• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

A Tale Of Two New York Cities: The Rich And The Hungry

Tyler Durden's picture


New York's apparent success as a financial and cultural center of the world (and anchor for the liquidity flood of the world's central banks via bank er bonuses) has an ugly side. The inflationary impact of the extremely wealthy is squeezing food prices to the point that many low income families simply cannot afford to eat. A dismally real picture of the situation in New York is exposed in a report by Food Bank NYC - One City, Two Realities. As The Daily News notes, many of the report’s findings are truly worrisome. For instance, between 2011 and 2012, the percentage of households with annual income below $25,000 that had trouble affording food increased a whopping 30%, with 70% of these households with kids reported difficulty affording 'needed' food. NYC's unemployment rate remains well above the nation's average and 54% of those are struggling as according to the Food Bank, “low [no] income families are making the difficult decision to reduce the nutritional quality of their meals by purchasing less expensive and unhealthy foods in order to afford the mandatory expenses that would keep a roof over their heads.” Participation in government food assistance programs continues to rise, and demand for emergency food programs continues to intensify as 54% expect to need assistance (SNAP) in the next 12 months.

Food costs are surging in NYC...


and while it is dropping, unemployment remains well above average in NYC...


leaving the divide between those who have and those who strugle to afford food growing ever wider (h/t Banzai)


Via Daily News:

New York City has a well-deserved reputation as the country’s financial and cultural center — and that’s great.


What is not so great is that, for a growing number of its residents, simply surviving in New York has become an increasingly difficult proposition.


As shown by a report issued last year by the city controller, the so-called “Capital of the World” is also the capital of income distribution inequality in the nation.



Even though the research precedes superstorm Sandy, this year’s NYC Hunger Experience report (below) reveals a tale of two cities, wherein the struggles of low-income and unemployed New Yorkers to keep food on the table have intensified even as the circumstances continue to improve for those who are better off.


“Now, we have the additional hardships brought about by Sandy,” Stampas said.


Many of the report’s findings are truly worrisome. For instance, between 2011 and 2012, the percentage of households with annual income below $25,000 that had trouble affording food increased a whopping 30%, though the total number of city residents who reported difficulty affording food in the same time period actually decreased by 9%.


No less serious is that, according to the Food Bank, “low income families are making the difficult decision to reduce the nutritional quality of their meals by purchasing less expensive and unhealthy foods in order to afford the mandatory expenses that would keep a roof over their heads.”


Not surprisingly, low-income residents — especially Latinos and African-Americans, women and the unemployed — are more likely to experience difficulty affording the basics than other groups.


The picture painted by the report is nothing short of alarming:

  • The percentage of unemployed New Yorkers reporting difficulty soared from 41% in 2011 to 54% in 2012. To make matters worse, the city’s unemployment rate continues to trump the national average.
  • As of last November, the city’s unemployment rate was 8.8% (approximately 351,000 people), compared to 7.8% (approximately 12.2 million people) in the country as a whole.
  • In fact, the report adds, three years after economists declared the end of the Great Recession in 2009, unemployment rates in the city have yet to recede to pre-recession levels. Participation in government food assistance programs continues to rise, and demand for emergency food programs continues to intensify.


Again, not a pretty picture.


Full Report Below:

NYC Hunger by xxyyxxyy123123

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Fri, 01/18/2013 - 10:34 | 3165941 GeezerGeek
GeezerGeek's picture

Perhaps some newspaper will print a list of rich folks with their home addresses. Then the poor will know where to go when they want to camp out somewhere higher class than a sidewalk. 

Fri, 01/18/2013 - 00:33 | 3165246 Cman5000
Cman5000's picture

These people just want you to go away or die ..You are Not Economically Viable ...

Fri, 01/18/2013 - 00:37 | 3165252 EvlTheCat
EvlTheCat's picture

Fuck New York!

Fri, 01/18/2013 - 00:53 | 3165281 dark pools of soros
dark pools of soros's picture

"as 54% expect to need assistance (SNAP) in the next 12 months."

you could of said 12 years and everyone would believe it

Fri, 01/18/2013 - 00:56 | 3165285 farragut
farragut's picture

Anyone know what the ordinate scale is for the first graph: 1.0%? 0.1%? 0.01? Sure would be helpful....

