later…for now, more serious stuff looms.
The Obama news conference was followed this morning, Saturday, November 8, 2008 by a radio address with similar content. These two initial events give us hints about the Obama economic model that will shape America and of course, the real estate industry for perhaps decades.
Attacking the Economy Means Controlling the Outcome
The Obama team is going to attack the economy in laser-like fashion. New rules are going to be written that will impact the private sector and retool the way in which those transactions dependent upon credit and lending work.
REALonomics has believed for some time (years, actually) that the real estate industry needed to redefine itself through sweeping consumer-centric changes driven mostly by standards based brokerage and maximum transparency.
What we never knew and could never predict are the bleak economic factors that now give rise to the transformation of our business models and have fueled a meltdown of home values in such universal proportions. Principle: Economic problems left unsolved by the private sector typically invite government mandated intrusions in order to harness the favor of the electorate.
Can the RE Industry Still Write its Own Rules
It is beginning to look a lot like the real estate industry will be shaped not by factors we control but by the policies and rules created by others. We, under the mantle of the National Association of Realtors (NAR), have, for the most part, missed most of our opportunity to define and shape the debate and participate in the rules that will create a “New Real Estate Industry.” NAR’s mistaken endorsement of the $700 billion bailout program has hurt us and created a dependency relationship with the federal government. In essence, we have been placed in the unenviable position of a reactive industry rather than a proactive force.
Do we still have the clout and the courage to write our own rules? Do we have the will power, discipline, leadership and the creative inspiration to recognize that we are on the cusp of a “New Real Estate Economy” wherein we can control the rules that dictate how the industry operates within a consumer-centric era? Have we become an industry, like so many before us, that will eventually become reliant upon the solutions created by a bloated federal bureaucracy that is more interested in centralizing power than in actually empowering people?
The Key Principle behind Rule-Writing
It’s not so much the rules per se, that govern business matter as it is the economic and social viewpoints of those who pen the rules. It’s always belief that precedes policy. What we believe about our industry is different that what Washington believes. There are principles behind rule-writing, always!
The key principle behind rule-writing is simply “BE THE RULE WRITER.”
Here are but some of what REALonomics believes will be the “new rules” evolving from the financial policies that will be put in place during what will be increasingly defined by the new Administration as a “crisis.” A history lesson…bureaucracies flourish best when set in motion during “crisis.”
NEW RULE 1: There will be a heavy emphasis on creating a bevy of legislation designed to control each aspect of the mortgage lending process. This sounds good until we understand the difference between our and Washington’s definition of transparency and disclosure. The new set of rules will further slow the markets while everyone waits to see and then create a whole new layer of regulations and regulators operating in the basement of every mortgage lender.
NEW RULE 2: Crack down will be the new operative language for not only Wall Street and so-called “overpaid CEO’s” but also those within the real estate industry who are not fully compliant with Rule #1. REALonomics thinks that real estate brokers will become targets for industry crack down and the eventual police force for compliance with new lending and transaction rules. In his website Barack Obama has already pledge to crack down on brokers and lenders.
NEW RULE 3: NAR will become more and more dependent upon government approval for the implementation of our industry policies and procedures that have sustained us for decades. NAR, already reeling from the DOJ debacle, will have a mandated hotline to Washington and will need to use it to check-in, seek approval and help implement the new rules that will be written. In essence, NAR could become an extension and purveyor of brokerage and home ownership policies written by the Obama administration, Pelosi’s House and Reid’s Senate.
Although the housing industry is suffering and the real estate industry is under siege, REALonomics would like to encourage the industry to step up to the plate and position itself under a new set of operating principles that can be sent to Washington as a demonstration of our commitment to operating and policing our own industry. We are still strong enough to influence the outcomes if we are proactive rather than reactive.
Let’s continue to remind ourselves that the key principle behind rule-writing is simply “BE THE RULE WRITER.”
Get the full transcript of the Barack Obama news conference and read between the lines.
We are on the cusp of perhaps the most significant Presidential election in our lifetime. Since the launch of www.iVoteAmerica.com and its endorsement by REALonomics, we have been discovering that real estate professionals fall into two basic political camps.
The first camp’s position seems to be “I don’t do politics as a real estate professional, it’s personal and I don’t mix it with business…that’s what I pay NAR to do for me.”
The second camp takes a different approach which might be characterized as, “If not now, when…we need to start speaking up and letting our individual and collective voices be heard in order to impact decision-making.”
As we approach the election on Tuesday, November 4, 2008, REALonomics would like to encourage all real estate professional, regardless of which camp they reside in or what their political persuasions might be to vote.
Voting influences outcomes. A proactive real estate industry that votes is but the expression of choice on a single day. Beyond the ballot box we should be using our individual voices to influence opionion and stake our individual and collective places in the political process. Our individual voices form a type of collective concensus in the arena of public opinion and the national soapbox of ideas.
We can engage the voting public by exploring political social media opportunities that are outside industry, such as iVoteAmerica and other political blogs that reach the general public.
Let your voice be heard by voting and by blogging about the great issues of our day that are influencing the country today and into the future.
Syndicated from iVoteAmerica
Well, by George, he’s given new meaning to “compassionate conservative” by federalizing the banking and capital systems on his way out of office!
Don’t let the swinging door slap you backside on your way back to Crawford, Mr. President.
According to the Bush Banking proposal, nine major banks have accepted the notion of partial government partnership. These banks are: Bank of America, Merrill Lynch, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo.
Watch this video:
George Bush is implementing the G7′s recommendations for government partnership with American banks. In other words, free money from American taxpayers to shore up the international economy.
Is this the new federal socialization of our economy? Bush said, “The government’s roll will be limited and temporary…” Can anyone name a federal program which, after implemented, remained limited or was temporary?
For the full story, visit this morning’s (Tuesday, October 14, 2008) article by Washington Post Staff Writers Howard Schneider, David Cho and Neil Irwin, entitled “Bush Defends Government Bank Investment.”
The following PhotoBlog political post is syndicated from iVoteAmerica.com, a companion site to REALonomics, where you can vote in polls and influence others with your comments about contemporary political topics.
Cast your confidential vote for President at iVoteAmerica.com.
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