Well, that was fast.
This is the way stories go in the new world.
There are rumors, an undercurrent about some premise. Then, a couple stories in the media about the original premise. Then, massive stories in the media about the original premise. Then, stories countering the original premise. Then, stories countering the countering of the original premise.
Just about every newspaper and magazine runs these kinds of stories. Similar are the “In” “Out” and “Over” types, sort of like you see in Entertainment Weekly, for example.
(Am I making any sense AT ALL???)
The time length between premise and counter-premise is getting shorter and shorter.
Example #1: Housing bubble. The story percolated in mid-2005. Suddenly, it exploded in mid-2006. The media was all over it: housing bubble will mean massive losses for people and our economy is in trouble. Then, the counter argument started, toward late-2006: the bubble might not be a bubble at all, maybe prices will moderate. Now, the counter-counter argument: pockets of trouble, but that’s all.
Example #2 (most recent): Foreclosures. Similar time frame to the housing bubble, plus six months. The media is just now getting into a frenzy over the topic of foreclosures and sub-prime lending. You’d expect this to continue for at least awhile longer before the inevitable backlash. But, newspapers and TV love to beat each other to a story, so some have already unleashed counter-argument stories.
There were 28,435 foreclosures filed in Colorado in 2006, according to a Colorado Division of Housing report released today.
That is a 31 percent increase from the 21,782 in 2005.
However, while a record in total foreclosures, the filings were 48 percent lower than the 54,747 foreclosures reported by RealtyTrac, a California company that tracks foreclosure nationally. – Source: Foreclosures Not As Bad As Reported – By John Rebchook, Rocky Mountain News
In fact, The Northern Colorado Business Report publication reported that RealtyTrac may have counted the same properties several times.
Whoops!
It’s a dizzying pace of events to go from a topic no one even thought about to one everyone is talking about to one which everyone dismisses as “overblown”.
It’s not just about real estate, of course, in a somewhat similar way, it’s just about any topic of the day – popular culture, politics, etc. Anna Nicole Smith, Deval Patrick, etc. [Ed. original post edited]
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Updated: 1st Q 2018
