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American "Nightmare" Shocker: The Real US Homeownership Rate Has Never Been Lower
The transformation of the American Dream, most broadly manifested in popular folklore as the aspiration of the US middle-class to own a home (even if it means agreeing to a 30-year loan with one's friendly neighborhood TBTF bank), into the American Nightmare, in which an entire generation (the Millennials) is locked out of purchashing a home due to over $1 trillion in student loans hanging over every financial decision, an abysmal jobs market (for everyone but college educated "waiters and bartenders" whose hiring is on a tear), and banks' unwillingness to lend money to anyone that can fog a mirror, and forcing millions of Americans to rent instead of buy, has been duly documented here before.
As we showed most recently in October, the officlally reported US homeownership rate, after peaking during the first housing/credit bubble, has been plunging in a straight line and is now the lowest since 1994..
The offset: soaring, record high rents, because since few can afford the debt to purchase a still massively overpriced housing market, the only option is renting at which point the laws of supply ande demand kick in.
We have also shown in the past why the "American Dream" is now anything but. The answer in one word: Millennials.
* * *
All of the above is well-known.
What however not at all known, is that just like the unemployment rate's major methodological revision several decades ago, so too the homeownership calculation has been "adjusted" in recent years with the consequence of making it appear better than it is.
To normalize for this revision, Bank of America ran a simulation on the US Homeownership rate, in which it "derived a homeownership rate assuming household weights by age group as of 1994. In other words, we only allow for the change in the homeownership rates over time to matter, holding the household age weights constant. Under this methodology, the homeownership rate would have declined to 62.1% last year."
In other words, instead of the most recently announced 63.9% homeownership rate, which was already the lowest since either 1983 or 1994 depending on how one looks at it, when stripping away the adjustment "fudge" which added some 2.3% to the homeownership rate simply because US households have aged, the real homeownership rate is far worse than what everyone believes.
As Bank of America summarizes, "this suggests that the decline in the homeownership rate thus far has been even more dramatic than the published data suggest."
It does indeed, and as the chart below shows, when stripping away the now traditional assumption fudges which have flooded every single data set and made virtually all the New Paranormal data meangingless due to its reliance on pre-Lehman crash demographic and labor participation assumptions, the reality is that not only is the American Dream now completely over, but that the American Nightmare has never been worse, because as BofA just calculated, the real US homeownership rate has never been lower!
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But but but BLACKSTONE is an American Citizen...right?
saw my first sign of spring today. Two Mexicans hauling a heater into a pawn shop
The fact that all these years it took slavery (debt; 15-30 year loans and other type of loans) to own a home or property for regular people is amazing. Huge correction.
Congress feels that these home ownership numbers are horrible and will pass whatever legislation is required to get home ownership down to 0.1%.
Additional azz burger kudos to the corrupt divisive incompetent arrogant narcissistic illegal indonesian kenyan alien muslim sociopathic pathological liar in chief fudgepacker for its contribution towards the further destruction of our country and the middle class. As if anyone givesash*t...
Two Mexicans hauling a heater into a pawn shop
Were they asked for ID?
Increasing home ownership was a sham to begin with. Publishing this chart only plays into the hands of those who think the government should "fix" something that they screwed up in the first place. In other words, it's all good. BTFD to the moon.
I disagree. To me, it shows that the programs that the Bush Administration put into place and Obama continues has done absolutely nothing to increase home ownership, as was the plan.
The government entities that systematically hoovered up the bad loans weeks after their creation and rolled them up into the MBS that poisoned the global financial system were created AND overseen strictly by Congress.
The Bush administration began in 2003 warning Congress how dangerously Fannie and Freddie were behaving even pointing out that the danger extended well beyond the mortgage market and beyond US borders. But they had thin majorities in Congress and the committees responsible for oversight of the GSEs were corrupted. So Congress aided and abetted right up to the end, despite numerous hearings where the growing risks were highlighted by administration officals and others.
