There's another part of the issue Dr Reich didn't include. Daily, the local news reports on the housing crisis in this area. On the other hand, I daily get phone calls, texts, email messages, letters, and postcards from corporate home buyers asking if I had considered selling. I even see crudely lettered signs nailed to local telephone poles offering top dollar within 24 hours to buy your home. Of course, that's driving property values up. We just had our property values reassessed and mine is now 4 times higher than what I bought if for - a scant 10 years ago! That has a hidden impact not discussed in Dr Reich's essay, but touched on here:
Shades of "gentrification" - a part of the "housing bubble" of 2008, Dr Reich mentions - that drove low and fixed-income folks out of their homes because their property value got so high, they could no longer afford to pay the taxes on those high-valued properties. So the corporate home buyers moved in to relieve them of their problem - and their property.
And then comes the problem of finding somewhere else to live on a moment's notice, with all that hot cash in hand, which is about 1/2 as much as what you'd need to get into equivalent housing, because they're being sold by the same kind of people that bought yours! And then, there are the taxes!
"Top dollar" is actually 60% to 70% of your home's value if you sold it through a real estate agent. These sharks are looking for desperate homeowners who need quick cash to deal with loss of their job, medical needs, etc. Another case of the rich ripping us off.
Agree...My friend just payed his real estate agent.$26K on a $600K unit. That is the after tax income of a teacher. it was three days work and a photographer.
If the real estate fees are lower I suppose it is good to shake up the realtors. But it makes me uneasy as it is more of the same venture capitalist model of consolidating local like-businesses into one or a few powerful corporations with the sales pitch of lowering costs.
Meanwhile they drain local economies of tax revenue and removing local knowledge.
Careful what you wish for! What do you think? You know more than I do.
What drives the housing market is "the ability for the mortgagor to pay". One problem however, is that the lenders increasingly raise the qualification ratio. (Income vs. debt). This is one of the causes of the 2008 Global Financial crisis. Housing is like any other product, prices are determined by supply and demand. Every product has a cap ceiling. The supply is very low right now because the Federal Bank lending rate is high. Housing was and is the only 'product' right now that is truly in a recession. Yes, Banks continully prove they are the dastardly villains but it seems current buyers have accepted (along with the banks) that these inflated housing prices are going to hold. Dumb consumers with money make for good customers.
I think the problem might be that people can’t wait out the situation. That’s why they accept it. As terrible as it is, this might be the best they can get.
Good for California. I don't live in California. I live in the red state of OH. Do you know that 9 of the 10 poorest states are red states, whose residents don't see any improvement in the economy?
prop 13 is not good, it means people don't move, they're stuck in their homes so there's no turnover. It's not equitable to their neighbors who just bought. I live in the other poor state which is blue. There are programs for those who qualify to get subsidies to buy homes. The city of Santa Fe is buying up hotels to create semi-permanent housing (better than a shelter). The ACA is very helpful here to those who can't afford healthcare.
A fact that we are never told is that according to FBI stats per capita red states have higher crime rates than most blue states. Yet they are anti union ,anti national health care anti regulation . I live in NYC but in the only borough that is Republican . We have a very large number of city employees who belong to unions and they are anti union ,except for their unions . I got mine to Hell with everyone else !
I’m sure that’s true. As I said above, I was against Prop. 13 when it came out but frankly, we would have a hard time affording our house if it weren’t there. We pay more than $9k a year for our property tax. It’s hard to imagine being able to afford more.
I support Prop 13 and would vote to continue it were a new initiative to repeal it proposed. Just because lots of people want to move to my neighborhood, raising the market value of my home, is not a reasonable basis for my property tax to increase. I am OK with its application to commercial property as well.
actually, in most states, property taxes gradually rise. prop 13 is essentially rent control for home owners. It makes no sense that the tax payer has to subsidize private businesses either... that's why Macy's in Union Square in San Francisco sits there, an outdated shell taking up space.
Interesting perspective. Yes, Prop 13 is "rent control" for a portion of the cost of a home. One reason to buy a home is to be free from increasing rent. Instead one builds one own equity instead of a landlord.
Good point! My parents, and even MYSELF, regularly recieve robocalls and even REGULAR calls asking to buy our house . . . wasn't Our dear Katie Porter working on a bill for that?
The Franklin Co Auditor has been much better at at explaining that to the constiuents. But what can you expect from a Republican owned State government?
As a condo owner and member of that board we are trying to find a way yo ban sales to any corporation. That said, the community's developer still owns 26% of the units as rental units. We do not allow short-term rentals, but if corporations owned a big share of our 100 unit community, I have visions of rising fees and costs of exterior maintenance.
As you know, that can’t happen in California. The amount property taxes can increase per year is limited by Proposition 13, which was passed by anti-tax activists in 1979. At the time I was against it. I’m kind of glad it’s there now though. Property taxes are 1.25% of the selling price. My cousin in Texas whose house is worth less than mine pays way more in tax than I do.
Something I think I failed to make clear. It's not really about the tax. It's about the artificially high property value - the tax basis. The tax is about a mil, for schools & potholes, etc. I'm good with that. Just don't get me started on the goddam >charter schools!< (An old Republican wet dream!) The tax is around a mil, and if the property values hadn't ballooned, it'd amount to about 50 bucks a year extra. I can live with that. But as valued at 4 times what I paid for it, that's about 200 - 300 bucks a year to add to my monthly mortgage payment. That becomes noticeable on the fixed income of a blue-collar retirement. If I get any wealthier, I'll go friggin' broke!
I will have to look into this book. I have not read of many, if any but Countryside Mortgages' owner going to jail. Also one of the reason these types of crimes are so attractive to banking types, if no one goes to jail or is not brought to justice it is just an invitation to do it again.
Back in the mid 00 before the Banking Crisis of 2008, I too was wondering what was happening, housing prices were rising and people were refinancing like crazy yet the rest of the economy was steady, wages weren't going up so the housing market seemed irrational. I didn't realize what the investment banks were doing other than obscure arguments on derivatives and CDOs but things really got crazy before the bubble burst: Goldman Sacks betting against the very products they were selling. And to the extent they were playing this market and pitching country's like Greece ( of course they are secure they are backed by mortgages-sheesh!).
Shared to do just that! Toxic capitalism has prospered for far too long. If SCOTUS rules against executive branch regulations, the legislature must be willing to take the baton. That means voting blue.
Any one know the HR# and SB# for the legislation? I’ll write, will likely receive back the usual form letter from my Blue Congresswoman and two Blue Senators, one of which is a place holder. The other two will only ask for a campaign donation in response. I got real responses prior to redistricting when I was in Red districts, probably hoping for a convert.
Wall Street buying single family houses instead of individuals buying single family houses for a place to live will have a negative impact on the local home improvement market and the "look" of the neighborhood. When people buy a home, they put their money and "sweat equity" into the property to improve it -- a new kitchen, landscaping, painting the exterior, etc. Wall Street, to maximize profit, will put in just the bare minimum to maintain the property in a condition to be rented. The result is less work for local people who do home improvements and sell building supplies and an uglier neighborhood.
has not, will and has ruined neighborhoods... I cite Oakland California where there are tent cities everywhere. These are working people with solar panels on their tent roofs who go to work each day and have developed rule of law in their tent villages.
Switch to independent Janet is not only electing Trump, but empowering the banksters.
The powers that be use independents as a tool.Think of all of the suckers who will vote "No Labels", they are really voting for Wall Street, the money powers, and helping elect Trump and what ever Wall Street phony's running under the label.
I agree with that Janet. Biden and the DNC are their own worst enemies. They don't know how to fight, or are afraid to fight, and worse they are as hungry for and obligated to the mega donors as the RNC. They haven't ,learned a lesson from Bernie, who actually out financed Hillary from folks like you and I. Except for the dark money PAC's
That is the problem with politics. It is all about the money. Money talks and politicians walk.
We are lucky that anything that helps the people and heals society gets done.
If the Dem's don't cave and toe the line, then the money powers line up to take them down, while simultaneously funding the Republicans.
Culturally the Republicans and Democrats have switched sides, and that started with LBJ, but when it comes to business, meaning taxes and regulations, the two parties are still the same old parties as they were since their founding.
This is true but the Banking Crisis of 2008-09 was brought on by the CDO market. Collateralized Debt Obligation or CDOs and their infinite variations. The CDOs were also " insured" that almost ruined AGI. These " structured financial investment" product were then sold to everybody as a "safe" product or fund for their retirement like teachers union and other large pension funds. I recall the advertisements on TV prior to the crash: re-fi your mortgage and get cash out ( as the housing market spiraled up&up) and it was also reported people refinanced their homes frequently and losing them when they could no longer refinance them. People were mislead and robbed, no doubt about it.
RV Maxima : Thank you for this! I was hurt in the "Sub prime" crisis. The way I read it, risky gambles were bundled into "instruments" that were full of "other people's money". The bubble burst and lots of people lost . We lost our house (which had issues, structurally). And had to declare bankruptcy. My brother lost 40 k on his mutual funds investments. It was hard to learn of CEO' bailouts and "Golden Parachutes.
I recall that the Fed via Greenstreet and others making it ILLEGAL for the AG of the States to not reject or decline what the banks were offering and Bush made it so. Unforgivable.
When this was hitting the fan there was a presidential election on going. And, as optimistic as I was that Obama was different I realized he would not or could not stand up to the banks. The GOP Speaker of the House ( Boner) that had a preponderance of doing a crybaby routine, just let the banks know, no worries-$$ (after Obama won, but banks were suspect) and support would continue. The banks, the large ones were willing to play either party, was my realization at the time.
What is different now? Not a lot but I do believe there is a large enough amount of corporate players and financial backers willing to support a CORRUPTED GOP, not just a mere greedy bunch of players. Some will go along to get along but most certainly there are those totally willing to support an actual change to authoritarian movement.
Once there is $ play to pay it isn't long until our system is played/paid out. That this likely started with Reagan but got to where are now... well it is happening.
Hi Janet. It takes two parties to make a loan, the borrower who lied about income and the lender who loaned the money without verifying the income of the borrower. Maybe an appraiser was involved too, I don't know. There were many players in this scam, including bankers, brokers, bond rating companies, insurers, and government officials who thought the marketplace did not require regulation. None of these despicable acts supports a future benefit were a hedge fund not to be able to buy homes. None of these acts prove that capitalism is rotten but does show proper regulation of capital markets is required.