Fri, 01/18/2013 - 01:18 | 3165318 joego1
joego1's picture

.o1 fortnights per furlong

Fri, 01/18/2013 - 02:05 | 3165378 linrom
linrom's picture

It doesn't matter, no one read the article. It they did, they would realize that the article talks about households making $25k or less. NYC is one of the most expansive cities to live, you need income of $100k. The same thing could be said about, Tokyo, Honolulu, San Francisco , Zürich or Oslo and on....



Fri, 01/18/2013 - 00:56 | 3165287 q99x2
q99x2's picture

Wealth is most readily redistributed at the end of a gun barrel.

Fri, 01/18/2013 - 10:35 | 3165955 GeezerGeek
GeezerGeek's picture

You are talking about the IRS, right?

Fri, 01/18/2013 - 00:57 | 3165290 Son of Loki
Son of Loki's picture

NYC sucks the Big One! I had to work there a few years ago and was told,"There's no crime...Guiliano took care of that."

BS! While there I saw one guy blown away at 10 feet by some crack head with a shotgun and was almost close enough to get blood splatter....however, I was close enough to pee in my pants. And the shooter just walks away calmly as if "all in a days work."

I hurt my ankle playing ball and had to go to the ER...never saw so much trauma and misery in my life....I walked out after three hours without being seen.

I was "mugged" twice at knife point; once in the subway and once in broad daylight.....no one stopped ...they barely seemed to notice.

You can have that there Big Apple. If you are not a banker making $5 million a year, NYC is NO place to be imo.

Fri, 01/18/2013 - 01:23 | 3165326 realtick
realtick's picture

Don't forget about the blackouts, terrorist attacks and hurricanes.

Fri, 01/18/2013 - 01:30 | 3165338 ltsgt1
ltsgt1's picture

You are a BS artist. The favorite weapon of choice in the big apple is handgun. A lot of shooting here but exrememly rare via rifle and shot gun, homicide rate is down due to better ER and technology, knives are used mainly in bar brawls and street fights, not robberies.

NYC does suck. EDPs are shoving passengers off the subway platform onto oncoming trains like it's a sport.

Fri, 01/18/2013 - 05:40 | 3165528 CheapBastard
CheapBastard's picture

Crack is NYC's middle name. I read last week some kid on the East Side got killed because he wouldn't give the thugs his jacket:


A Lower East Side teenager was senselessly slaughtered after he refused to hand over his trendy Marmot winter parka to a gang of thugs, police sources said yesterday....Ward, whose Facebook name was “BloccBoy Tokyo” took one fatal bullet to the chest....




Great place to live, sound slike...

Fri, 01/18/2013 - 14:07 | 3166741 Aurora Ex Machina
Aurora Ex Machina's picture

"If a man shits himself in combat, I'm not worried - that's usual, it's the body's way of quickly shifting things around so blood goes to somewhere it's needed more. He's still useful and he'll keep on fighting, although it might make the fox hole a bit unpleasent to stay in; now, if a man pisses himself, that means he's lost all nervous control. You might as well shoot him yourself, he ain't saving you or his fellow soldiers". [Anon]

Fri, 01/18/2013 - 15:18 | 3167103 akak
akak's picture

"If a Chinese citizenism citizen shits himself in the course of soiling the roadside, I'm not worried - that's usual, it's the body's way of quickly shifting things around so nightsoil goes to somewhere it's needed more. He's still useful and he'll keep on working, although it might make the FoxConn sweatshop a bit unpleasent to stay in; now, if a man pisses himself in the course of his 18 hour workday, that means he's lost all nervous control. You might as well shoot him yourself, he ain't saving you or his fellow laborers". [AnAnon]

Fri, 01/18/2013 - 01:14 | 3165313 Sandmann
Fri, 01/18/2013 - 01:29 | 3165337 Sizzurp
Sizzurp's picture

This is the end result of the Fed's misguided model to happiness, load the economy up with debt based fiat currency and ever expanding credit to infinity and beyond.  It works great at getting the bankers rich, for awhile anyway, but eventually it fails, and everyone gets screwed. This is how civilizations die, witness the fall of Rome happining before your' eyes.    