There is some sick footage of Barney Frank acknowledging the risk but insisting it was too important to carry on. Donors loved selling those loans. They didnt used to, until the GSEs stepped in massively to make it a great business.
Dr. Head, that's the point. This goes all the way back to Clinton. Home ownership is not a "right" and is not something the government should have stuck their noses into. Easy money and income equality are just scams to enslave the lower classes while making them feel so passionite about it that they demand it as if it was their idea in the first place. By screwing it up, the government now has positioned themselves to claim it needs fixing. What would you propose the steps to increase home ownership be? Easier access to loans you can't afford? Programs to increase minimum wage? Tax breaks for homeowners that the government already can't afford and will just get back through taxes on consumers in other ways?
Feel free to chime in here.
Government shouldn't be involved in trying encourage home ownership. I shold have added that.
We are becoming a nation of renters. With the current Job market, people don't have the funds to pay for a mortgage plus all the taxes, fees that come with 'owning' a house
Job Situation: http://www.dailyjobcuts.com
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"The reason they call it the American Dream is because you have to be asleep to believe it." the late, great George Carlin
Seth, did you mean:
<< saw my first sign of spring today. Two Mexicans hauling someone elses heater into a pawn shop >>
#bringbackmybarneyfranks
Shocker-
So, you think the rental owner is gonna eat the taxes, fees? NOT! It is cooked into the monthly rent figure and the renter pays it. I own 2 homes free and clear, excepting insurance and those fucking property taxes. Add in improvements and the occasional repair for more cost. Owning your home does have drawbacks but at the end of the mortgage day I do own it and if I get tired of it I can sell it (if the economy does not crash) and go back to renting with a pocket full of fiat. Renters are lucky to walk away with their security deposit. The landlord can do a short notice walkthru, sell your 'home' out from under you and send you down the road, you get no equity back from your years of rent pymts... btdt, renting sucks! I'd buy an acre of land in the boonies and live in an old RV or single wide trailer before I would go back to being the landlord's debt slave again. Renting has it's place for some but the masses will continue to strive for home ownership. jmo
Nah, on the path we're going, we are soon becoming a nation of van dwellers.
Dubya tried to shut down Fannie and Freddie, Doc. That is fact. Fan and Fred are leftist/statist bastions.
More regulations.. that can do it
They stuck their nose into it a long time ago with the mortgage interest tax deduction.
I've seen GNMA pool #1 (and traded pool numbers in low double digits). It was created 20 years before Clinton. You may have overlooked some of the benefits of government intervention in god/capitalism. If it weren't for the government, Ward and June would have lived in an apartment and the Beav would have been more like Eddie Haskell. I've proven this in a neoclassical rubber chicken graph where "h" equals the height of June's hair. Since all rubber chicken graph modeling is void of judgement and prejudice, and decides perfectly in this vacuum without any bias as to who gets a house and who doesn't, it is predicting that the Mexicans that pawned their heater this spring were more likely renters--and don't rental neighborhoods just look and feel more "homey"? But then again, in the vacuum, some may just "prefer" to live in cardboard boxes and be free to starve and freeze.
What gets me is that BlackRock outbid all the 1st time buyers that could have helped restore a healthy market, albeit it at far lower prices, and instead made them all renters paying more than the mortgage would have cost them. And the CEO made 690 millon dollars last year. This shit is just shameful.
@ TBT or not TBT
you've got some serious fucking selective memory to defend the Bush Administration's behavior during the Housing Bubble. Bush was housing cheerleader NUMBER 1. Ownership society my ass. His GOP was just as much in the NAR's pocket as the Dems and they are even more culpable as they could have done something about it. There's your "Big Government Conservative" I guess...
If you wanna rewrite history, do it where people are less informed. There's not enough GOP syschophants here to buy your bullshit. Greenspan's Housing Bubble had the vociferous backing of the entire GOP establishment. 15 seconds of Googling blows your complete lie right out of the water.