We need to Fight Like Hell to give America back to the average working people!
Here is a Warning:
If Trump and his band of followers are not stopped by the courts, before the presidential election, they will rig the election! They tried and came so very close in 2020. If not for the VPOTUS doing the right thing, Trump would still be president. Behind the scenes they are scheming a foolproof plan to make sure they win this November!
We can and will lose our democracy if the judicial branch doesn’t stop them. Jan 6 was just a despicable sample of what they are capable of doing!
The deplorables will never accept President Biden and his administration. Many of them, unfortunately, are members of Congress. Certain Republicans are calling the Jan 6 criminals hostages! Many of Trump’s base have said “maybe we need a dictatorship!” (Ignorance on Steroids)
These people need to watch “BEYOND UTOPIA” on PBS for a great example of what they would be in for.
Keith Olson ; Yes, it would be Great to see real justice which is overdue. Once tfg is 'taken care of', (hopefully), It will be time to remove the other traitors, like Marjorie traitor Greene and other MAGA election deniers from their Congressional seats! They violated their oaths of office, too! They are killing Ukrainians by withholding promised aid for their defense. They should not have that kind of power! Also, we may see improvements in the quality of representatives when seats are flipped. The bills to get Wall Street out of our homes may have a chance to get passed!
I'm no genius and that I will agree to, but how in the hell can people be so ignorant. The problem on our Southern border is "Mexico's" not ours. If the Mexican government would patrol their side of our division, we wouldn't have a border problem. The question is, why won't our Southern neighbor do their part to keep immigrants away from getting their feet wet. The answer lies with the relationship the Mexican Government has developed with the cartels. Are they afraid to act because of the tremendous amounts of money these sick groups are making from the movement of illegal immigrants into this country. Because of this, they have become fearful of the consequences if they begin to stop the flow of people from the South to the North. Find a way to force Mexico to patrol their side of the border and our problems would be solved. We don't have a problem, Mexico does, and it's the relationship they have developed with the "Cartels" that stands in the way of us solving our border issues.
2. Mexico is a sovereign nation, and is now our number 1 trading partner. Bigger than China. Private US companies created maquiladora industries that are in direct competition with US labor. As a country, we have a lousy record dealing with internal Mexican affairs. . Mexico already has one of the largest immigration detention systems in the world, employing several dozen detention centres—euphemistically called estaciones migratorias—and detaining hundreds of thousands of people every year. While the COVID-19 pandemic spurred the country to temporarily release many immigration detainees, intense pressure from the United States and continuing migration from turmoil-wracked Central America have helped drive up detention numbers, which surpassed 300,000 in 2022.
3. IMHO many migrants are SENT to Mexico from Asia, Africa, etc. Who (the hell) is sending them? Not too tough to find out!!!
4. Refugees seeking asylum have a right to come.
5. From Robert Hubbell:
The Congressional Budget Office released on updated report on the estimated deficit over the next ten years. Many factors put upward and downward pressure on the deficit. Of particular note is the role that immigration plays in economic activity and tax revenues. The CBO Director writes the following in his report to Congress:
In our projections, the deficit is also smaller than it was last year because economic output is greater, partly as a result of more people working. The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.
As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and [tax] revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending.
Conversely, the aging population in America puts upward pressure on deficits—a demographic factor that can be offset by—wait for it—immigration. So, next time someone tells you that “immigrants” are a drain on the American economy, you can tell them that immigrants will contribute $7 trillion to GDP and $1 trillion to tax revenue over the next ten years.
Undocumented immigrants pay into social security and receive no retirement benefit. The recent news cycle about immigration reform on PBS news did not explain the details in dispute.
True in part. Many use fake names, or use someone else's earning record. In that case the employer contributes. Many, if not most, work "under the table" and the employer does not contribute.
Daniel, I have read that the SSA provides placeholder IRS numbers to allow employers to pay SS tax for their undocumented employees who have no SS numbers. I have not researched this question myself.
A couple of weeks back I saw a photo of migrant males huddled around a fire on the Mexican side of the border, the photo was, of course, designed to evoke "pity", one of those "migrants" was a Sikh, complete with turban.
How many Chinese, Africans, mid easterners are flying into Mexico, and then showing up at the border.
And if these people are so impoverished and suffering, where in the hell do they get the thousands of dollars that it takes to get to the border of the US and even Europe.
That's the problem with people, Daniel, they see and hear something and react or rush to judgement without thinking. There is a dearth of critical thinking skills, and not just on the right, but on the left as well.
Non thinking fools take what they see or hear in the media for granted, and react accordingly, even believing the lies and propaganda.
They actually believe that "poor Venezuelans" in designer cloths with kids carrying toys, have made the trip, on foot yet, throught the jungles of Colombia, through the dangerous Darien Gap (a place that I, a war trained vet) would not dare go (nor any Panamanian) and then walked across the isthmus, crossed over the bridge of the Americans and then walked the thousands of miles, through 6 customs stations, to arrive at the border all clean and nicely attired, looking healthy, well fed, not bedraggled and dirty.
Then there are the Cubans, Haitians, Africans, Asians, Indians, Muslims who somehow managed to get passports and visa's to enter Mexico, come up with the money to finance the trip and pile up on our southern borders, and we are suppose to feel pity for them because they are seeking "asylum". as if America has an employee wanted banner at the border.
Problem is that at least !% of these "asylum seekers" are not even seeking an opportunity to improve their position. They are subversives on a mission.
Like those Sikhs on mission from Modi, to kill opposition Sikhs in Canada and the US, there has been Pakistan and Muslim "asylum seekers" or visa holders that have come here to kill apostates. There was a case of that in Arizona a few years back.
Not to mention the thousands of ready made religious warriors from the mid east
A lot of the migration has been promoted by the right wing media. I read that Faux News has mentioned open borders over 3000 times! When these people heard over and over that we have open borders they hi tailed for the southern border.
Your comment begs so many issues. Why would Mexico intervene when the United States ultimately provides housing, food, medical care, education, work? For free. Who is responsible? Or, put another way, irresponsible? The person who gets it or the person who gives it away? Why is this Mexico’s fault? Why do people, born in one country, flee to another? Like it or not, the U.S. is the “end of the rainbow.”
Jaime--We have things Mexico needs and wants, if we apply the proper pressure, I'm sure a path could be found to stop the flow of illegals from even getting to the border. Every country that shares a common border has agents on both sides to stop the unwanted crossings from occurring. I live near the Canandian border, and both countries control their own respective sides. Why do people want to come? that is so obvious the answer needs no explanation.
Having lived on Mexico's southern border, we should provide the funding to close Mexico, Guatemala and Belize's borders and to stabilize Latin America i.e stop the push factors. Folks flee their homelands to the USA because they hope for more peaceful and prosperous lives.
garry--The Southern border of Mexica is the place where the travelers should be stopped and turned around. If they want asylum in this country, they should first apply in their respective US consults in their home countries. If accepted into the program, they can make their way to this country.
Here is the thing. Border control, passports customs, all countries have them, save the EU.
I drove the PanAmerican Hiway and had to show my passport and have my car inspected at every border.
So how are these people able to transit all of these borders without passports and Visas?
You couldn't, I couldn't, he and she couldn't, but they can. Why?
Why is Mexico permitting the entry of these people, especially via the airports.
It isn't just poor Hispanics looking to enter the land of paved gold streets, there are people from all over the world flying into to Mexico, catching a bus and showing up at the border.
Lee---From what I've heard it's the cartels who are calling the shots. They are collecting huge sums of money be letting immigrants pay for their ability to travel through these respective countries. Some cartels make travelers wear bracelets to signify their payment to these groups.
And that, Donald, raises the question, where do these destitute and impoverished job seekers, get the money to not only travel, but to pay off the gangs, that harass them along the way?
This is a question no one is asking.
They say, for instance, that it takes about $5,000 for an African to get into Europe,and that the price of the boat trip can be thousands. so where do these destitute impoverished people who are starving at home and can't find food and shelter, get all of that money?
Americans are rich by the world's standards, but can you provide me an example of a homeless person living in a tent under an overpass that can scrape togethet thousands of dollars, now multiply that times a million.
Europe and America can not absorb all of the worlds problems and still be Europe and America. Western civilization and it's freedoms and economic health is on the verge of extinction, so live it up while the sun still shines. I'm 85, so not my problem.
"I spent 33 years and 4 months In active service as a member of our country's most agile military force – the Marine Corps. I served in all commissioned ranks from a second lieutenant to Major-General. And during that period I spent most of my time being a high-class muscle man for Big Business, for Wall Street and for the bankers. In short, I was a racketeer for capitalism. … Thus I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. … I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-12. I brought light to the Dominican Republic for American sugar interests in 1916. … During those years, I had, as the boys in the back room would say, a swell racket. I was rewarded with honors, medals, promotion. Looking back on it, I feel I might have given Al Capone a few hints. The best he could do was to operate his racket in three city districts. We Marines operated on three continents."
Maj. Gen. Smedley Butler, USMC, two-time Medal of Honor winner
Greg, interesting comment from Dr. Butler. In China when the Kadoorie and Sasoon families, described in the book The Last Kings of Shanghai by Jonathan Kaufman, "rented" the British Army to force the Chinese to accept sales of opium to its addicted population, 1842-1949. I would feel better were we to rename Dulles Airport after reading the Devil's Chessboard by David Talbot.
You're right. If Mexico did an nth of what the U.S. does to keep waders out of the Rio Grande we could free up untold resources for other parts of the country, and it would go a long way to avoid closing the border both ways.
Yeah then we also get those damn pesky Ancestors that Came from Europe in the 1600s sent back ...and let the Native Americans reclaim there country! Hypocrites@
Brent Lambi : Most of US are immigrants. It is absurd to blame the latest waves of those seeking asylum. The history of the world is conquest. That does not excuse it. There are ways to assimilate newcomers that is much more humane than what history shows. I refuse to feel like a hypocrite because I live in a town that is built on ancestral land to so many Native Americans. Many long gone. Treaties should be honored, where applicable. But We can use the new workers. Reform of our immigration laws is needed. Vote blue 💙!
It’s quite a dilemma for those of us who aren’t Native Americans, Laurie. Should I split myself into four pieces and go back to Poland, Lithuania, Ukraine, and Belarus where my grandparents came from and ease my conscience? It’s almost impossible to make things right at this late date. As for the people coming in now, I feel that as long as they’re not criminals and terrorists they should be allowed in. My two cents anyway.