Fri, 01/18/2013 - 01:38 | 3165346 joego1
joego1's picture

I went there once toanIEEE convention.Stayed in the Hilton in Manhattan. Everything about the place gave me the creeps. Especially having to go everywhere in a fucking elevator. The windows don't open in a high rise and you have to breath the same air as the guy slamming his whores head into the wall at 4 am. For some reason they feel that they need to collect garbage by launching garbage bins into brick walls in the middle of the night.  Everything smells like piss and dogshit shit or fumes. All the cops look like they are going to bust ya if you look at the cross eyed. 

Fri, 01/18/2013 - 01:51 | 3165356 akak
akak's picture


Everything smells like piss and dogshit shit or fumes. All the cops look like they are going to bust ya if you look at the cross eyed.

Now THAT is the true sign of a crappy city --- even the dogshit leaves shit!

(AnAnonymous, eat your Sharpei's heart out.)

Fri, 01/18/2013 - 02:15 | 3165386 Freddie
Freddie's picture

The hotel rooms are about the size of a rabbit hutch.  I stayed there one night and it was near the airport. I hated it but I hate most big cities.

Fri, 01/18/2013 - 02:58 | 3165432 Cosimo de Medici
Cosimo de Medici's picture

That's too bad, Freddie. I remember staying at the Penthouse of the Sherry-Netherland, when it was still a hotel, and I had plenty of room on each of the floors.  Had some friends over, room service....good time.  I guess you should have studied harder in school, eh?  You're sure lucky you weren't born in Bangladesh or somewhere where society doesn't just hand out opportunity to the less than capable like the America of your youth did.  Whole different ballgame, and Darwin rules.  And damn, there's a Moslem in EVERY house, not just the white ones.  Not much TV, though, so should fit you.

Fri, 01/18/2013 - 11:12 | 3166098 awakening
awakening's picture

'I guess you should have studied harder in school, eh?'

I don't know, perhaps Freddie is smarter than he appears to be around ZH (it's the Internet after all) and chose to put his money into better things than an overpriced stay at a hotel.

As for me: sleep is sleep, a bed is a bed, and I know I'd trade in the difference in asking price between the two for more important things than experiencing another stay in some plush hotel.

Fri, 01/18/2013 - 03:49 | 3165464 Yen Cross
Yen Cross's picture

 Mr. Bloomberg over Niagra falls in a 32 oz slurpee.

Fri, 01/18/2013 - 03:50 | 3165466 akak
akak's picture

William Banzai, get to work!

Fri, 01/18/2013 - 03:59 | 3165468 Yen Cross
Yen Cross's picture

Mine is black. Notice the stone guard on the rocker panels. bb512i  that car has rear brake vents. My car is original  http://www.cavallomotorsports.com/


Fri, 01/18/2013 - 04:19 | 3165473 akak
akak's picture

Wow.  Your trading skills are apparently better than I had imagined.


BTW, I believe that that is the precise babe magnet that Borat was looking for.

Fri, 01/18/2013 - 04:23 | 3165481 Yen Cross
Yen Cross's picture

 Akak I'm middle aged loser. I Use my cars to pick  up chicks.


  Women are the last thing on my list. Ben there banged that<

Fri, 01/18/2013 - 05:04 | 3165505 akak
akak's picture

Hey, if you own that car and are flying multi-engines, you are almost certainly no loser.

Everyone plays to their strengths.

Fri, 01/18/2013 - 04:13 | 3165475 Yen Cross
Yen Cross's picture

 Ferraries kick ass. ( a clutch in a ferrari 328GTSi) 10 grand.  My 928 GTS (1996)clutch was 3 grand. My 1985  single plate into 1986 928s-4 clutch was  about 2.7 k,  My 1984 928s clutch was the same , but porsche bumped the HP and engine displacement to a full 5 litres, in 86 and went to a single plate disc. I Fryed a few of those. Those were 2,3k a pop.

  I won't even go into the ZO^6s I ruined. Anyone that knows me knows what A madman i am.

