Posted on 09/19/2017 8:06:04 PM PDT by MilesVeritatis
CAMPBELL, Ohio — Forty years ago, on Sept. 19, thousands of men walked into the Campbell Works of Youngstown Sheet and Tube along the Mahoning River before the early shift.
Like every fall morning, they were armed with lunch pails and hard hats; the only worry on their minds was the upcoming Pittsburgh Steelers game on “Monday Night Football.” The only arguing you heard was whether quarterback Terry Bradshaw had fully recovered from the dramatic hit he took from a Cleveland Browns player the season before.
It was just before 7 a.m., and the fog that had settled over the river was beginning to lift. As the sun began to streak through the mist, the men made their way into the labyrinth of buildings where they worked.
In the next hour, their lives would change forever.
From then on, this date in 1977 would be known as Black Monday in the Steel Valley, which stretches from Mahoning and Trumbull counties in Ohio eastward toward Pittsburgh. It is the date when Youngstown Sheet and Tube abruptly furloughed 5,000 workers in one day.
The bleeding never stopped.
(Excerpt) Read more at nypost.com ...
Right...And I guess it’s possible to juggle flaming chain saws while roller skating too.
lol....The average home in SF is about 1.5 million with an M.
I personally lived on $15k/year not all that long ago with zero gov assistance so yes it can be done. Having $15-$20k leftover after all housing expenses are paid for is definitely possible to live that way if you have no debt, albeit certainly not an enjoyable middle class/upper middle class lifestyle. But $60k in California is like $45k here and a family of 4 here will be scrapping by at $45k.
Yes, I am aware. One of my favorite personal finance blogs (financialsamurai.com) lives in SF and talks about RE/rentals there all the time.
Yep... mismanagement and greed killed the golden goose... the US had a lock on the world market post WWII but eventually these nations would and did rebuild and failing to recognize and plan for that by updating their plants and controlling costs they just bled the body from both ends union and management.
Assuming 10% down? Why would you assume that?
What’s 10% and a half a million dollar home? $50,000?
Where in tarnation are a couple making 60k a year between them, going to get $50,000 cash? For the most part, I can assure you, that’s not happening for the huge majority!
Lots of ways. 1) Savings 2) Sold another house and rolled over equity 3) inherit money 4) money from family 5) 401k loan; etc
No offense, but you don't seem live in the real world.
Apparently I do, since it is definitely happening.
No, it’s not happening. And if ya think most working 30 year olds in CA are married and are buying homes in S. CA you’re seriously naive, delusional not to mention you have not the slightest clue what you’re talking about.
Seriously, you have no clue in this matter.
Ya ought to go apply and the CA chamber of commerce...They’d probably hire you.
I don't have one, it costs...ZERO.
You are right - the homes sell with multiple offers in one day because I’m wrong. /rollseyes
Wait, you’re the individual who thinks young 30 year old workers in CA are saving $50,000 cash for down payments to buy half million dollar homes on 60k per year *before* taxes.
You should get involved in a field where you actually know wtf you’re talking about.
I put 50k down on a house at 28 when my wife and I made about 60k total. And those houses aren’t selling themselves. I never mentioned any age anyway.
Going down memory lane now are ya? No you didn’t do that in 2017 CA, did ya?
Btw, we know lots of people in their mid 20s to mid 30s...None own their own homes. And the reason is simple, their incomes do not support CA housing prices or their punitive communist style taxes, which you seem to believe are reasonable.
Wowza...
Ok so how do you access the internet?
No, but it wouldn’t have mattered anyway as most of it for me at that time came from inheritance from my aunt, although I had enough in my 401k at the time I could have taken half out for a loan for the same amount and I could have come up with half from cash, but I also wasn’t really trying to save money at the time either (we were spending $3-5k/yr on international trips). But I’m not sure why you are so argumentative on whether or not its real - because its occurring right now over and over again.
Thanks for the ping.
Some of the comments in this thread ... Wow. If we followed their line of reasoning, we’d all be driving Trabants.
Okay, not Trabants but, we’d still be saddled (and happy) with 1960s build quality. Plus all the government-mandated safety and emissions standards, of course.
But, at least China wouldn’t own us.
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