Paula B. I agree; My forebears are from England, Ireland ( County Kerry, the Dingle), France and Canada. I agree that there should be a fair and orderly humane way to process new applicants arriving at our borders. Mr tRump's plans for concentration camps is very unsettling. I may have mentioned having a great grandmother who was called by some in the family "the Indian". I never met her as she was gone long before I was born. I have never identified as a Canadian native Cree, just the great grandmother, who may have been mixed race. We don't choose our ancestry. Accepting our neighbors is important. I try to treat others as I would want to be treated. I don't think anyone should be called hypocrites because of how we all ended up in the course of history ; especially if we had no say in it at all.
Asylum seekers are folks who are fleeing for their lives. 99% of those people seeking entrance are not asylum seekers, but folk seeking to financially improve their position.
And this country can't solve it's own poverty problem. homelessness abounds, in part because of the situation that RR describes in this article.
We have our own citizens who need government assistance to live, and the Republicans are letting them starve and die, so how do we share scarce resources with a growing crowd of migrants when we can't take care of our own people?
Lee Markland : I was not ever suggesting that we just open our borders and give every asylum seeker a free ride. I believe that "charity begins at home" my post is not an exhaustive treatise on the immigration challenge. Nor am I an expert on the specific issues on our Southern border.. it is frustrating that attempts to set up entry places where those seeking asylum can be evaluated safely.. it looks like those who backed out of the recent border agreement are part of the difficult problem that seems unsolvable... I think there must be limits, like many other countries no doubt have. Humane treatment should be part of the practice.
Bruh, let's talk about who has or might make my life better. Blue sky thinking about our misery due to current leadership is like chasing rainbows -- get a lot of exercise but get nothing done.
Really, how about those people who fly in from India, Asia, Venezuela, the Mid East, Africa and catch a bus to the border. First off it cost big bucks to do that, second they need a passport and a visa.
And yes they are coming from all over the world to Mexico to get to our border and get entrance.
And? So, they sell and save everything they have for one chance? And they still believe in the American dream which we know is not a reality for everyone. I'm sure if you took a poll they would rather stay in their own country with their family and friends. Think how bad it must be, and imagine, some day it may be that way for us in the US.
True, but America is not the employer of last resort, and we shouldn't be forced to accept the worlds unemployed.
And we are definitely headed in the direction you suggest, and flooding the zone with the worlds destitute won't help.
As Daniel Solomon said. We have an aging population (moi for example)_and America needs a replacement work force, but we need more than nannies, and fruit and vegetable pickers, unemployed and unemployable people have no choice but to commit crimes to live.
Clinton when he signed the Omnibus Crime bill created a school to prison pipeline for the unemployed he created when he signed NAFTA and GATT.
One of my great concerns is that they won’t wait until November to try it. If they did it sooner, they’d have much more of a surprise factor and the time between November and the January inauguration is very short. It’s risky for them to wait that long and even riskier for us to assume that they will. I just hope we’re ready just in case. I live in a very red state in the Deep South and I’m very concerned. Not really scared, okay a little but trying to get prepared just in case. The preparations aren’t cheap though but I’ll get as close as I can. There are plans already in motion. I’m certain of that. Stay safe everyone!
It already looks like the Supreme Court isn’t going to follow the Constitution and prevent the orange blob from running (is anyone surprised?). You’re right—we’re on our way to disaster.
No, they likely won’t but I don’t think they’ll give him immunity from prosecution though. It could strip them of their power and they love their power. If we prepare and stick together we’ll get through whatever’s comes. Democracy is worth fighting for because the alternative is unthinkable.
I’m 65 now and don’t think a Scottish lad is going to sweep me off my feet. Otherwise, I would be gone. I have a dear friend who married a Brit and moved there 22 years ago. She’s very happy there!
I cook. I love ale. I love rain and wind and reasonable rent/insurance. I’ll take bland food to get away from the christofascists anyday. And I have friends a couple hours away in the UK by train. So, to each his own.
Scratch Canada from the list. They just extended their two year ban on foreign ownership of residential property. They see foreigners coming in and buying houses as a reason their home prices are skyrocketing.
In a way like you would for a Hurricane or other natural disaster. Non perishable food, water, baby or pet food if applicable, flash lights, battery operated radio, phone chargers, small generator, cash on hand in case banks close down and cards don’t work, security for your home, good locks, security system, have a plan for going to the safest place in your home and yes, weapons because they’ll have them if things get ugly. Certainly I hope none of this is necessary but maybe minus the guns if you aren’t a gun person, all of this could be used for other purposes if none of this happens. Oh and if you buy weapons take a course in gun handling, safety and shooting. It’s not intended to cause panic. In fact, just the opposite. Most everyone feels better when they have a plan. You can bet if anything like this happens they’ll have a plan. Hopefully there are law enforcement agencies watching for terror cells and anything that starts gets shut down quickly. I know it sounds like a conspiracy theory or something crazy but I have a friend who is ex military and he believes this is a very possible scenario. Hope that helps.
As a 'Nam era vet and having lived in Mexico and Latin America, many of those who will be fleeing will continue to be women and children. Our Mexican pueblo made sure that there were plenty of diapers when the last caravan come through...
Keith, we really are at a frighteningly critical point for this country! You are so correct- we must fight like hell and we MUST win definitively! These are more than just deplorables, they are seditionists and Putin-supporters working FOR the DEMISE of US government. Dictatorship-ignorance on steroids…🎯
Or read Project 2025. Yes, there is a real and present danger to our democracy and people like Tucker Carlson joy riding in Russia with Putin can't wait to rig and steal and brain wash "the base" or rather the Trump cult.
Here is where the plan fails: Citizen's United has given corps the right to own homes like the rest of us. The Dem bill is DOA. Repeal Citizen's United and strip all rights from Corps who want to kill us, after sucking all our lifeblood and tossing us in the street.
Even if the Dem bill is "DOA", it is good that it was introduced. Knowing that Congress is even thinking along these lines and may impose limits in the future puts a damper on risk adverse Wall Street types when it comes to buying houses. They hate losing money, their god!
I have a Republican rep in the NY Senate, Jim Tedisco. I occasionally write to him, very carefully describing the reasons *why* I think the way I do. When he disagrees, he says "thank you" or "I'll bring this up with my conference" (other R members of the Senate).
No matter our policy differences -- and there are many -- I still think it's good to think carefully and write with as much clarity as I can.
Jigs Gaton ; Our local bank charged interest on our mortgage that was equal to the cost of our home. It's not just the big corporate banks that gouge us.
If one carries any mortgage to term, if that term is 30 years you will wind up paying more than the principal. credit cards are the worst, if you pay minimum due, you are in debt forever, and leave that debt to your estate, which means your estate.
Never, even when mortgaging, make minimum payments.
Exactly. That’s a great start. Then boot the MAGA freaks out of office and institute the Fair Doctrine Act to show BOTH sides of every story and that’s only the beginning. Read yesterday’s article by Michelle Goldberg abt Poland who just booted government takeover by Christofascists and the efforts to rebuild. The final straw? They took away women’s bodily autonomy. The polls numbers were astounding. Suggest hounding that idea home and scream it from the rooftops!
Jigs ; Just vote blue. May see improvement. There are laws on the books that are not enforced. Maybe some day, with enough public education, we will see voters motivated. If it hurts enough: pain can be an inspiration. Or just wanting a better deal.
Janet Adams : way to inspire me to read the "TED talks"! I'm not convinced it will be worth it. Signifying about my occupation is snarky. Even hateful. Gaslight someone else in another forum.
Janet Adam's: I sometimes write long statements: are you suggesting that short ones are the only proper ones? You did not mention my name in your reply, but it came into my inbox as one from you. I am a Master in my trade : 40 years worth of barbering. I still work part time. If you were me you might not think your remark about hairdressers was friendly. It sure looked like a put down. As if a lowly hairdresser can solve the problem of greedy bankers! Do you think I should not post so many long comments? Not that I care : I will post to my heart's content! I'm a paid member.
Power Corrupts ; No thank you, I'm too busy just trying to survive to serve on your focus group; especially if it's totally TABOO, ( and most likely hard to measure and quantify and "0 to 10% accurate" It would definitely be a tough slog! ). Hang in there, and good luck!
If only the Democrats would get messages like this one (both acknowledging the obvious crisis, Wall Street’s direct role in it, and the Democrats’ plan to address it) this country would not be poised on the edge of an authoritarian takeover. Going back even further to 2008, if the Obama Administration had only decided to bail out average Americans instead of the big banks, our middle class would have been saved. Shameful on both counts.
Spot on. I wrote one of our Montana US Senators on the Banking Committee that we should let the FDIC take down those banks that were lining up for a bailout. He disagreed. I agree with you James!!
Charles Kent Fredenburger : I think Obama had to work with those who were the type who would assassinate someone who not only looked like Obama. But rocked their boat. MAGAs did not just materialize out of nowhere!
First and most important thank you for your work on this and your work over the years.
As is often the case, I wake up in the middle of the night to urinate, most times I go back to sleep, but too often I doom scroll, I suppose your post is not technically doom scrolling since it seems positive. I suppose it is click bait.
However it is not my getting the sleep I need.
I have been told that that I need to leave where I am living in few months. I need to find a new place to live. I do not know if I can.
I am not a young person. I am 69 years old but have a variety problems that are preventing me from doing what I need to do to get housing.
I think that the USA and perhaps the world has become increasing dysfunctional more and more people are finding it hard to survive, much less thrive.
To be sure some people are thriving, but most are not, as least as far as I can tell.
I hope I am wrong, but I don't think so.
With that I am going back to bed.
I hope that when I wake up, I find withing myself the gumption to make my life and the world better.
You have taught that even if I think I cannot I must try. . So far, it has not worked.
Fred, I was pleasantly surprised that you are posting again!! I want to tell you a story that I heard (I can't remember where). A little boy had come home from school with a black eye and bruised lip. He complained to his grandfather and vowed to get even. His grandfather sat him down and said inside all of us live two wolves. One is anger, revenge, hate and evil. The other is love, hope, faith, compassion and understanding. They are often fighting. The little boy asked his grandfather who wins in those fights. The grandfather replied, "The one you feed." Don't feed the wrong one, Fred. Hope your day is good and tomorrow even more promising.
