Forget crooked mortgage companies. Forget greedy speculators. Forget lax credit ratings agencies. The real reason for the housing crisis is the media.Toll Brothers Inc. (NYSE: TOL) Chief Executive Robert Toll seems to think that the housing crisis would improve if the media didn't write about it so much.
"Perhaps as the presidential campaign heats up and moves to the front page, negative articles about housing will move off the front page," the New York Times quotes Toll as saying.. "Then, hopefully, the positive underpinnings of low interest rates, low unemployment and a decent economy will raise new-home-buyer confidence."
Fat chance of that happening.
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