I blame globalization and the Fed for income inequality. Not a coincidence that we started a rapid decline in middle class wealth/wages starting around '71. We could greatly reverse these trends by putting up tariffs and engaging in trade protectionism. At the same time, we need to limit the use of foreign workers. Additionally, tax all interest and capital gains as ordinary income. The most difficult piece is reining in the Fed and going to sound money.

(07-27-2020 10:57 AM)CardinalJim Wrote:  

(07-27-2020 09:51 AM)bullet Wrote:  

(07-27-2020 09:49 AM)TexanMark Wrote:  

(07-27-2020 09:38 AM)CardinalJim Wrote:  There is a housing shortage here in Louisville. While property values have risen homes are still quite affordable if you can get it. My last home sold in 4 days. The one I am in now was on the market less than 8 hours before the seller accepted my offer.

Since our kids are all grown now, and have their own homes, we downsized from a Three floor 5 bedroom 3 bath on a large wooded at 162K to a 3 Bedroom 1 bath with and in ground pool for 95K.

I know firsthand the struggles of owning property in California. I rented a 2 bedroom 2 bath apartment for $2150 a month in Huntington Beach nearly a decade ago. One of the many reasons I finally decided to come home.

Yup... happening in much of the country. Same thing in Upstate NY. Houses are getting multiple offers above asking the first day.

I heard mortgage rates had dropped to 2.98% the other day. Unreal.

I bought my first home in 1992. I can remember wanting to get locked in at 5.9 before Clinton was inaugurated...lol
Good Times

Bought first house in a suburb of Sacramento in 1989 and did an ARM for 10.625%. Yowza

(07-27-2020 11:26 AM)Jugnaut Wrote:  I blame globalization and the Fed for income inequality. Not a coincidence that we started a rapid decline in middle class wealth/wages starting around '71. We could greatly reverse these trends by putting up tariffs and engaging in trade protectionism. At the same time, we need to limit the use of foreign workers. Additionally, tax all interest and capital gains as ordinary income. The most difficult piece is reining in the Fed and going to sound money.

Sounds like what Trump ran on in 2016, before he let Priebus and Kushner tell him how to run the country. We have a system where those that benefit from income inequality are the ones running the show, so we'll never see those changes on any meaningful level. I would say the younger generations could change it, but they seem more imterested in woke politics (which also benefit big business) than populism.

(07-27-2020 11:35 AM)TexanMark Wrote:  

(07-27-2020 10:57 AM)CardinalJim Wrote:  

(07-27-2020 09:51 AM)bullet Wrote:  

(07-27-2020 09:49 AM)TexanMark Wrote:  

(07-27-2020 09:38 AM)CardinalJim Wrote:  There is a housing shortage here in Louisville. While property values have risen homes are still quite affordable if you can get it. My last home sold in 4 days. The one I am in now was on the market less than 8 hours before the seller accepted my offer.

Since our kids are all grown now, and have their own homes, we downsized from a Three floor 5 bedroom 3 bath on a large wooded at 162K to a 3 Bedroom 1 bath with and in ground pool for 95K.

I know firsthand the struggles of owning property in California. I rented a 2 bedroom 2 bath apartment for $2150 a month in Huntington Beach nearly a decade ago. One of the many reasons I finally decided to come home.

Yup... happening in much of the country. Same thing in Upstate NY. Houses are getting multiple offers above asking the first day.

I heard mortgage rates had dropped to 2.98% the other day. Unreal.

I bought my first home in 1992. I can remember wanting to get locked in at 5.9 before Clinton was inaugurated...lol
Good Times

Bought first house in a suburb of Sacramento in 1989 and did an ARM for 10.625%. Yowza

That looked good next to the 13% to 16% under the Carter administration. And these youngsters are whining about 3%...lol

Bought my first house in 1986 when the rate was something like 15%.

(07-27-2020 11:15 AM)gdunn Wrote:  

(07-27-2020 09:15 AM)b0ndsj0ns Wrote:  I think he's exactly right that the property owning middle class is shrinking and income inequality continues to grow exponentially, but I don't see anything in there offering much by the way of a solution. Young people like myself can't afford to buy a home anywhere. He mentions Raleigh/Durham and while housing isn't as high here as it is in Cali I still pay almost $1,100 a month for a 1 bedroom apartment and my goal is to maybe be able to own a home before the age of 40 (I'm 33 now).

Guess what bud.. You won't be able to if Socialism takes hold.

he'll wait in line for a loaf with oafs...

(07-27-2020 12:35 PM)MileHighBronco Wrote:  Bought my first house in 1986 when the rate was something like 15%.

Wow! And to think people pause today if the rates gets close to 4 or 5%. People have no context. Anyway, I think my first home was aroud 7% and then refied that down to around 3.7% and then just paid the entire mortgage off. It so nice to NOT have a mortgage payment after all these years.

(07-27-2020 12:47 PM)VA49er Wrote:  

(07-27-2020 12:35 PM)MileHighBronco Wrote:  Bought my first house in 1986 when the rate was something like 15%.

Wow! And to think people pause today if the rates gets close to 4 or 5%. People have no context. Anyway, I think my first home was aroud 7% and then refied that down to around 3.7% and then just paid the entire mortgage off. It so nice to NOT have a mortgage payment after all these years.

there's a difference between disposable income vs. hard working vs. 'inflated value'...

today isn't close to econ strategy in the past...

we print value based on how we define commerce....

en macro, it is that simple....

(07-27-2020 11:15 AM)gdunn Wrote:  

(07-27-2020 09:15 AM)b0ndsj0ns Wrote:  I think he's exactly right that the property owning middle class is shrinking and income inequality continues to grow exponentially, but I don't see anything in there offering much by the way of a solution. Young people like myself can't afford to buy a home anywhere. He mentions Raleigh/Durham and while housing isn't as high here as it is in Cali I still pay almost $1,100 a month for a 1 bedroom apartment and my goal is to maybe be able to own a home before the age of 40 (I'm 33 now).

Guess what bud.. You won't be able to if Socialism takes hold.

Are you saying that the government won't just give him a place to live? I thought that the cornerstone of Socialism was free stuff.....

Oh wait - I'm sorry, the actual definition is that everybody gets the same stuff for free - which means if you have anything you give it to government to redistribute evenly - which means after the government gets it's cut, we all get NOTHING.