Fri, 01/18/2013 - 06:52 | 3165548 Monedas
Monedas's picture

Get an automatic .... before you slip a disc in your back .... cost $100,000 .... + !          Monedas      1929      Comedy Jihad The Cost Of Slipping In Your Bath Tub On A Banana Peel World Tour    

Fri, 01/18/2013 - 08:16 | 3165617 GCT
GCT's picture

I loveed my 928 it was a pussy machine.  That car was one expensive vehicle to fix though.  Some soccer mom ran a stop sign and totaled it. Some advice never buy a car with an aluminum body.

Fri, 01/18/2013 - 05:02 | 3165504 lemarche
lemarche's picture


Fri, 01/18/2013 - 08:45 | 3165655 strangeglove
strangeglove's picture

If you got to ask you can't afford it!

Fri, 01/18/2013 - 06:33 | 3165539 Disenchanted
Disenchanted's picture

One Day Only NYC: Free Crusts and Gruel(pareve)

Locations: 200 West St. & 33 Liberty St.

Bring your Hongry Friends...No Zombies or ZH Traders Welcome

Fri, 01/18/2013 - 07:26 | 3165580 User 3461
User 3461's picture

I wonder how Washington DC (our beloved enclave of the brave, worthy and omniscient gods) stacks up against NYC on this food-dimension? I ran into uber-rich and mooches in both cities. But WDC seems to have a lot of uber-rich-mooches; odd, me thinks.

Fri, 01/18/2013 - 08:02 | 3165601 MFLTucson
MFLTucson's picture

This is the stste that Andrew Coumo told the country it should emulate with gun control because they were the leaders of the USA.  Good job Andy, you are following perfectly in your fathers footsteps.

Fri, 01/18/2013 - 08:09 | 3165611 Brokenarrow
Brokenarrow's picture

The day I cant eat is the day bankers will not be safe. Or, I will be dead.

Fri, 01/18/2013 - 08:42 | 3165647 youngman
youngman's picture

The leftist politicians always have to have a "victim"....the poor is one of them...the poor in this country are very very well off.....go to India..or Africa to see some POOR...

Now go back 100 years.....what did they do then......they survived without all the subsidies...sure they were hungry...but they learned the language..got jobs..saved...and moved upwards and onwards.....I think being poor is a great motivator....getting guaranteed handouts for life is not

Fri, 01/18/2013 - 08:51 | 3165665 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Bloomberg for a 4th term, back to Feudalism!

Serf's up NYC ...

Fri, 01/18/2013 - 08:51 | 3165666 irie1029
irie1029's picture

That coupled with lowest herd population in over 50 years it is going to get tougher.



Fri, 01/18/2013 - 09:16 | 3165699 DrDinkus
DrDinkus's picture

1st avenue by my apt 'hospital alley' is full of 'zombies'. my belgian roommate is in awe every time he walks down the street. so this is america...

Fri, 01/18/2013 - 09:50 | 3165742 Future Jim
Future Jim's picture

The article didn't mention that:


  • NYC proivdes the most services for poor people of anywhere in the US (so I've been told by a fan of NYC).
  • The poor could move out of NYC to a cheaper place.
  • The poor either didn't vote, or they voted for Obama.

It says that cheap food is unhealthy. Would that be rice, beans, eggs, and apples?

Fri, 01/18/2013 - 09:48 | 3165768 Doode
Doode's picture

NYC is the most expensive city in the country and one of the most expensive in the world - what are $25K families doing there? It is like pleading for Lindsay Lohan who cannot afford to live in Beverly Hills anymore - wow, sorry if I do not view it as such a catastrophy. 90% of so called low income families are literally degenerates anyways. How about relocate them to North Dakota where they need people to drill? All these Foodbank and EBT programs subsidize local supermarkets and employers not willing to pay the true wages. Stop all subsidies and only help with relocation out - the rest will see their wages go up, crime levels down, less crazy people and generally a more cordial environment. Hope Bloomberg does it before he leaves.

Fri, 01/18/2013 - 10:02 | 3165819 d edwards
d edwards's picture

The answer is simple: eat the rich.  sorry.

Fri, 01/18/2013 - 15:57 | 3167243 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Cleaning toilets, emptying bed pans, working in food stands, convenience store clerks, etc. etc. etc.

