Marcus contribution, alternative view
“Our industry continues to shower praise on Bernie Marcus. I hope that all of you who provide the mediums for praising old Bernie remember that much of his success contributed to the demise of scores of mom-and-pop shops.
“I recall so vividly the day the first Home Depot opened in our market. The staff proudly displayed tombstones for each of the independent operators they aspired to bury. I wonder how many family fortunes were lost and workers displaced because of the ‘genius’ of Bernie Marcus.
“It actually turns my stomach to see trade magazines glorify a guy who simply commoditized an entire industry. I don’t see intelligence or creativity there — just old-fashioned greed. Now he’s praised for his generosity. How ironic!”
— Eric Ziedrich
Rebuilding at ProBuild
“My take on what needs to happen (but probably won’t) for ProBuild to turn its business around: First of all, they need to focus on making a profit, rather than a sale. Second, they need to make business decisions based on satisfying their customers, rather than their investors. Third, they need to look long, rather than short term. This is a business built on consistent performance, professionalism and good customer relations. Those aren’t things you can develop in one quarter or even one year. It takes time, money and effort, not just hype, to gain the credibility and loyal customer base you need to be successful in this industry.”
— Calvin Oram
Getting to the bottom of the mortgage mess
“I really don’t think that replying to a question like that in this format will serve any useful purpose. My thought, and hope, is that you folks will forward this to someone in position, and they can echo our bitter disappointment in this whole terrible breakdown of a system, which used to be an anchor to our way of life here in the United States.
“I think that they have about as good a chance as someone [spitting] up a rope. There is simply too much corruption, too much of a supremacist attitude among those who are actually responsible. After all, they feel that the ‘little people’ have no idea how things work (for the mortgage houses), and this money that was lost should not concern the little people. The little people just do not understand how things work. We did nothing wrong, therefore the little huddled masses should just shut up and deal with it. As a major mortgage company, we can do nothing wrong.
“What is the best we can expect? That somehow someone with enough authority and courage heads up this investigation, like Eliot Ness did back in the days of prohibition. Then bring all of them to trial, found guilty, and then serve serious time and return the money they stole back to those who believed and trusted them.”
— Hank Landry
“What are they going to do, investigate all of the home buyers who knew that they couldn’t afford what they were buying? It’s about time for this nation to get back to self-government and personal responsibility.”
“A significant problem involves the lack of incentive for the banks to work with, on an individual basis, the homeowners. I know of several families who would like to restructure their debts and hold on to their houses, and the banks will not talk to them. They keep them churning in the system, even after lawyers and mediation has taken place.
“I think in the long run, the federal government will have to force the banks to write down these loans to a level similar to what the local tax appraisers have valued the homes at, and restructure the loans at these new rates for those homeowners to resume making payments and keep these homes out of the market.
“The banks could write down these losses over five or 10 years. This would have the net effect of letting the market bottom out, and keep a large number of houses off the market and families in homes.”
— Fred Schiebel
“The federal government better look in the mirror and clean house before it wants to pin this problem on the banks. They should not waste anymore of our money. Let the market work it out.”
— Mark Schaefer
“While banks have a good share of blame in the mortgage meltdown — and the subsequent foreclosure issues — no investigation can be complete without investigating the role the government played in pressuring banks to reduce down-payment requirements and reduce lending standards in the name of eliminating profiling. This had a result of allowing people, regardless of ethnicity, to wind up with unsustainable mortgages. I have little hope that any commission will address this issue.”
— David Ward