Whether it is a sound bite or a tagline, I can’t believe what I have been hearing. It seems that as long as the words that are strung together either have no discernable meaning or are not based on reality, the more these words are accepted.
I studied Economics as an undergraduate and Finance in graduate school. In the halls of academia, understanding what I read or heard and keeping a firm grip on reality were very important to me. My textbooks may have been dry, but they were trustworthy sources of information. I stepped out into the “real world” and saw that most of our information comes from the marketing and advertising companies. Remember “____________ tastes good like a cigarette should!” Had anybody ever stopped to think about how a cigarette should taste, or contemplated whether a paper rolled over burning tobacco would ever taste good? I don’t believe so. Admittedly, that was a great ad and most of you can probably still name the cigarette.
The mortgage industry, of which I am a long-term member, caught tagline fever more recently, unfortunately resulting in some of the most obtuse mottos you can imagine. “Nobody can do what _____________ can!” Did anyone ever stop to ask, “What can they do that nobody else can?” If anyone did, he/she might find out that this company could push one of the worst loans known to man upon the public, losing billions of dollars for the company and helping force thousands - if not millions - of homeowners into foreclosure. One line that made no sense was the tipoff to the rip-off, and it went unnoticed.
How about “reforming the mortgage industry one borrower at a time?" There are reportedly 65 million homeowners, and if you start reforming them one at a time, and you worked fast, it probably could be done in a century or two. Did anyone figure the timeframe on that little ditty? More importantly, were we ever told, or shown, what the reform was all about? The company has yet to tell us the secret or any of their results. So then, what did the industry or consumer groups try to do with this information? The answer is the same for all of my questions: nothing.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.