When you experience homelessness because you have become ill and can not find a safe place you can afford to live, the world becomes quite dark. The US has chosen this for decades after deconstructing mental health and substance abuse care in the mid 1990s and with rents climbing to record heights, physical illness drives homelessness as well. WE did not get here overnight. Aphorisms loose their punch in these circumstances.
Exactly! It was a government choice. Throw people out of mental hospitals, let housing & rent prices skyrocket. Keep minimum wages low, with only executive pay soaring. The only result that can be expected from all that is what we're experiencing now -- widespread & mounting homelessness.
The quality of care in mental hospitals had much to be desired & the treatment of patients was sometimes abominable, but that could've & should've been corrected with proper regulations & oversight by government authorities. They need(ed) shelter & treatment.
Good luck! I am going through just what you described, ordered to vacate my apartment & find a new place to live. This is the worst time of year to look for a house or apartment. Few decent ones are available & the weather is lousy. Prices are sky high & soaring. I have so many things to move, & no car of my own. I am extremely sore now from yesterday's move.
Issues that renters face have not gotten much play in the media, except maybe more recently. There is a power asymmetry between the renter and the rentee Which facilitates abuse. Legal resources for renters aren’t what they should be.
This is the reason that we need to embrace the Renters Tax Credit. It works like the Choice Vouchers but better. It would only require renters to pay 30% of their income, there would be no Source of Income Discrimination because the landlord doesn't get the money, the renter does. Learn more about the RTC at RESULTS.org and then write your MOC and LTEs. It won't increase the housing supply but neither do the tax incentives given to developers and builders and it is a $1 dollar of rent for every $1 of taxes spent.
We should also demand that HUD redefine "Affordable" and the Income Levels.
Fred, when I had to go on disability and now especially that I am 65 I joined programs w caseworkers that help people like us not fall between the cracks. That’s the only thing keeping me in the USA. Otherwise I’d leave as soon as possible.
Fred, I agree with all you say and also Peggy’s wise words. You’ve also confirmed my west coaster perception of all of the hundreds of very early morning comments to Prof. Reich and HCR I see when I log on pacific time 7:30 am - lots of people on here have bad insomnia.
No matter how hard many of us work, the carrot of home ownership keeps being pulled tantalizingly just out of reach.
Young people have turned to the “tiny house”; this pisses off the capitalists who don’t want you to easily pay off a debt. They want you to have the anxiety of what Marcuse called “the performance principle.” The fear that keeps us working for low wages servicing outrageous debts. Their empires that support the upper class of the true useless eaters thrive on fear and interest payments. Subsistence living is not much different than classical slavery. I heard one rich, not well known, mogul boast that he could “buy and sell most people.” He does.
When a kid in college finds that he can live in a small room, with books, classes, and food—just the essentials —and be happy his own paid for cottage looks like freedom. This scares the banksters, greed mongers, and real estate investors. So, one trick they have is to prevent such a building from being built. Watch out for draconian zoning laws and hikes in building materials cost; this is one way to stifle indépendance. They already say that if you build a house too small, you can’t place it on a permanent foundation even if you own the land. These greedy monsters won’t stop at anything to keep their profit mills rolling right over the top of us.
Owing more on a home than it’s worth … I seem to recall that that basic situation applied to then-Supreme Court nominee Brett Kavanaugh — UNTIL some mysterious benefactor(s) paid off the mortgage.
Has anyone dived back into that curious circumstance?
Everyday working people are not aware that big banks et al.-- 'the Street'-- made home loans in the 1980s people who could never pay it back when they became due.
Only so those very same banks could take ownership of the property at rock bottom prices, and sell it again for unheard of profit.
How were those predatory home loans legal?
Here's hoping legislation to ban hedge funds et al. from buying single family homes-- and relinquish those they do own-- is enacted soon!
There’s a story that’s been around for decades that Joseph Kennedy Sr., then Fed Reserve Chairman in 1929, sold all of his stocks pre-crash when his sidewalk shoeshine guy asked him for stock advice.
In 2007 I overheard the building janitor asking the mortgage lender across the hall about getting a loan to buy rental property. I remembered the Kennedy story and knew the real estate crash was imminent.
This goes back to the 2007-08’ housing bubble. Fannie Mae was selling their mortgages in bulk at steep discounts to hedge-funds, and banks were illegally foreclosing on homeowners without having the proper titles.
Even military families weren’t spared, and the law prohibits foreclosures on active military during a war. Yet, tens of thousands of military families were fighting to protect their homes from unscrupulous lenders, while being deployed in a war zone.
A wise man once said that socialism is when your house is on the fire, and the fire department comes to extinguish that fire. Capitalism is when your house is on fire, and the insurance companies refuse to pay your claim.
Capitalism only works for everyone, when you have laws and regulations in place to insure that consumers are treated fairly. Since Reagan, all evidence points to the contrary…:)
When so many Dems have sold their souls to Wall Street rather than proactively legislating for the benefit of the working people of America, the vultures are happy to seize every possible opportunity to make a profit. Let’s hope this new bill passes and helps to restore balance in the housing market.
Watch “The House on Magnolia Street,” about the housing struggle of the group Mom’s for Housing in Oakland CA. They fought a hedge fund (Wedgewood) and won!
Most citizens do not realize how their mortgages are cslculated , compound interest.
The Next big thing to take our money is an air tax ; thay ( Wall Street ) want to tax us for the air we breath . The more mass you have the more your air will cost based upon the size of you body.
Voting matters Republicans are not good for us neither are southern democrats (Like Clinton) or former democrats ( Like Regan). The Republicans view the population as a resource to be exploited…
Money in politics is bad for the silent Majority and the working poor…
While in many places in the United States the Street is a major buyer in single family homes, there are other factors driving up the price of houses. In the Northeast, there are strict zoning laws that dictate the amount of land needed to build a home. That in itself drives up the price of a house. Then there are the good old boy networks that exists in a Town or City. If you are a white man and know the right people in the Town or City there is the wink, wink, nod, nod, and suddenly a building permit is obtained or a house can be sold.
That minimum building lot size only exists in some suburban towns which chose to zone against affordable housing. The point was to legislate against the perceived riff-raff ‘invading’ their precious pastoral climes.
Robert, you’re a national treasure. Thank you for educating us on this and other critical issues.
There's another part of the issue Dr Reich didn't include. Daily, the local news reports on the housing crisis in this area. On the other hand, I daily get phone calls, texts, email messages, letters, and postcards from corporate home buyers asking if I had considered selling. I even see crudely lettered signs nailed to local telephone poles offering top dollar within 24 hours to buy your home. Of course, that's driving property values up. We just had our property values reassessed and mine is now 4 times higher than what I bought if for - a scant 10 years ago! That has a hidden impact not discussed in Dr Reich's essay, but touched on here:
https://www.newsbreak.com/news/3324201974026-you-can-challenge-property-values-but-not-taxes-ohio-auditor-failed-to-explain-that?_f=app_share&s=i0&pd=0H6h8CWT&lang=en_US&send_time=1707220111&trans_data=%7B%22platform%22%3A0%2C%22cv%22%3A%2224.5.0.30%22%2C%22languages%22%3A%22en%22%7D
Shades of "gentrification" - a part of the "housing bubble" of 2008, Dr Reich mentions - that drove low and fixed-income folks out of their homes because their property value got so high, they could no longer afford to pay the taxes on those high-valued properties. So the corporate home buyers moved in to relieve them of their problem - and their property.
And then comes the problem of finding somewhere else to live on a moment's notice, with all that hot cash in hand, which is about 1/2 as much as what you'd need to get into equivalent housing, because they're being sold by the same kind of people that bought yours! And then, there are the taxes!
"Top dollar" is actually 60% to 70% of your home's value if you sold it through a real estate agent. These sharks are looking for desperate homeowners who need quick cash to deal with loss of their job, medical needs, etc. Another case of the rich ripping us off.
The fees taken by real estate companies are out of control.
Agree...My friend just payed his real estate agent.$26K on a $600K unit. That is the after tax income of a teacher. it was three days work and a photographer.
How about Zillow?
Gary:
I didn't know about Zillow. Thanks for the info.
If the real estate fees are lower I suppose it is good to shake up the realtors. But it makes me uneasy as it is more of the same venture capitalist model of consolidating local like-businesses into one or a few powerful corporations with the sales pitch of lowering costs.
Meanwhile they drain local economies of tax revenue and removing local knowledge.
Careful what you wish for! What do you think? You know more than I do.
You could’ve also used the word vultures.
that's casting aspesions on 'Vulturedom' which do a legitimate job
of - cleaning up - after the demise of - other entities ~
But I get what you are saying ~
Sounds like there’s a business opportunity in here for people who want to do right
Do you have something in mind?
Not much more than intuition. B corporation. Just an inkling.
What drives the housing market is "the ability for the mortgagor to pay". One problem however, is that the lenders increasingly raise the qualification ratio. (Income vs. debt). This is one of the causes of the 2008 Global Financial crisis. Housing is like any other product, prices are determined by supply and demand. Every product has a cap ceiling. The supply is very low right now because the Federal Bank lending rate is high. Housing was and is the only 'product' right now that is truly in a recession. Yes, Banks continully prove they are the dastardly villains but it seems current buyers have accepted (along with the banks) that these inflated housing prices are going to hold. Dumb consumers with money make for good customers.
You've just described "gentrification."
I think the problem might be that people can’t wait out the situation. That’s why they accept it. As terrible as it is, this might be the best they can get.
California has prop 13 which limits property tax increases to no more than 2% per year.
Good for California. I don't live in California. I live in the red state of OH. Do you know that 9 of the 10 poorest states are red states, whose residents don't see any improvement in the economy?
Yet they get the most government assistance. and they identify with Trump. you just can’t fix stupid.
prop 13 is not good, it means people don't move, they're stuck in their homes so there's no turnover. It's not equitable to their neighbors who just bought. I live in the other poor state which is blue. There are programs for those who qualify to get subsidies to buy homes. The city of Santa Fe is buying up hotels to create semi-permanent housing (better than a shelter). The ACA is very helpful here to those who can't afford healthcare.
A fact that we are never told is that according to FBI stats per capita red states have higher crime rates than most blue states. Yet they are anti union ,anti national health care anti regulation . I live in NYC but in the only borough that is Republican . We have a very large number of city employees who belong to unions and they are anti union ,except for their unions . I got mine to Hell with everyone else !
prop 13 has to go, many people don't know that it's applicable to commercial businesses too.
