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We are witnessing a shift in wealth from middle & working class families, to the wealthy class.
So the poor are getting poorer. The middle class is getting poorer. But the rich are getting richer. You'd almost think that Republicans were in control of the White House and Congress.
The working class is being priced out home and family? Thank you America.
The recent real estate boom just destroyed my beautiful little county and bankrupted many of the local businesses. Now for some reason there are many empty overpriced homes available here.
BTW. Who's in charge of pricing the local real estate?
So the poor are getting poorer. The middle class is getting poorer. But the rich are getting richer. You'd almost think that Republicans were in control of the White House and Congress.
Don't forget about American jobs being exported overseas by the rich companies! Oh yeah, the current administration in DC calls it GLOBALIZATION!
Investopedia Commentary:
The advantages and disadvantages of globalization have been debated and scrutinized heavily in recent years. Proponents of globalization say that it helps developing nations "catch up" to industrialized nations much faster through increased employment and technological advances. Critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper.
So the poor are getting poorer. The middle class is getting poorer. But the rich are getting richer. You'd almost think that Republicans were in control of the White House and Congress.
Don't forget about American jobs being exported overseas by the rich companies! Oh yeah, the current administration in DC calls it GLOBALIZATION!
Investopedia Commentary:
The advantages and disadvantages of globalization have been debated and scrutinized heavily in recent years. Proponents of globalization say that it helps developing nations "catch up" to industrialized nations much faster through increased employment and technological advances. Critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper.
Count me among the critics.
Don’t forget that “Globalization” got it’s biggest boost in the 90’s when Mr. BJ signed on to “NAFTA”.
Don’t forget that “Globalization” got it’s biggest boost in the 90’s when Mr. BJ signed on to “NAFTA”.
RedNC, you ALMOST lost me on that one...I guess its getting late (or early??)...I would have been awake all night trying to figure out who BJ might be!!
It worries me that inflation in home prices is 12 times inflation in income. It isn't logical. It's a stepchild of low interest rates which allowed people to pay higher prices for a home, so free-market forces worked to raise prices of homes to sop up people's ability to pay. I suspect a severe correction is due. The Fed tried to ease us into reality by ratcheting up interest rates, but major deflation in home prices may occur. If true, trillion$ in equity will evaporate, and may trigger a mass of foreclosures which could overwhelm the banking system. Perhaps my concerns are overstated, but that's where I think the danger lies.
The article also bums me when I see earnings of the middle class go down, despite their best efforts to raise themselves up.
s/Mike
Haha, no way.. oh wait a minute.
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Great thread
