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I've been on the job hunt for 6 years. I'm a jack of all trades type but the job market wants specialization and the perfect experienced candidate. It'a tough out there. Hate to see it get worse. At least we have temp jobs and part time to rely on. If those go, it's over for a lot of people.
Like I always. The sociopathic, psychotic jerks at the top with all the power will prosper and nab all the extra dough they can get their hands on. Everyone else will suffer.
Don't ya just love America?
Just what I was thinking! The only consolation is that they are sick and greedy enough to do themselves in.
You see, one of the biggest causes of the financial crash was the housing bubble. Keyword here is bubble. It was an unrealistic lending and buying of houses. Millions of people who had absolutely no business buying that nice two story four bedroom, two living room, three bathroom house in the new suburbs, were getting tricked into affordable loans. These loans then later had the interest rate jacked up or bought by another entity.
I always wondered how some people always had that new Ford Explorer every year. I found that most people were living a lie.
I remember going back to my hometown to see the new subdivisions just abandoned. As if the people investing in the new subdivisions found that there racket was over. Some of these are still abandoned, wooden skeletons of dreams that could have been, now covered in graffiti and littered with beer bottles and other garbage.
So, bring in the money injections to save the economy right? Okay. They injected that money. Where did it go? It stayed up at the top. Never, ever, trickled down to the bottom.
So, there was a recovery, a numerical one that mimics previous good economies. The only difference with this one is that those numbers aren't with the people. They are at the top.
Every jobs report has some jolly, fake smiled, reporter on the news saying "the jobs report says that last month 230,000 new jobs were added ". What they don't say is these are not "bread winner" jobs. They are part time or minimum wage jobs, or simply jobs that always existed, yet had to replace the previous worker for whatever reason.
So, bring on the propaganda. "Millennials are lazy and don't want to work". "It's because grown men are choosing video games". "230,000 jobs were added, people should be getting jobs". "reply from jobs forum shill: Maybe you just suck at your job, I'm doing great where I'm at *smirk*". "Song on radio telling people to wake up and make money and not leave on a rocket ship".
Young people perpetuate the housing bubble by being unrealistic about their house goal.
They want a 3 bedroom house like their parents from their first job? And whine that it is too expensive? Their parents took a lifetime to get to the house the kids grew up in. Rarely is it the first house the parents owned. It is likely the 3rd or 4th... and they built up to that last house over decades. But young people want to skip the decades and buy same house today
So, there was a recovery, a numerical one that mimics previous good economies. The only difference with this one is that those numbers aren't with the people. They are at the top.
Every jobs report has some jolly, fake smiled, reporter on the news saying "the jobs report says that last month 230,000 new jobs were added ". What they don't say is these are not "bread winner" jobs. They are part time or minimum wage jobs, or simply jobs that always existed, yet had to replace the previous worker for whatever reason.
Exactly, it's a numbers-only recovery. In day to day life little has changed. It's still hard as hell to get an entry level white collar job and pay is largely still crap at lower levels (not merely talking about minimum wage service jobs here before someone ignorantly pipes up on this). The job situation is still just as hard now for most people as it was in 08-09 (which it wasn't before that).
Quote:
Originally Posted by MLSFan
Young people perpetuate the housing bubble by being unrealistic about their house goal.
If you're mentioning the bubble the way I'm understanding it, then the responsible party here is supposed to be the bank in not actually giving loans in the first place when they shouldn't be given.
If you're mentioning the bubble the way I'm understanding it, then the responsible party here is supposed to be the bank in not actually giving loans in the first place when they shouldn't be given.
maybe, but i blame both parties really. the buyer for buying things out of their "means" and the banks for not testing the "means" before loaning the money
You can't really just blame the banks, they aren't the ones buying the homes. Banks aren't really "parents", they don't have to coddle people and tell them it is a bad idea to do something. The buyers are adults, they should act it and determine their own limits on what they can afford. That includes having some foresight into how stable their income is. And not buy something out of their price limit just because it is something they "want". If they want it so much, build up to it like everything else.
terms like predatory banking makes it sound like the buyers are victims, they arent. being stupid is not an excuse for bad decisions
maybe, but i blame both parties really. the buyer for buying things out of their "means" and the banks for not testing the "means" before loaning the money
You can't really just blame the banks, they aren't the ones buying the homes. Banks aren't really "parents", they don't have to coddle people and tell them it is a bad idea to do something. The buyers are adults, they should act it and determine their own limits on what they can afford. That includes having some foresight into how stable their income is. And not buy something out of their price limit just because it is something they "want". If they want it so much, build up to it like everything else.
terms like predatory banking makes it sound like the buyers are victims, they arent. being stupid is not an excuse for bad decisions
Well sure, I should have clarified that. Buyers should definitely not be trying to get loans when they really shouldn't. Unstable income, not enough income, etc. What I meant to say is that ultimately if there are any such red flags that the bank sees, it absolutely should not be approving loans. It's massively irresponsible and unethical.
Well sure, I should have clarified that. Buyers should definitely not be trying to get loans when they really shouldn't. Unstable income, not enough income, etc. What I meant to say is that ultimately if there are any such red flags that the bank sees, it absolutely should not be approving loans. It's massively irresponsible and unethical.
If I recall correctly, the government was putting pressure on said banks to give out some of those loans. Then, of course, the government bailed them out to try and make up for the losses of the banks.
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