I read awhile ago if they would just exempt commercial property it would make a big difference.
I’m sure that’s true. As I said above, I was against Prop. 13 when it came out but frankly, we would have a hard time affording our house if it weren’t there. We pay more than $9k a year for our property tax. It’s hard to imagine being able to afford more.
I totally understand... the only reason I was able to stay in Oakland was due to rent control. it's a double edge sword. Much more housing is needed.
I support Prop 13 and would vote to continue it were a new initiative to repeal it proposed. Just because lots of people want to move to my neighborhood, raising the market value of my home, is not a reasonable basis for my property tax to increase. I am OK with its application to commercial property as well.
actually, in most states, property taxes gradually rise. prop 13 is essentially rent control for home owners. It makes no sense that the tax payer has to subsidize private businesses either... that's why Macy's in Union Square in San Francisco sits there, an outdated shell taking up space.
Interesting perspective. Yes, Prop 13 is "rent control" for a portion of the cost of a home. One reason to buy a home is to be free from increasing rent. Instead one builds one own equity instead of a landlord.
I should also mention that I lived in my previous home for 52 years. It was the tripling of property taxes that was a big influence on my decision.
That's the point I was trying to make, that a lot of people seem to have missed! I thought the link would make it clear.
Good point! My parents, and even MYSELF, regularly recieve robocalls and even REGULAR calls asking to buy our house . . . wasn't Our dear Katie Porter working on a bill for that?
The Franklin Co Auditor has been much better at at explaining that to the constiuents. But what can you expect from a Republican owned State government?
👍🙄
As a condo owner and member of that board we are trying to find a way yo ban sales to any corporation. That said, the community's developer still owns 26% of the units as rental units. We do not allow short-term rentals, but if corporations owned a big share of our 100 unit community, I have visions of rising fees and costs of exterior maintenance.
I didn't even think about condo fees!
He did address Cash buyers, that's who posts signs on your telephone pole! Read it again.. don't sell to cash buyers, Do your Part!
Did you read the last word of my comment? Read it again. Click on the link and see what it says, too, while you're at it.
As you know, that can’t happen in California. The amount property taxes can increase per year is limited by Proposition 13, which was passed by anti-tax activists in 1979. At the time I was against it. I’m kind of glad it’s there now though. Property taxes are 1.25% of the selling price. My cousin in Texas whose house is worth less than mine pays way more in tax than I do.
Something I think I failed to make clear. It's not really about the tax. It's about the artificially high property value - the tax basis. The tax is about a mil, for schools & potholes, etc. I'm good with that. Just don't get me started on the goddam >charter schools!< (An old Republican wet dream!) The tax is around a mil, and if the property values hadn't ballooned, it'd amount to about 50 bucks a year extra. I can live with that. But as valued at 4 times what I paid for it, that's about 200 - 300 bucks a year to add to my monthly mortgage payment. That becomes noticeable on the fixed income of a blue-collar retirement. If I get any wealthier, I'll go friggin' broke!
I understand. It’s infuriating.
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I will have to look into this book. I have not read of many, if any but Countryside Mortgages' owner going to jail. Also one of the reason these types of crimes are so attractive to banking types, if no one goes to jail or is not brought to justice it is just an invitation to do it again.
I will have to go listen to that TEDtalk!
Back in the mid 00 before the Banking Crisis of 2008, I too was wondering what was happening, housing prices were rising and people were refinancing like crazy yet the rest of the economy was steady, wages weren't going up so the housing market seemed irrational. I didn't realize what the investment banks were doing other than obscure arguments on derivatives and CDOs but things really got crazy before the bubble burst: Goldman Sacks betting against the very products they were selling. And to the extent they were playing this market and pitching country's like Greece ( of course they are secure they are backed by mortgages-sheesh!).
Jamie Dimon escaped prison sonehow!
Yes, I also get weekly letters and phone calls from agents that have a "buyer" that wants to buy our house.
Yes, BRILLIANT revelation! Let’s get busy and educate everyone!
Shared to do just that! Toxic capitalism has prospered for far too long. If SCOTUS rules against executive branch regulations, the legislature must be willing to take the baton. That means voting blue.
Marcia Power : Yes, knowledge is power! And better candidates will take the baton!
Yes. And write your Congressional rep. A flood of letters would be A Good Thing.
Any one know the HR# and SB# for the legislation? I’ll write, will likely receive back the usual form letter from my Blue Congresswoman and two Blue Senators, one of which is a place holder. The other two will only ask for a campaign donation in response. I got real responses prior to redistricting when I was in Red districts, probably hoping for a convert.
S.3402, the "End Hedge Fund Control of American Homes Act"
Wall Street buying single family houses instead of individuals buying single family houses for a place to live will have a negative impact on the local home improvement market and the "look" of the neighborhood. When people buy a home, they put their money and "sweat equity" into the property to improve it -- a new kitchen, landscaping, painting the exterior, etc. Wall Street, to maximize profit, will put in just the bare minimum to maintain the property in a condition to be rented. The result is less work for local people who do home improvements and sell building supplies and an uglier neighborhood.
When will we all live in a "company" house?
Absolutely true, Tim. And there’s less of a neighborhood feel too.
The real Republican trickle down.
has not, will and has ruined neighborhoods... I cite Oakland California where there are tent cities everywhere. These are working people with solar panels on their tent roofs who go to work each day and have developed rule of law in their tent villages.
That sounds like dystopian sci fi, Alison. I can’t believe we’ve let our country come to this. It’s beyond shameful.
indeed it is.
Switch to independent Janet is not only electing Trump, but empowering the banksters.
The powers that be use independents as a tool.Think of all of the suckers who will vote "No Labels", they are really voting for Wall Street, the money powers, and helping elect Trump and what ever Wall Street phony's running under the label.
I agree with that Janet. Biden and the DNC are their own worst enemies. They don't know how to fight, or are afraid to fight, and worse they are as hungry for and obligated to the mega donors as the RNC. They haven't ,learned a lesson from Bernie, who actually out financed Hillary from folks like you and I. Except for the dark money PAC's
That is the problem with politics. It is all about the money. Money talks and politicians walk.
We are lucky that anything that helps the people and heals society gets done.
If the Dem's don't cave and toe the line, then the money powers line up to take them down, while simultaneously funding the Republicans.
Culturally the Republicans and Democrats have switched sides, and that started with LBJ, but when it comes to business, meaning taxes and regulations, the two parties are still the same old parties as they were since their founding.
What is HUD doing the people want to know.
This is true but the Banking Crisis of 2008-09 was brought on by the CDO market. Collateralized Debt Obligation or CDOs and their infinite variations. The CDOs were also " insured" that almost ruined AGI. These " structured financial investment" product were then sold to everybody as a "safe" product or fund for their retirement like teachers union and other large pension funds. I recall the advertisements on TV prior to the crash: re-fi your mortgage and get cash out ( as the housing market spiraled up&up) and it was also reported people refinanced their homes frequently and losing them when they could no longer refinance them. People were mislead and robbed, no doubt about it.
RV Maxima : Thank you for this! I was hurt in the "Sub prime" crisis. The way I read it, risky gambles were bundled into "instruments" that were full of "other people's money". The bubble burst and lots of people lost . We lost our house (which had issues, structurally). And had to declare bankruptcy. My brother lost 40 k on his mutual funds investments. It was hard to learn of CEO' bailouts and "Golden Parachutes.
World-wide this the largest and most expensive financial scandal, around $130T, I believe.
Spreading the risk around did not reduce it it just made it largely disappear
I recall that the Fed via Greenstreet and others making it ILLEGAL for the AG of the States to not reject or decline what the banks were offering and Bush made it so. Unforgivable.
Should be Alan Greenspan, above.
True.
When this was hitting the fan there was a presidential election on going. And, as optimistic as I was that Obama was different I realized he would not or could not stand up to the banks. The GOP Speaker of the House ( Boner) that had a preponderance of doing a crybaby routine, just let the banks know, no worries-$$ (after Obama won, but banks were suspect) and support would continue. The banks, the large ones were willing to play either party, was my realization at the time.
What is different now? Not a lot but I do believe there is a large enough amount of corporate players and financial backers willing to support a CORRUPTED GOP, not just a mere greedy bunch of players. Some will go along to get along but most certainly there are those totally willing to support an actual change to authoritarian movement.
Once there is $ play to pay it isn't long until our system is played/paid out. That this likely started with Reagan but got to where are now... well it is happening.
Liar loans refer to the borrower who lied. Borrowers were part of the problem.
Hi Janet. It takes two parties to make a loan, the borrower who lied about income and the lender who loaned the money without verifying the income of the borrower. Maybe an appraiser was involved too, I don't know. There were many players in this scam, including bankers, brokers, bond rating companies, insurers, and government officials who thought the marketplace did not require regulation. None of these despicable acts supports a future benefit were a hedge fund not to be able to buy homes. None of these acts prove that capitalism is rotten but does show proper regulation of capital markets is required.
Janet, many are to blame for the financial crisis of 2007. I do not see it as a class warfare issue.
With respect to Mr. Trump, I do not understand why so many voters want to elect him to POTUS again.
We need to Fight Like Hell to give America back to the average working people!
Here is a Warning:
If Trump and his band of followers are not stopped by the courts, before the presidential election, they will rig the election! They tried and came so very close in 2020. If not for the VPOTUS doing the right thing, Trump would still be president. Behind the scenes they are scheming a foolproof plan to make sure they win this November!
We can and will lose our democracy if the judicial branch doesn’t stop them. Jan 6 was just a despicable sample of what they are capable of doing!
The deplorables will never accept President Biden and his administration. Many of them, unfortunately, are members of Congress. Certain Republicans are calling the Jan 6 criminals hostages! Many of Trump’s base have said “maybe we need a dictatorship!” (Ignorance on Steroids)
These people need to watch “BEYOND UTOPIA” on PBS for a great example of what they would be in for.
Keith Olson ; Yes, it would be Great to see real justice which is overdue. Once tfg is 'taken care of', (hopefully), It will be time to remove the other traitors, like Marjorie traitor Greene and other MAGA election deniers from their Congressional seats! They violated their oaths of office, too! They are killing Ukrainians by withholding promised aid for their defense. They should not have that kind of power! Also, we may see improvements in the quality of representatives when seats are flipped. The bills to get Wall Street out of our homes may have a chance to get passed!