My neighbor informed me about his mortgage situation that I thought you all may find interesting.
He had his mortgage modified during the initial housing crisis aftyer not paying them for 1 year and a half. Most recently, he had a career change that means less income for him right now until comissions start building back up. He called his mortgage "holder" - JP Morgan - and informed them of his situation. They cut his monthly payment substantially, but the back loaded his mortgage. He has lived in the house for 10 years now, but because of this seconde modification he now has a 40 year mortgage on the house starting today.
Assuming he doesn't modify his mortgage again, he will end up paying for 50 years on that house and we aren't even talking about extraction of equity of the home, as he has none.
This is outright ridiculous.
SOP
HAMP and any other "modification" scam out there. Increasing the servitude is all.
Mostly true. I ended up taking a remodification (I was the sucker that paid everything on-time, put a down payment down, etc). 5/3 offered a no appraisal, no income verification, no employment verification, refinancing of my house. I brought down the term by five years and brought down my rate. The one scam I did notice is there was regarding securitization and selling of the loan and the recording process. It was a stand-alone disclosure and basically allowed for securitization shenanigans to continue with my consent.
The reality is the banksters give back nothing in principal and get more interest.
The mechanism "assumes" your income will increase in the future and you will have the $$$$ to pay additional interest. It won't and you won't.
The fact that they are forced to "write off" some accrued late fees has put a number of banksters into the hospital with convulsions.
Filthy animals
Extend and pretend at its finest
It's ridiculous that JPM gets a bailout to accommodate the modifications, but there is a fundamental fact missing from your story... what is his monthly note payment and what was his comparable cost to rent? If he's anywhere close to having any equity in the house, then they'll probably let him walk (or, legally, he can flip them the bird if he's in a nonrecourse state).
And if he's in a judicial foreclosure state, it will take years to settle -- all during which he pays no rent, prop tax, insurance, etc. So the 40-year loan mod at least means steady payments for the near term.
LOL. Extend and pretend. The bigger the extend, the bigger the shit and the worse the rippage.
You are right, that is ridiculous. The bank should have stood up to the gubmint's coercion and done the right thing for both the homeowner and the taxpayer - foreclosed the loan. You are also right that the gubmint never should have been involved in the mortgage markets and thus the housing market. The 2007-2009 debacle is on gubmint, and ultimately on voter ignorance. Voting more gubmint is a losing proposition.
That would be rayciss...
That would be raysist!
Way OT but cool:
SOLAR IMPULSE 2 SOLAR POWERED ROUND THE WORLD FLIGHT REAL TIME TRACKING PAGE
http://www.solarimpulse.com/widget-aircraft
It took off today on its round the world flight
not pessimistic enough, boring
Fuck you then.
How's that for not boring?
Stuffing him into a wood chipper is not boring
Who gives a shit.
"Long oil, short sunlight." -Oilmen
;-)
Well let us think about this....why low home ownership rates?
Admittedly there are some real bargains in Detroit that are going to waste....cheap homes...though in bad neighborhoods and that have been looted of wiring and anything sellable like metal piping, etc.
But here.....years back, we rented a duplex for $350 per month and were able to save up for a 20% down on a $145,000 old house (a 50 year old house that was sold when new for about $15,000).
Now? Simular houses, now even older (and yes we do have dry rot and termite problems here..) rose to about $500k around 2005-2006. Then fell to about $300k in 2009 (recession). But are now about $400k. Rents for a 1 bedroom apartment run about $1,000 per month. Jobs are scarce. Most are low pay jobs.
So how do young families buy a house? After rent + taxess + cost of living, little money is available for saving for a house.
Also the new houses are being built very cheap (materials and tiny lots) but sold for $400k+.
Rich foreigners and Hedge Funds bid up prices with all cash purchases.
Us ordinary locals are left having a hard time with housing.