Fri, 01/18/2013 - 10:01 | 3165788 Future Jim
Future Jim's picture

We elites are right wing extremists, but we spend much of our resources promoting progressivism, fascism, socialism, communism, collectivism, and political correctness - not just because they make the serfs more dependent - but also because they slow down innovation. Our conscience is clear because a majority of serfs freely support us in our promotion of all flavors of collectivism.

Innovation must be managed. Innovation can empower the little guy and make him think he doesn't need those of us having superior genes to make decisions for him.

Innovation can make the serfs uppity, in the vernacular, as it were. For example, the Internet Reformation makes many serfs feel like they are just as smart as (or smarter than!) we are! Therefore, we can't have unbridled innovation, or else we might get another Internet Reformation before we can stop it. We have yet to complete our control of the Internet itself, so we certainly can’t allow another black swan event like that.

It is true that unbridled innovation would be necessary to support the exponential growth in serf population, but there were already too many serfs anyway. The earth has limited resources, and only those having superior genes deserve to inherit the earth. Slower innovation will thus reveal the urgent necessity of our final solution, which will thus become more acceptable to those elites and useful serfs who were previously reluctant about what must be done.

Slower innovation is thus a good thing.

The serfs have known that the free market works best for them for at least 400 years, and they still choose to sacrifice their children's future for the short term trinkets we give them. It is their choice.

The free market is an abomination that punishes our superior breeding and rewards that greedy lower class mentality. The free market is anarchy. The success of the common man in the free market is thus proof of his inferior genes. That is why – that government is best, which regulates most.

The serfs have all the information they need to know that we cannot compete in a free market, but they still vote for regulation. It is their choice

When we promise them other people's money, they have all the information they need in order to know that they are those other people. Therefore, if they are blinded by their greedy lower class collectivist mentality, then that is still their choice.

We reveal our plans because everyone must freely choose, and thus our conscience is always clear. We simultaneously offer powerful temptations that will only deceive those who willfully ignore reality and who thus have inferior genes.

We thus respect: those who know that when we are all on the same page, we all benefit, and those who know that we have the right to implement any good idea, and those who know the end justifies the means, and those who accept their place.

Conformity and hierarchy are thus not a necessary evil. They are a necessary good.

Some elites claim that our principles of conformity and hierarchy make us no different than the serfs, who we manage by appealing to their desire for conformity and hierarchy. What these elites seem to forget is that the reason we are superior is  because we are smarter. Conformity among the serfs is only wrong because they are imitating those with inferior genes, and hierarchy among serfs is only wrong because they are following those with inferior genes.

Although we are the most highly evolved humans, a new theory posits that conformity and hierarchy are actually the Soul of Animals, and are thus the peak of animal evolution, and that the peak of human evolution is the Soul of Humanity.

Some elites accept these theories, but it does not change our plans because we are thus acting in self defense against the encroachment of the perverse evolutionary course referred to as  the Soul of Humanity. Without conformity and hierarchy, the Soul of Humanity is incomplete and would lead to anarchy! One could thus summarize our goal as a crusade to kill the Soul of Humanity, although most of us just see it as killing off reactionary genes.

Some elites claim that the Soul of Humanity is very much like our founding principles, and that we have lost our way. Such elites have obviously been deceived by our own propaganda intended to pacify the masses.

Fri, 01/18/2013 - 10:57 | 3165975 Stuck on Zero
Stuck on Zero's picture

New York, like most major metropolitan centers, produces nothing but consumes vastly.  The city lives off of laws that tax the producers in the suburbs and rural communities.  Someone once posed the question: "What good ever came out of a high-rise?"  Not products, not art, not cars, not food, or appliances, or homes.  Just writs, rules, addenda, codicils, tax bills, liens, regulations, graft, and regulations.



Fri, 01/18/2013 - 11:03 | 3166068 HeatMiser
HeatMiser's picture

Welcome to little Tel Aviv. Serve us or move.

Fri, 01/18/2013 - 11:37 | 3166224 Elmer Fudd
Elmer Fudd's picture

What about that generous Trickle Down Effect?

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