I truly hope so
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Laurie! 🎯 100% agree!
I know it doesn't fit but what the hell. The Southern Border--
Donald Hodgins <silencenotbad@gmail.com>
2:34 AM (1 minute ago
I'm no genius and that I will agree to, but how in the hell can people be so ignorant. The problem on our Southern border is "Mexico's" not ours. If the Mexican government would patrol their side of our division, we wouldn't have a border problem. The question is, why won't our Southern neighbor do their part to keep immigrants away from getting their feet wet. The answer lies with the relationship the Mexican Government has developed with the cartels. Are they afraid to act because of the tremendous amounts of money these sick groups are making from the movement of illegal immigrants into this country. Because of this, they have become fearful of the consequences if they begin to stop the flow of people from the South to the North. Find a way to force Mexico to patrol their side of the border and our problems would be solved. We don't have a problem, Mexico does, and it's the relationship they have developed with the "Cartels" that stands in the way of us solving our border issues.
Donald Hodgins : There is a chance that some on our side of the border are making money with the "Cartels" too.
Laurie--That isn't a chance that is a reality.
Donald : yes, Guranteed
Ka-Ching!
1. They do not come when we enforce employer sanctions on hiring illegals. Employer sanctions provisions of the Immigration Reform and Control Act of 1986 (IRCA) prohibit employers from hiring, recruiting, or referring for a fee aliens known to be unauthorized to work in the United States.. https://www.uscis.gov/i-9-central/form-i-9-resources/handbook-for-employers-m-274/10-why-employers-must-verify-employment-authorization-and-identity-of-new-employees
2. Mexico is a sovereign nation, and is now our number 1 trading partner. Bigger than China. Private US companies created maquiladora industries that are in direct competition with US labor. As a country, we have a lousy record dealing with internal Mexican affairs. . Mexico already has one of the largest immigration detention systems in the world, employing several dozen detention centres—euphemistically called estaciones migratorias—and detaining hundreds of thousands of people every year. While the COVID-19 pandemic spurred the country to temporarily release many immigration detainees, intense pressure from the United States and continuing migration from turmoil-wracked Central America have helped drive up detention numbers, which surpassed 300,000 in 2022.
3. IMHO many migrants are SENT to Mexico from Asia, Africa, etc. Who (the hell) is sending them? Not too tough to find out!!!
4. Refugees seeking asylum have a right to come.
5. From Robert Hubbell:
The Congressional Budget Office released on updated report on the estimated deficit over the next ten years. Many factors put upward and downward pressure on the deficit. Of particular note is the role that immigration plays in economic activity and tax revenues. The CBO Director writes the following in his report to Congress:
In our projections, the deficit is also smaller than it was last year because economic output is greater, partly as a result of more people working. The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration.
As a result of those changes in the labor force, we estimate that, from 2023 to 2034, GDP will be greater by about $7 trillion and [tax] revenues will be greater by about $1 trillion than they would have been otherwise. We are continuing to assess the implications of immigration for revenues and spending.
Conversely, the aging population in America puts upward pressure on deficits—a demographic factor that can be offset by—wait for it—immigration. So, next time someone tells you that “immigrants” are a drain on the American economy, you can tell them that immigrants will contribute $7 trillion to GDP and $1 trillion to tax revenue over the next ten years.
Undocumented immigrants pay into social security and receive no retirement benefit. The recent news cycle about immigration reform on PBS news did not explain the details in dispute.
True in part. Many use fake names, or use someone else's earning record. In that case the employer contributes. Many, if not most, work "under the table" and the employer does not contribute.
Daniel, I have read that the SSA provides placeholder IRS numbers to allow employers to pay SS tax for their undocumented employees who have no SS numbers. I have not researched this question myself.
A couple of weeks back I saw a photo of migrant males huddled around a fire on the Mexican side of the border, the photo was, of course, designed to evoke "pity", one of those "migrants" was a Sikh, complete with turban.
How many Chinese, Africans, mid easterners are flying into Mexico, and then showing up at the border.
And if these people are so impoverished and suffering, where in the hell do they get the thousands of dollars that it takes to get to the border of the US and even Europe.
Just curious.
Right. Where does a destitute guajoro get the dinero? More Cubans on the border than came during the Mariel boatlift.
That's the problem with people, Daniel, they see and hear something and react or rush to judgement without thinking. There is a dearth of critical thinking skills, and not just on the right, but on the left as well.
Non thinking fools take what they see or hear in the media for granted, and react accordingly, even believing the lies and propaganda.
They actually believe that "poor Venezuelans" in designer cloths with kids carrying toys, have made the trip, on foot yet, throught the jungles of Colombia, through the dangerous Darien Gap (a place that I, a war trained vet) would not dare go (nor any Panamanian) and then walked across the isthmus, crossed over the bridge of the Americans and then walked the thousands of miles, through 6 customs stations, to arrive at the border all clean and nicely attired, looking healthy, well fed, not bedraggled and dirty.
Then there are the Cubans, Haitians, Africans, Asians, Indians, Muslims who somehow managed to get passports and visa's to enter Mexico, come up with the money to finance the trip and pile up on our southern borders, and we are suppose to feel pity for them because they are seeking "asylum". as if America has an employee wanted banner at the border.
Problem is that at least !% of these "asylum seekers" are not even seeking an opportunity to improve their position. They are subversives on a mission.
Like those Sikhs on mission from Modi, to kill opposition Sikhs in Canada and the US, there has been Pakistan and Muslim "asylum seekers" or visa holders that have come here to kill apostates. There was a case of that in Arizona a few years back.
Not to mention the thousands of ready made religious warriors from the mid east
A lot of the migration has been promoted by the right wing media. I read that Faux News has mentioned open borders over 3000 times! When these people heard over and over that we have open borders they hi tailed for the southern border.
So true! Folks - read and heed those truths.
Keith--I know that sound.
Your comment begs so many issues. Why would Mexico intervene when the United States ultimately provides housing, food, medical care, education, work? For free. Who is responsible? Or, put another way, irresponsible? The person who gets it or the person who gives it away? Why is this Mexico’s fault? Why do people, born in one country, flee to another? Like it or not, the U.S. is the “end of the rainbow.”
And are you of Native American Descent? Did your Ancestors immigrate?
I am not sure the relevance…but I am Nicaraguan.
Jaime--We have things Mexico needs and wants, if we apply the proper pressure, I'm sure a path could be found to stop the flow of illegals from even getting to the border. Every country that shares a common border has agents on both sides to stop the unwanted crossings from occurring. I live near the Canandian border, and both countries control their own respective sides. Why do people want to come? that is so obvious the answer needs no explanation.
Because things are horrible in their country? That's pretty obvious.
Liz--we here have no clue.
Donald, a wonderful understatement
Having lived on Mexico's southern border, we should provide the funding to close Mexico, Guatemala and Belize's borders and to stabilize Latin America i.e stop the push factors. Folks flee their homelands to the USA because they hope for more peaceful and prosperous lives.
And because at home they are terrorized by US-funded dictators and drug cartels.
garry--The Southern border of Mexica is the place where the travelers should be stopped and turned around. If they want asylum in this country, they should first apply in their respective US consults in their home countries. If accepted into the program, they can make their way to this country.
Here is the thing. Border control, passports customs, all countries have them, save the EU.
I drove the PanAmerican Hiway and had to show my passport and have my car inspected at every border.
So how are these people able to transit all of these borders without passports and Visas?
You couldn't, I couldn't, he and she couldn't, but they can. Why?
Why is Mexico permitting the entry of these people, especially via the airports.
It isn't just poor Hispanics looking to enter the land of paved gold streets, there are people from all over the world flying into to Mexico, catching a bus and showing up at the border.
Why?
Lee---From what I've heard it's the cartels who are calling the shots. They are collecting huge sums of money be letting immigrants pay for their ability to travel through these respective countries. Some cartels make travelers wear bracelets to signify their payment to these groups.
And that, Donald, raises the question, where do these destitute and impoverished job seekers, get the money to not only travel, but to pay off the gangs, that harass them along the way?
This is a question no one is asking.
They say, for instance, that it takes about $5,000 for an African to get into Europe,and that the price of the boat trip can be thousands. so where do these destitute impoverished people who are starving at home and can't find food and shelter, get all of that money?
Americans are rich by the world's standards, but can you provide me an example of a homeless person living in a tent under an overpass that can scrape togethet thousands of dollars, now multiply that times a million.
Europe and America can not absorb all of the worlds problems and still be Europe and America. Western civilization and it's freedoms and economic health is on the verge of extinction, so live it up while the sun still shines. I'm 85, so not my problem.
Our power to stabilize another country is limited. Venezuela is an example.
Gerald: But our power to DEstabilize them is limitless. Examples: Chile, El Salvador, Vietnam, Cuba, Nicaragua, Mexico….
And General Butler agrees:
"I spent 33 years and 4 months In active service as a member of our country's most agile military force – the Marine Corps. I served in all commissioned ranks from a second lieutenant to Major-General. And during that period I spent most of my time being a high-class muscle man for Big Business, for Wall Street and for the bankers. In short, I was a racketeer for capitalism. … Thus I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. … I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-12. I brought light to the Dominican Republic for American sugar interests in 1916. … During those years, I had, as the boys in the back room would say, a swell racket. I was rewarded with honors, medals, promotion. Looking back on it, I feel I might have given Al Capone a few hints. The best he could do was to operate his racket in three city districts. We Marines operated on three continents."
Maj. Gen. Smedley Butler, USMC, two-time Medal of Honor winner
Greg, interesting comment from Dr. Butler. In China when the Kadoorie and Sasoon families, described in the book The Last Kings of Shanghai by Jonathan Kaufman, "rented" the British Army to force the Chinese to accept sales of opium to its addicted population, 1842-1949. I would feel better were we to rename Dulles Airport after reading the Devil's Chessboard by David Talbot.
Yes, the U.S. has made mistakes, which is why I think we should rename Dulles Airport.
Smedley Butler Airport!
You're right. If Mexico did an nth of what the U.S. does to keep waders out of the Rio Grande we could free up untold resources for other parts of the country, and it would go a long way to avoid closing the border both ways.