Or do like our former neighbors....24 people in a 1 1/2 bathroom, 3 bedroom house....which I guess could be called the house version of "job sharing".
DK
Also, try thinking outside of bare economics.
1) after 40 years of the Feminist Effect on Families, who forms any families?
2) after 50 years of the End of Free Association (and its carcinogenic cousin, Section 8), who considers a home as an asset?
@ Kobe, excellent points
In the "ownership society" of the USSA (a.k.a. the 0.1%), society owns you. We consented to taxation to fund the whole fucking thing.
The credit implosion will not be stopped.
This is not merely a crack up boom, but a long term, systemic unraveling of our exponential monetary system.
The only thing that will stop this is a debt jubilee.
pods
It won't start getting better till NO BUSHs and NO CLINTONs are ever voted for.
No BUSH
No CLINTON
No blue, no red, only Green.
You might as well call the Green Party the Watermelon Party, as they are red on the inside.
You should have stopped after "better."
Because it has exactly jack shit to do with the puppet up front.
P<P+I
That is the problem we are having.
pods
Power is simply a coat that is passed from one tyrant to the next.
Debt Jubilee can't work when so many debts are tied to eachother. You nix one and the whole house of cards crumbles
Good, crumble it. Now!
I am not saying they will entertain it, and if they were to find a way to do it, it might allow this system to continue, which is evil by design.
But it is going to collapse one way or the other.
I definitely see your point, as this debt (assets) have been stuffed almost everywhere, from pensions to investment funds.
But either way the debt is going by by. I just hope it is shocking enough so people think like those who saw the FED system for what it was an inception, ala Henry Ford.
pods
Anyone who lived in any remotely urban area during the great depression never forgot it... the same folks that were 85 (probably long since dead), hobbling around, and would bend over (risking life) to pick up a penny. It will make an impression on everyone who has the fortune (or misfortune) to endure it.
For many rural folks, e.g. on the farm, they couldn't have cared less... already had everything they needed.
Maybe there's some wisdom in there somewhere...
Damn right there is wisdom. That's why I bought 200 acres with a spring.
nature credits, man debits
A debt jubilee is nothing but an expansion of moral hazard. People who weren't strong enough to resist the idea that they could have it all for a perpetual monthly payment will again be relieved of their (self-inflicted) burden at the expense of those who 1) didn't buy into that load of crap and 2) have no debt outstanding.
I see your point, but the system which we are forced to live under only works if there is ever expanding debt.
So if everyone were to avoid debt, our system would collapse.
A good thing, but it would still collapse. That is why I avoid debt whenever possible.
pods
"The only thing that will stop this is a debt jubilee."
LOL. Good one. The only Debt Jubilee we'll see, will be an asymmetric jubilee (some will be forgiven more than others). Same as always.
First Debt Jubilee will be for pensions which will be reduced or eliminated.
let's see....in Texas if you buy a nice home you get the living SH&^ taxed out of you....so, hmmmm....why is this revelation a mystery.
On top of that, we have an Income Tax "incentive" that rewards DEBT (mortgage interest deduction) and NOT home ownership (equity accumulation). [i.e. tax code devised to funnel more money to banking elites]
No mention of the actual percentage of equity held by homeowners(I'll bet that's at an all time low). Then, there are the property taxes. Taxes have only gone up over the years. Slavery hasn't been this popular since the 1800's.
saw my first sign of spring today. Two Mexicans hauling a heater into a pawn shop
check your basement, it may have been yours.
And if it was yours you might want to think twice about calling the police. At least hide any mulatto children hanging around.
Is their cash green?
Not one person in America own's thier house , you all rent it off the county as they hold title to it and let you think you own it with a "deed" of some description . Try not paying your rent for 3 years and see what happens , even if you have the land patten updated into your name they don't give a fuck they still charge rent.
It won't take 3 years.
Some inept, imbecillic, moron who sucked dick to get the "County Attorney" appointment because he is so inept that he could fuck up a 2 car funeral will make an "example" of you.
