The Middle Class Blames every one but themselves

What could possibly go wrong?

 

Nothing!!! We know that we can trust the invisible hand of the market to do its magic!!!

 

Subprime mortgage at its peak was 25% of the mortgage market, about 600 billion.

You can see how they exploded in 04,05,06.

https://en.wikipedia.org/wiki/File:Subprime_mortgage_originations,_1996-2008.GIF

18 billion per year, is a very small percentage of the over all mortgage market, but it is worth watching.

People that should not get loans to buy houses, getting loans anyways is not a good idea.

At the end it is the tax payers that are left holding the bag.

This part says it all about how investors are feeling about the future of the stock market.

 

Ok, no housing mortgage thread or Subprime mortgage thread.


This is good news for the middle class, and they should congratulate themselves.

There may be a problem that does feed into inequality, you need good credit to get a loan.

Student loans are increasing as a percentage of house hold debt, but credit card debt is improving.

https://www.politifact.com/truth-o-...g-americas-household-debt-burden-today-overa/


I just read the article and wanted to share.

 

Middle class have a fair pandemic compared with the poor. But the rich get yo enjoy vacation homes.


https://www.nytimes.com/2020/03/27/business/economy/coronavirus-inequality.html

For about $80,000, an individual can purchase a six-month plan with Private Health Management, which helps people with serious medical issues navigate the health care system.

Such a plan proved to be a literal lifesaver as the coronavirus pandemic descended. The firm has helped clients arrange tests in Los Angeles for the coronavirus and obtained oxygen concentrators for high-risk patients.

“We know the top lab people and the doctors and nurses and can make the process efficient,” said Leslie Michelson, the firm’s executive chairman.

———————

In New York, well-off city dwellers have abandoned cramped apartments for spacious second homes. In Texas, the rich are shelling out hundreds of thousands of dollars to build safe rooms and bunkers.

And across the country, there is a creeping consciousness that despite talk of national unity, not everyone is equal in times of emergency.

“This is a white-collar quarantine,” said Howard Barbanel, a Miami-based entrepreneur who owns a wine company. “Average working people are bagging and delivering goods, driving trucks, working for local government.”

 

My son said the same today. Manhattan has the lowest infection rates in NYC. The Upper East and West sides the lowest in Manhattan. My son's friends are the elite. He doesn't know anybody, I mean not one, who goes into work now, and he also doesn't know one who is worried about layoffs.

I guess this doesn't quite fit into the middle class thread, because his friends are not the middle class experience, and the real difficulties are with the working class rather than the middle class. Those are the people in real trouble, not just with having to go to work mostly, if they have work, through public transit, but also likelier to lose their jobs, and be less able to isolate due to cramped quarters and lack of money,

 

We need guillotines and auditors:

A mostly Black and poor county in Mississippi is the most heavily audited by the IRS.

“The five counties with the highest audit rates are all predominantly African American, rural counties in the Deep South.”https://t.co/y7h60Jf06Y

— Tarik Endale | ታሪክ እንዳለ (@Tarik_Endale) September 27, 2020

 

Looks like in NM they like to audit the Navajo...

 

That should dispel the myth that Natives don't pay taxes (they can avoid state if they live and work exclusively on Rez / Trust land) but it won't

 

Looks like the south gets more audits than the north.

Is that because the south tends to cheat more?







The 2 maps seem weird, the north seems to have lots of counties between 6 to 8 audits per 100K, while the south more like between 7 to 10 audits.

 

The vast majority of those northern counties are a) rural/small city and b) very, very white.

If you look at the darkest bands in the south, it’s a very close fit to the “Black Belt”

 

Koch [union] blockers:

NEW Amazon hired Koch-backed anti-union consultant for $3,200 a day to fight Alabama warehouse organizing https://t.co/stTTBweBYs by @lhfang

— Nausicaa Renner 🍷🌑🌊 (@nausjcaa) February 10, 2021

 

If those workers were paid $7.25/hr, then Amazon could have instead given raises to 17 of them to the $15 threshold instead and effectively bought off the union leaders. Would've cost the same amount of money.

 

True. But then that would encourage the other warehouses to unionize. And we can’t have that. They might need to charge an extra few cents for my shipping.

 

Heaven forbid.

 

Poor Jeff’s intergalactic dreams might get crushed.

 

I know my rights. As an American consumer, I am guaranteed free shipping. It’s in the Constitution right after the part that says I can’t get cancelled for using racial slurs.

 

Who knew Fiscal conservatism is bs:

Slope is very flat — a year or two of overshoot will not produce a lot of inflation. In other words, chill about the size of the relief plan 4/

— Paul Krugman (@paulkrugman) February 10, 2021

 

So I don’t have to worry about buying that 500k house, as long as I can pay 3k per month?

Second, interest payments (which should be what matters, not the face value of the debt) 2/ pic.twitter.com/IO0NvtgwVE

— Paul Krugman (@paulkrugman) February 12, 2021

 

Kroger rather give up stores than raise wages. Are they going to leave the US when a $15 minimum wage is approved?

Seattle passed a law this month requiring grocery stores provide workers $4/hr hazard pay. Long Beach passed a similar law last month. @Kroger responded by deciding to close 2 stores in each city and warning other cities they’d do the same if forced to pay workers more.

— More Perfect Union (@MorePerfectUS) February 26, 2021

 

Priorities!!

The F-35 program costs $1,700,000,000,000. We could have used this cash to cancel student loans for every person in America. https://t.co/qSxWmdeGl7

— Public Citizen (@Public_Citizen) February 24, 2021

 

We need a light, nimble jet to replace the F16. Sooooo let's make it heavier and full of complicated gadgetry

 

So we can defeat Al-Qaeda by selling it to the Saudis while our biggest threats are domestic terrorists and cyberspace interference...

 

I’m questioning that tweet. If I’m reading it right, 1.7 trillion?

google says our current TOTAL defense budget is a trillion less than that.

 

This from Project On Govt. Oversight....

When all the operating costs for the planned fleet are calculated across the expected 50-year lifetime of the program, the American people will spend an estimated $1.727 trillion.