The Bair Bitch Project

The WSJ reports: FDIC's Bair Cancels Listing After Cutting Home Price.

The property slump is hitting home for Sheila Bair, chairman of the Federal Deposit Insurance Corp. -- one of the few regulators who saw trouble in the housing market before the bust.

Last week, Ms. Bair removed her 14-room colonial in Amherst, Mass., from the market after cutting its sale price by $100,000 from an initial $795,000 in April, according to the listing sheet.

Ms. Bair, and her husband, Scott P. Cooper, paid $355,000 for the house in 2002. In "02 and "03 they received building permits valued at $89,500 to renovate the 1860s house., including new roofing and a counter-current basement pool.

After listing the five-bedroom property in April, the couple cut the price to $745,000 less than three weeks later, then reduced it again before withdrawing the listing. Ms. Bair's real-estate agent, Stephen Feldman, of Prudential Sawicki Real Estate, declined comment. An FDIC spokesman said Ms. Bair decided to remove the listing and wait for the market to improve on the advice of her real-estate agent.

We've met this bitch before, of course (here and here.) She is stupider than a rock for which one must actually apologize to the rock.

Needless to say, these are the people regulating the financial industry which tells you something about their "acute" financial acumen.

The EE will bet even money that the house sells for less than $355K before 2013. The cow in question is literally that dumb!