Posted on 04/21/2023 5:48:42 AM PDT by Kaiser8408a
Former Federal Reserve Chair and current Treaury Secretary Janet “The Evil Hobbit” Yellen has created numerous catestrophic messes thanks to Fed policy errors, both at The Fed and now as Treasury Secretary.
For example, the massive almost hysterical overreaction of The Fed under Powell (following Yellen’s Reign of Error) to the Covid economic shutdowns resulted in a massive surge in M2 Money growth [green line].
The result? REAL US housing prices soared while REAL averge hourly wage growth was negative for 24 straight months. THAT is the Fed error induced housing policy blunder. But it did increase the US homeownership rate (blue line).
A massive spike in REAL home prices coupled with 24 straight months of negative REAL hourly wages is hitting millenials hard. In fact, millennials are the slowest generation to hit 50% homeownership rate.
In fact, according to Apartment List, millenial rents are giving up on homeownership.
Jeder nach seinen Fähigkeiten, jedem nach seinen Bedürfnissen (German for “From each according to his ability, to each according to his needs” – Karl Marx.
Remember, the US got into trouble in the early 2000s by pushing homeownership and lowering credit standards for lower income households. It was a Clinton-era policy error called “The National Homeownership Strategy: Partners in the American Dream.” There is a video of then HUD Secretary Andrew Cuomo (yes, THAT Andrew Cuomo) saying that the US should risk higher mortgage defaults so low income households could buy a home … then default. Frankly, Washington DC should get out of the housing business altogether. But nooooo. They are now going to make things even worse.
Janet Yellen: The most terrifying person in the world!
(Excerpt) Read more at confoundedinterest.net ...
It looks like you’re right about cars and wrong on college.
https://educationdata.org/average-cost-of-college-by-year
https://blog.cheapism.com/average-car-price-by-year/
I remember Mike and his wife looking to buy the house to the east of me here in Sarasota County, Florida about 8 years ago.
The asking price was $199,000. Mike spent maybe $40,000 on improvements and it was sold about two years later to my current neighbors for about $270,000. They were the first to look at it.
Federal student loans have enabled the cost burden of college to be shifted to higher-income parents and their offspring so “underprivileged” kids can get a nearly free ride.
It’s called “social justice”.
The Republican House of Representatives could investigate this.
From “Code de la Nature, ou le véritable Esprit de ses Loix” (1755) by comrade Étienne-Gabriel Morelly:
“I. Nothing in society will belong to anyone, either as a personal possession or as capital goods, except the things for which the person has immediate use, for either his needs, his pleasures, or his daily work.
II. Every citizen will be a public man, sustained by, supported by, and occupied at the public expense.”
https://www.marxists.org/subject/utopian/morelly/code-nature.htm
“Consolidated pre-tax income of $1.3 billion, with a pre-tax profit margin of 17.5%
Consolidated revenues increased 3% to $7.3 billion
Home sales revenues increased 1% to $6.7 billion on 17,340 homes closed”
https://www.yahoo.com/now/d-r-horton-inc-america-113000173.html
Glad my daughter and son in law bought into their home when they did
You are delusional
Unis & coleges are outrageously expensive b/c of liberal pie-in-the-sky tnedencies and fedgov tuition policies. Cars and homes were not cheap, “back then,” for the average workaday person. A considerable down payment had to be saved and lending policies were appopriately sensible.
The recent price for cars and homes looks “cheap” vs yesterday’s prices due to free money & inflation.
After high school I rented an older 3-bedroom house in Albany, OR for $70 per month. At the time I was earning $3.35 an hour, so rent only consumed about 18% of my monthly income.
That was in 1971 and I felt like I was living the American Dream!
You’re correct. Not all boomers want free shit. But too many do. They may not want student loan payoffs. It may be some other item(s).
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