I noticed the article’s starting period was 2007-2008, when Daddy Knapp bought a house and the new Mustang for his 16 year old son with the income from his pipe fitting job, read plumbing job, right before the sudden massive collapse of the housing and building market.
What do you want to bet that Daddy Knapp lost his lucrative building trade job in the collapse of the building trades, a job which funded his mortgage and car payment for his son’s Mustangs in 2008-2009 and they lost the house which they bought on a Flex loan, and the car was repossessed? I saw way too many lower income people who bought McMansions they couldn’t afford because unscrupulous mortgage “bankers” illegally misrepresented their incomes to put them into houses they could never pay back on their real incomes when the flex loans readjusted to actual cost loans, to say nothing of those who could not survive a hiccough in their financial conditions.
That’s the real reason Daddy Knapp and his income was not mentioned again in this article.
Also, it does not mention the drugs that Daddy and Mommy Knapp (remember the bowl of Cocaine pictured in the background), of which both were obvious users, came across a southern US border which the Democrats kept resembling a broken sieve. . . And want to open even more now. That open border policy also brought in hordes of illegal workers who depressed wages that Daddy and Mommy Knapp could have earned, when sober, to better raise their family of children. . . But that Democrats wanted as a matter of policy to eventually vote illegally and later legally for Democrats, the Knapp’s survival could just go hang.
Further, the education that the Knapp children received that could have prepared them to succeed economically in the future was denied them by Democrat, progressive policies of progressive indoctrination rather than actual education for success. Valuable class time was not dedicated to learning skills useful in future employment, but instead spent wasting time being force fed useless social justice tripe, turning the children into little social justice automatons, who know how to put a condom on a banana, but not how to add or parse a sentence, or the history of their own country, or how their country’s government runs. This is NOT something we can blame Capitalism for, but rather for deliberate planning of the Democrat party, and the progressive Leftists who have taken it over.
I read here on HR, of a dishwasher at a restaurant who made $14000/yr begin approved for a $420000 "liars' loan".
Housing prices doubled right before I went to buy a house. I knew people at work, who told me that another house on their block, same builder, same model, went in price from $150,000 to $300,000 in a 1-year period.
When I did buy a house, all the "vast oversupply" of houses, were for structures which should have been condemned: cracks in the foundation or walls, major water damage, mold growing throughout the foyer and family room. Homes which had been bought (I presume) on liars' loans, but which the bank didn't want to mark to market to sell, lest it affect the book value of their remaining portfolio.