Yeah then we also get those damn pesky Ancestors that Came from Europe in the 1600s sent back ...and let the Native Americans reclaim there country! Hypocrites@
Brent Lambi : Most of US are immigrants. It is absurd to blame the latest waves of those seeking asylum. The history of the world is conquest. That does not excuse it. There are ways to assimilate newcomers that is much more humane than what history shows. I refuse to feel like a hypocrite because I live in a town that is built on ancestral land to so many Native Americans. Many long gone. Treaties should be honored, where applicable. But We can use the new workers. Reform of our immigration laws is needed. Vote blue 💙!
It’s quite a dilemma for those of us who aren’t Native Americans, Laurie. Should I split myself into four pieces and go back to Poland, Lithuania, Ukraine, and Belarus where my grandparents came from and ease my conscience? It’s almost impossible to make things right at this late date. As for the people coming in now, I feel that as long as they’re not criminals and terrorists they should be allowed in. My two cents anyway.
Paula B. I agree; My forebears are from England, Ireland ( County Kerry, the Dingle), France and Canada. I agree that there should be a fair and orderly humane way to process new applicants arriving at our borders. Mr tRump's plans for concentration camps is very unsettling. I may have mentioned having a great grandmother who was called by some in the family "the Indian". I never met her as she was gone long before I was born. I have never identified as a Canadian native Cree, just the great grandmother, who may have been mixed race. We don't choose our ancestry. Accepting our neighbors is important. I try to treat others as I would want to be treated. I don't think anyone should be called hypocrites because of how we all ended up in the course of history ; especially if we had no say in it at all.
Asylum seekers are folks who are fleeing for their lives. 99% of those people seeking entrance are not asylum seekers, but folk seeking to financially improve their position.
And this country can't solve it's own poverty problem. homelessness abounds, in part because of the situation that RR describes in this article.
We have our own citizens who need government assistance to live, and the Republicans are letting them starve and die, so how do we share scarce resources with a growing crowd of migrants when we can't take care of our own people?
Lee, we CAN take care of our own, we choose not to. Taxing the uber wealthy 1% and mega corporations with multi billions in profits, is a good start.
Lee Markland : I was not ever suggesting that we just open our borders and give every asylum seeker a free ride. I believe that "charity begins at home" my post is not an exhaustive treatise on the immigration challenge. Nor am I an expert on the specific issues on our Southern border.. it is frustrating that attempts to set up entry places where those seeking asylum can be evaluated safely.. it looks like those who backed out of the recent border agreement are part of the difficult problem that seems unsolvable... I think there must be limits, like many other countries no doubt have. Humane treatment should be part of the practice.
Bruh, let's talk about who has or might make my life better. Blue sky thinking about our misery due to current leadership is like chasing rainbows -- get a lot of exercise but get nothing done.
Mexico actually does more than you know.
Really, how about those people who fly in from India, Asia, Venezuela, the Mid East, Africa and catch a bus to the border. First off it cost big bucks to do that, second they need a passport and a visa.
And yes they are coming from all over the world to Mexico to get to our border and get entrance.
And? So, they sell and save everything they have for one chance? And they still believe in the American dream which we know is not a reality for everyone. I'm sure if you took a poll they would rather stay in their own country with their family and friends. Think how bad it must be, and imagine, some day it may be that way for us in the US.
True, but America is not the employer of last resort, and we shouldn't be forced to accept the worlds unemployed.
And we are definitely headed in the direction you suggest, and flooding the zone with the worlds destitute won't help.
As Daniel Solomon said. We have an aging population (moi for example)_and America needs a replacement work force, but we need more than nannies, and fruit and vegetable pickers, unemployed and unemployable people have no choice but to commit crimes to live.
Clinton when he signed the Omnibus Crime bill created a school to prison pipeline for the unemployed he created when he signed NAFTA and GATT.
So, why not just close the border and let things settle? No one in, no one out except perhaps by rail or air. Soon enough, we'd all know.
ApeReeSki--Exactly.
One of my great concerns is that they won’t wait until November to try it. If they did it sooner, they’d have much more of a surprise factor and the time between November and the January inauguration is very short. It’s risky for them to wait that long and even riskier for us to assume that they will. I just hope we’re ready just in case. I live in a very red state in the Deep South and I’m very concerned. Not really scared, okay a little but trying to get prepared just in case. The preparations aren’t cheap though but I’ll get as close as I can. There are plans already in motion. I’m certain of that. Stay safe everyone!
It already looks like the Supreme Court isn’t going to follow the Constitution and prevent the orange blob from running (is anyone surprised?). You’re right—we’re on our way to disaster.
No, they likely won’t but I don’t think they’ll give him immunity from prosecution though. It could strip them of their power and they love their power. If we prepare and stick together we’ll get through whatever’s comes. Democracy is worth fighting for because the alternative is unthinkable.
👍
I like your caveat about timing - the surprise factor. Perceptive.
How are you “preparing”? By being armed you mean? Snd getting a CPL?
Maybe looking at different countries to move to?
Looking at Scotland for myself if it all goes into the crapper this November.
We’re looking at the UK too. My husband is English. I’m not keen about it but it’s the logical choice for us.
I’m 65 now and don’t think a Scottish lad is going to sweep me off my feet. Otherwise, I would be gone. I have a dear friend who married a Brit and moved there 22 years ago. She’s very happy there!
Can I go with you? 😂
Sure! But I’m bringing the furballs too so you must love kitties!
You can come with us if we go, Susan.
The British Isles no way. The food is bland and horrible.
So bad, that Indian food is to Britain as Mexican and Italian food is to America
What can you say about a people whose national dish is the lungs of a sheep filled with offal .
I cook. I love ale. I love rain and wind and reasonable rent/insurance. I’ll take bland food to get away from the christofascists anyday. And I have friends a couple hours away in the UK by train. So, to each his own.
Oh, that would be a lovely place to inhabit!
Scratch Canada from the list. They just extended their two year ban on foreign ownership of residential property. They see foreigners coming in and buying houses as a reason their home prices are skyrocketing.
I don't blame them, but I wish I moved there long ago.
In a way like you would for a Hurricane or other natural disaster. Non perishable food, water, baby or pet food if applicable, flash lights, battery operated radio, phone chargers, small generator, cash on hand in case banks close down and cards don’t work, security for your home, good locks, security system, have a plan for going to the safest place in your home and yes, weapons because they’ll have them if things get ugly. Certainly I hope none of this is necessary but maybe minus the guns if you aren’t a gun person, all of this could be used for other purposes if none of this happens. Oh and if you buy weapons take a course in gun handling, safety and shooting. It’s not intended to cause panic. In fact, just the opposite. Most everyone feels better when they have a plan. You can bet if anything like this happens they’ll have a plan. Hopefully there are law enforcement agencies watching for terror cells and anything that starts gets shut down quickly. I know it sounds like a conspiracy theory or something crazy but I have a friend who is ex military and he believes this is a very possible scenario. Hope that helps.
As a 'Nam era vet and having lived in Mexico and Latin America, many of those who will be fleeing will continue to be women and children. Our Mexican pueblo made sure that there were plenty of diapers when the last caravan come through...
Very good addition to an emergency preparedness kit if you have little ones.
Keith, we really are at a frighteningly critical point for this country! You are so correct- we must fight like hell and we MUST win definitively! These are more than just deplorables, they are seditionists and Putin-supporters working FOR the DEMISE of US government. Dictatorship-ignorance on steroids…🎯
Or read Project 2025. Yes, there is a real and present danger to our democracy and people like Tucker Carlson joy riding in Russia with Putin can't wait to rig and steal and brain wash "the base" or rather the Trump cult.
Is “Beyond Utopia” scheduled to air soon on PBS?
You can stream it anytime
Spot on!
Here is where the plan fails: Citizen's United has given corps the right to own homes like the rest of us. The Dem bill is DOA. Repeal Citizen's United and strip all rights from Corps who want to kill us, after sucking all our lifeblood and tossing us in the street.
Even if the Dem bill is "DOA", it is good that it was introduced. Knowing that Congress is even thinking along these lines and may impose limits in the future puts a damper on risk adverse Wall Street types when it comes to buying houses. They hate losing money, their god!
And, it would be a good thing to tell your Congressional rep that you support it.
I agree and will do, even though my Congressional rep is a jackass -- Bob Good. My Senators, Tim Kaine and Mark Warner, will also be contacted.
I have a Republican rep in the NY Senate, Jim Tedisco. I occasionally write to him, very carefully describing the reasons *why* I think the way I do. When he disagrees, he says "thank you" or "I'll bring this up with my conference" (other R members of the Senate).
No matter our policy differences -- and there are many -- I still think it's good to think carefully and write with as much clarity as I can.
My congressional rep is a bloody MAGA so Im not wasting my breath.
This is the process, isn’t it. They introduce bills over and over until people become familiar with the ideas and finally they gain traction.
Corporations could always own property. That’s not what Citizen United was about.
ha, yes, but now they vote.
No they don’t. They can spend money on elections but they can’t vote.
potato patatoe
Jigs Gaton ; Our local bank charged interest on our mortgage that was equal to the cost of our home. It's not just the big corporate banks that gouge us.
If one carries any mortgage to term, if that term is 30 years you will wind up paying more than the principal. credit cards are the worst, if you pay minimum due, you are in debt forever, and leave that debt to your estate, which means your estate.
Never, even when mortgaging, make minimum payments.
Best advice I heard: Double up on some payments in the first year. Cuts years off the mortgage!
Worked for me. My property has been paid off since 2019. I financed it in 2001 for 30 years.
Exactly. That’s a great start. Then boot the MAGA freaks out of office and institute the Fair Doctrine Act to show BOTH sides of every story and that’s only the beginning. Read yesterday’s article by Michelle Goldberg abt Poland who just booted government takeover by Christofascists and the efforts to rebuild. The final straw? They took away women’s bodily autonomy. The polls numbers were astounding. Suggest hounding that idea home and scream it from the rooftops!
well, there's the rub. Who ya gunna call? FuckerBusters... whomever they may be.
Jigs ; Just vote blue. May see improvement. There are laws on the books that are not enforced. Maybe some day, with enough public education, we will see voters motivated. If it hurts enough: pain can be an inspiration. Or just wanting a better deal.
ha, laurie, i'd need a lawyer to vote this year.
If only!
Add banning foreign ownership (like China!) to banning hedge fund company ownership of American real estate!
Canada banned foreign ownership of residential property two years ago to fight rising home prices.
