Sending the right message
A New Post By Mike Mueller
The Mortgage Vlogger Extraordinaries
Read other posts by Mike Mueller
We all heard yesterday about WAMU.
We all have our own opinions about Option Arms, government bail outs and so on.
This isn't about your opinion.
It's about the message you may be sending out to your readers.
I wrote about the possible upcoming doom and gloom over a month ago.
I even beat Dan Green to the punch. LOL
It's perfectly ok to warn the public, or even other professionals, but shouldn't that warning also have a good dose of reality?
If you blogged about how you closed your checking account before the Fed's closed them down, aren't you just like your uninformed neighbor or fellow tweeter?
The fact is that most everyone who had a deposit in Wamu yesterday has full access to their money today.
What would be your answer if your neighbor asked you, "Is it a great time to buy?"
It wouldn't be the Sleazy Salesman, "Hell Yes!"
Nor would it be the Ostrich, "Are you NUTS?"
I know, because you are a trusted professional, that you have a measured and correct answer to that question based on real facts and figures.
We live in interesting times these days. Remember the public is listening to what we say. Make sure you are sending the right message.
That's all I'm saying...
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I'm guilty of doing a "I'm pulling my funds from WaMU post"...but it had nothing to do with the state of the bank. It was over a year ago and it was about their CEO blaming mortgage brokers for the mortgage meltdown AND stating that WaMU would review any loans sent to them by brokers to make sure the fees were not too high. It was a terrible spin from a bank who was no less guilty than anyone for having a part of the current crisis.
I did pull my funds and opened an account elsewhere. I have not closed the account yet.
Your message, Mike, is great. We do have a responsibility to our readers to not promote panic... we have the news media for that.
Posted by: Rhonda Porter | September 29, 2008 at 09:47 AM
Mike - Very good post!!!!
Posted by: The Mortgage Cicerone | September 29, 2008 at 06:14 PM
Rhonda - That was different. I can't imagine you ever sending out the wrong message.
Interestingly, this video is also up on ActiveRain - 300 views yet not one comment.
Jonathan Miller gave me a nice comment on Facebook.
Tony - Thanks, as always!
Remember, It's a Great Time to BUY!
Posted by: Mike Mueller | September 29, 2008 at 07:38 PM
Off topic...but I hardly ever go to Active Rain anymore...I'm writing on so many other blogs that it has just become a very low priority.
Mike, this is a great post...it's far too easy for people to join in the hysteria and as bloggers who are writing for more than just overselves, we have a responsibility.
Posted by: Rhonda Porter | September 30, 2008 at 11:36 AM