The day that destroyed the working class and sowed the seeds of Trump

New York Post ^ | September 16, 2017 | Salena Zito

[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.

[dragnet2]

most of it for me at that time came from inheritance from my aunt

lol....No offense but your FOS.

[rb22982]

lol....No offense but your FOS.

Based on what, exactly? I have different experience than you? My aunt left me 1/10th of her wealth when she died (she only had 2 nephews, 0 nieces). I also have a LOT more experience with finances than the average person (econ BS, MBA from T10 program, corp america finance exec 5 years) and have saved up half a mil at the ripe old age of 35.

There are lots of people living a FIRE lifestyle and can save that much (many are retiring at 30-35 - https://www.mrmoneymustache.com/ is just one example), lots of people inherit money, lots of people get their families to gift them money for a downpayment, lots of people have saved money, and lots of people made money on prior real estate deals. Just because it didn't happen for you, doesn't mean it didn't for a lot of other people in this country. Homes are selling like crazy in California and first and second time home buyers are a large chunk of those buyers. The default rate is very low on mortgages today so obviously people are figuring it out. Sorry you can't.

[dragnet2]

Based on what, exactly? All anyone would have to do is read back a few posts. Ya think I’m going to repeat it all for ya? Think again slick.

[rb22982]

LMAO. Dragnet2 logic - I can’t afford it so no one else can so you are wrong, whaa!!!!!! (except, the houses are actually selling at that price with multiple bids) Thanks for the laughs

[rb22982]

https://www.zillow.com/ca/home-values/

The median home value in California is $507,700.

California home values have gone up 7.1% over the past year and Zillow predicts they will rise 2.5% within the next year. The median list price per square foot in California is $296. The median price of homes currently listed in California is $499,000. The median rent price in California is $2,695 [my note - so a 500k place would be cheaper than the rent].

Foreclosures will be a factor impacting home values in the next several years. In California 1.1 homes are foreclosed (per 10,000). This is lower than the national value of 1.6

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in California is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of California homeowners underwater on their mortgage is 0.1%.

Obviously, a lot of people are figuring it out ok :)

[dragnet2]

Right, and you're the same individual who thinks a working couples in CA at 30 years old, who are taking home less than 50k are buying $500,000.00 homes in S. CA, after they've saved $50,000 cash to put down.

Yep, you're fos. No question.☺

[DungeonMaster]

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.

My Democrat Union thug parents hated foreign cars back in the day. They welcomed any government intervention that gave them an advantage in competing with Japanese cars. It was all for "the greater good" even if that meant driving an inferior product. I believe they also are in favor of fake votes for Democrat politicians today.

[dragnet2]

Here, lets me send you a few dozen articles. Ya don’t mind do ya?...lol

For millennial home buyers, only Honolulu is pricier than Southern California

http://www.latimes.com/business/realestate/la-fi-young-home-buyers-face-tough-market-in-southern-california-20150429-story.html

[dragnet2]

The High Cost of a Home Is Turning American Millennials Into the New Serfs

http://www.thedailybeast.com/the-high-cost-of-a-home-is-turning-american-millennials-into-the-new-serfs

[rb22982]

LOL again - I never said a 30 year old or any age, just that someone at $60k/year can save up $50k through a variety of means. You are the one that put an age on it. And yes, there are 30 year olds that again 1) inherit money 2) are gifted money 3) saved money 4) 401k loan 5) rollover from a gain on prior house/condo they bought and there are also many loans (albeit a minority, but more common on a first home) that are only with 3.5% down in California. The only one FOS, is yourself.

[rb22982]

yeah, they are more expensive in california? Your point? People keep buying them. Yes, it means less cruises, iphone gadgets, SUVs etc in CA for $60k/year than it does in Alabama. But people are doing it.

[dragnet2]

Why a lot of people are moving out of California

For every home buyer coming into the state, there are three Californians selling and moving elsewhere, according to data analysis firm CoreLogic.

(Big hint for rb22982, wealthy foreign nationals are buying many of them.)

http://money.cnn.com/2016/11/04/pf/people-moving-out-california/index.html

[dragnet2]

That’s what we were talking about up thread. Young 30 something trying to buy homes in CA. Anyone can read back.
Try to keep up slick.

[rb22982]

That article is bunk, as the population of California is still growing (17th fastest growing state).

[dragnet2]

You’re FOS, I said from the begining on this thread working folk in CA in their 30s, are not able to buy homes, they’ve been priced out...Read back ya moron.

[dragnet2]

You really are a disingenuous individual. Did ya think people are unable to read back? Think again.

[dragnet2]

I never mentioned the population ya dweeb. Ya keep trying to kick up the dust of distraction with all your convoluted ambiguous BS.

[dragnet2]

I really dislike disingenuous people like you.

[rb22982]

Sigh. 30 something does not mean right at 30. Someone that invests $2,000 per year starting at 22 out of college a making a 7% return will have saved $50k when they are 36.5 years old. If they grow the $2k/year by 3%, they'll have saved $50k when they hit 35 years old. Even at 30 they'd have about $25k.

I never mentioned the population ya dweeb.

LOL The population would be SHRINKING if 3 people were moving out for every one moving in. I think even you can do that math.

You’re FOS, I said from the begining on this thread working folk in CA in their 30s, are not able to buy homes, they’ve been priced out...Read back ya moron

You said it somewhere, but not on the line of posts we were having until much later. Here is how this all got started, since you apparently are too stupid to do it.

DoughtyOne said - "Two people making $30k per year can have a pretty good life.

To which you replied - "Two people? Two people at 60k make what after in CA after taxes? 34k? Those two people likely wouldn't qualify for a bottom end, 50 year old fixer home. A pretty good life? " to which I replied - "Probably closer to 50k after taxes, even in CA. The effective tax rate for a family of four at 60k federal with standard deductions, personal exemptions and child tax credits are around 5%, or 3k, or less at 60k."

We then went back and forth numerous times and the first time you mentioned to me 30 something was in the 100s. You may have said it to someone else, but not anywhere close to our initial conversation. And regardless, someone in their 30s can definitely get to $50k by saving $2k/year, which someone making $60k/yr can definitely do.

[rb22982]

LOL I think you need to look up the definition of disingenuous (or the mirror)