Really good idea! To make it reality:
VOTE BLUE!
Power Corrupts ; You seem fairly emotional, although it is understandable with the challenges facing the average consumer.
Janet Adams : way to inspire me to read the "TED talks"! I'm not convinced it will be worth it. Signifying about my occupation is snarky. Even hateful. Gaslight someone else in another forum.
Janet Adam's: I sometimes write long statements: are you suggesting that short ones are the only proper ones? You did not mention my name in your reply, but it came into my inbox as one from you. I am a Master in my trade : 40 years worth of barbering. I still work part time. If you were me you might not think your remark about hairdressers was friendly. It sure looked like a put down. As if a lowly hairdresser can solve the problem of greedy bankers! Do you think I should not post so many long comments? Not that I care : I will post to my heart's content! I'm a paid member.
Power Corrupts ; No thank you, I'm too busy just trying to survive to serve on your focus group; especially if it's totally TABOO, ( and most likely hard to measure and quantify and "0 to 10% accurate" It would definitely be a tough slog! ). Hang in there, and good luck!
So, you agree that there are illegal thoughts.
Great. Kinship is hope.
If only the Democrats would get messages like this one (both acknowledging the obvious crisis, Wall Street’s direct role in it, and the Democrats’ plan to address it) this country would not be poised on the edge of an authoritarian takeover. Going back even further to 2008, if the Obama Administration had only decided to bail out average Americans instead of the big banks, our middle class would have been saved. Shameful on both counts.
Spot on. I wrote one of our Montana US Senators on the Banking Committee that we should let the FDIC take down those banks that were lining up for a bailout. He disagreed. I agree with you James!!
There were means to have done both.... In bankruptcy, a trustee can keep a business operating while making customers whole. .
Unfortunately, they failed in that latter part. Did they even try?
Of course not.
Jaime Ramirez : They most likely did not even Think of trying. Can you imagine how that would have gone for those trying ?
Yes indeed James
Both sides are in on this folks
Make no mistake
The Dems keeping other very capable people off the ballots?
I smell many rats
Charles Kent Fredenburger : I think Obama had to work with those who were the type who would assassinate someone who not only looked like Obama. But rocked their boat. MAGAs did not just materialize out of nowhere!
sigh
Professor
First and most important thank you for your work on this and your work over the years.
As is often the case, I wake up in the middle of the night to urinate, most times I go back to sleep, but too often I doom scroll, I suppose your post is not technically doom scrolling since it seems positive. I suppose it is click bait.
However it is not my getting the sleep I need.
I have been told that that I need to leave where I am living in few months. I need to find a new place to live. I do not know if I can.
I am not a young person. I am 69 years old but have a variety problems that are preventing me from doing what I need to do to get housing.
I think that the USA and perhaps the world has become increasing dysfunctional more and more people are finding it hard to survive, much less thrive.
To be sure some people are thriving, but most are not, as least as far as I can tell.
I hope I am wrong, but I don't think so.
With that I am going back to bed.
I hope that when I wake up, I find withing myself the gumption to make my life and the world better.
You have taught that even if I think I cannot I must try. . So far, it has not worked.
maybe tomorrow.
Fred, I was pleasantly surprised that you are posting again!! I want to tell you a story that I heard (I can't remember where). A little boy had come home from school with a black eye and bruised lip. He complained to his grandfather and vowed to get even. His grandfather sat him down and said inside all of us live two wolves. One is anger, revenge, hate and evil. The other is love, hope, faith, compassion and understanding. They are often fighting. The little boy asked his grandfather who wins in those fights. The grandfather replied, "The one you feed." Don't feed the wrong one, Fred. Hope your day is good and tomorrow even more promising.
When you experience homelessness because you have become ill and can not find a safe place you can afford to live, the world becomes quite dark. The US has chosen this for decades after deconstructing mental health and substance abuse care in the mid 1990s and with rents climbing to record heights, physical illness drives homelessness as well. WE did not get here overnight. Aphorisms loose their punch in these circumstances.
Exactly! It was a government choice. Throw people out of mental hospitals, let housing & rent prices skyrocket. Keep minimum wages low, with only executive pay soaring. The only result that can be expected from all that is what we're experiencing now -- widespread & mounting homelessness.
Forcing people to live in "Mental hospitals" was not a good option. Although perhaps better than forcing them to live with out shelter.
at least today, I have shelter, and can buy some coffee.
The quality of care in mental hospitals had much to be desired & the treatment of patients was sometimes abominable, but that could've & should've been corrected with proper regulations & oversight by government authorities. They need(ed) shelter & treatment.
1980s
Good luck! I am going through just what you described, ordered to vacate my apartment & find a new place to live. This is the worst time of year to look for a house or apartment. Few decent ones are available & the weather is lousy. Prices are sky high & soaring. I have so many things to move, & no car of my own. I am extremely sore now from yesterday's move.
Issues that renters face have not gotten much play in the media, except maybe more recently. There is a power asymmetry between the renter and the rentee Which facilitates abuse. Legal resources for renters aren’t what they should be.
This is the reason that we need to embrace the Renters Tax Credit. It works like the Choice Vouchers but better. It would only require renters to pay 30% of their income, there would be no Source of Income Discrimination because the landlord doesn't get the money, the renter does. Learn more about the RTC at RESULTS.org and then write your MOC and LTEs. It won't increase the housing supply but neither do the tax incentives given to developers and builders and it is a $1 dollar of rent for every $1 of taxes spent.
We should also demand that HUD redefine "Affordable" and the Income Levels.
Oh dear! I hope things get better fast, Jaime!!!
Fred, when I had to go on disability and now especially that I am 65 I joined programs w caseworkers that help people like us not fall between the cracks. That’s the only thing keeping me in the USA. Otherwise I’d leave as soon as possible.
Fred, I agree with all you say and also Peggy’s wise words. You’ve also confirmed my west coaster perception of all of the hundreds of very early morning comments to Prof. Reich and HCR I see when I log on pacific time 7:30 am - lots of people on here have bad insomnia.
No matter how hard many of us work, the carrot of home ownership keeps being pulled tantalizingly just out of reach.
Young people have turned to the “tiny house”; this pisses off the capitalists who don’t want you to easily pay off a debt. They want you to have the anxiety of what Marcuse called “the performance principle.” The fear that keeps us working for low wages servicing outrageous debts. Their empires that support the upper class of the true useless eaters thrive on fear and interest payments. Subsistence living is not much different than classical slavery. I heard one rich, not well known, mogul boast that he could “buy and sell most people.” He does.
When a kid in college finds that he can live in a small room, with books, classes, and food—just the essentials —and be happy his own paid for cottage looks like freedom. This scares the banksters, greed mongers, and real estate investors. So, one trick they have is to prevent such a building from being built. Watch out for draconian zoning laws and hikes in building materials cost; this is one way to stifle indépendance. They already say that if you build a house too small, you can’t place it on a permanent foundation even if you own the land. These greedy monsters won’t stop at anything to keep their profit mills rolling right over the top of us.
“…the upper class of the true useless eaters….”
That’s a phrase that needs mainstreaming, if there ever was one!
That phrase stood out for me too.
Owing more on a home than it’s worth … I seem to recall that that basic situation applied to then-Supreme Court nominee Brett Kavanaugh — UNTIL some mysterious benefactor(s) paid off the mortgage.
Has anyone dived back into that curious circumstance?
Everyday working people are not aware that big banks et al.-- 'the Street'-- made home loans in the 1980s people who could never pay it back when they became due.
Only so those very same banks could take ownership of the property at rock bottom prices, and sell it again for unheard of profit.
How were those predatory home loans legal?
Here's hoping legislation to ban hedge funds et al. from buying single family homes-- and relinquish those they do own-- is enacted soon!
There’s a story that’s been around for decades that Joseph Kennedy Sr., then Fed Reserve Chairman in 1929, sold all of his stocks pre-crash when his sidewalk shoeshine guy asked him for stock advice.
In 2007 I overheard the building janitor asking the mortgage lender across the hall about getting a loan to buy rental property. I remembered the Kennedy story and knew the real estate crash was imminent.
This goes back to the 2007-08’ housing bubble. Fannie Mae was selling their mortgages in bulk at steep discounts to hedge-funds, and banks were illegally foreclosing on homeowners without having the proper titles.
Even military families weren’t spared, and the law prohibits foreclosures on active military during a war. Yet, tens of thousands of military families were fighting to protect their homes from unscrupulous lenders, while being deployed in a war zone.
A wise man once said that socialism is when your house is on the fire, and the fire department comes to extinguish that fire. Capitalism is when your house is on fire, and the insurance companies refuse to pay your claim.
Capitalism only works for everyone, when you have laws and regulations in place to insure that consumers are treated fairly. Since Reagan, all evidence points to the contrary…:)
How much will it take to repeal Citizens United? Corporations are not people.
Seems this topic of Citizens United only comes up around election time….umpf…both parties are in on this folks….we’re thinking too narrowly
When so many Dems have sold their souls to Wall Street rather than proactively legislating for the benefit of the working people of America, the vultures are happy to seize every possible opportunity to make a profit. Let’s hope this new bill passes and helps to restore balance in the housing market.
. Democrats have not controlled Congress for a long time.
Watch “The House on Magnolia Street,” about the housing struggle of the group Mom’s for Housing in Oakland CA. They fought a hedge fund (Wedgewood) and won!
I heard about that. That was amazing!
Most citizens do not realize how their mortgages are cslculated , compound interest.
The Next big thing to take our money is an air tax ; thay ( Wall Street ) want to tax us for the air we breath . The more mass you have the more your air will cost based upon the size of you body.
Voting matters Republicans are not good for us neither are southern democrats (Like Clinton) or former democrats ( Like Regan). The Republicans view the population as a resource to be exploited…
Money in politics is bad for the silent Majority and the working poor…
While in many places in the United States the Street is a major buyer in single family homes, there are other factors driving up the price of houses. In the Northeast, there are strict zoning laws that dictate the amount of land needed to build a home. That in itself drives up the price of a house. Then there are the good old boy networks that exists in a Town or City. If you are a white man and know the right people in the Town or City there is the wink, wink, nod, nod, and suddenly a building permit is obtained or a house can be sold.
That minimum building lot size only exists in some suburban towns which chose to zone against affordable housing. The point was to legislate against the perceived riff-raff ‘invading’ their precious pastoral climes.