If that wasn't enough any house that has had MERS scam within title chain, makes
even your limted renter status a potential problem.Odds are they rehypothecated that asset and it sitting
as an NPL somewhere. waiting on some smartass to try to foreclose.Even if they lose,you
will be out of pocket bigtime.
...Try not paying your rent for 3 years and see what happens...
You could always give it to the state a la William Randolph Hearst and his "ranch" in San Simeon. His heirs continue to be allowed to use it at their leisure but since California's State Park owns it, no taxes. Too bad the Parks department can't seem to be competent enough to maintain it, but what can one expect from a mere frn8.3B annual cost for our states' Natural Resources caretaking.
Another cost that's been added to any US citizen wishing to renounce their relationship to the IRS has jumped to over frn4K. The US will allow all sorts of folks to enter, but is now charging an exit fee to anyone wanting to be done with their share of the debt of the nation. Welcome to the National Hotel California, you can check out anytime you like, but you can never leave.
Article title is bullshit, it actually has been lower.. from 86 to 95. Back when house prices actually reflected realistic income levels.
Reversion to the mean fucktards
I currently, through a set of circumstances not likely to repeat, own two houses. I do my part to skew the curve.
I'm in the same boat. The trick is knowing when you're in a situation that is not likely to repeat and acting accordingly.
I also own two and live in each half time. Not my first choice but it's whats need right now. Both paid off. How many fols own vacation home in the multiple numbers also? Could skew the numbers more then a bit.
Trying to cherry pick your domecile for tax purposes?
No. One very very rural which is our "home". One more urban for some educational needs of kids, which are not available at the other.
that's the ticket, big house in the country, little apartment in the city. The commute sucks, but not as much as spending all your time in either place.
Can I buy the spare? Ill give you a nickel down.
-Millennial
It will go lower over the next 3 to 5 years.
Retrenching after the biggest crater of all time takes time.
Talk about fudging. How about we use the mortality tables from back in 1960 and just ignore anyone owning a home over the age of say, 70. Basically the same thing.
Freaking Millennials screwing everything up again!
Millennials are dragging down homeownership Diana Olick | @DianaOlickMonday, 4 Aug 2014 | 12:18 PM ET
"The millennial generation will have enormous influence in coming years, especially as they hold off on getting married and having children, the two biggest reasons for first-time home purchases," said Zillow chief economist Stan Humphries. "A lower homeownership rate because of these demographic shifts will have a ripple effect, keeping rents high and potentially impacting the broader economy if substantially fewer people pay property taxes and buy fewer home goods."
More like "Millenials refuse to be bent over without a kiss, seniors miffed, film at 11"
No seniors, we're not going to support you......we're paying the fine.
Since we're all in our parent's basements without jobs.....good luck getting that.
dinner and a movie first handsome
They are on the hook with student loans. One debt mechanism competes against the other.
Insert Greenspan's picture in the sharp run up that ended in 2007/08.
My cardboard shack under the interstate is free & clear. Only problem is, my insurance premiums are going up because the states have no money to fix the crumbling bridge above on account of having to pay $200,000 a year pensions to kindergarten principles for their 20 years of 'lifetime service' of teaching the Saul Alinsky doctrine to 5 year olds and making sure nobody ever said "God" while they pledged allegiance to the flag.
I have a lien on that space and the crumbling bridge is part of an international lawsuit with China.
Dammit! I knew my DREAM HOUSE was too good to be true...
GM, I would like to buy a dirivative based upon the outcome of your international lawsuit. Say, 6-5 against?
Just see the man in the trenchcoat on the other corner and be sure to mention 'innovative financial instruments' so he knows what you want.
We've already collateralized your end of the bet into a CDO-squared if you'd like a piece.
I'll see your lien, and raise you an Environmental Impact Report. Endangered pidgeons are inhabiting the bridge your clients thought they owned.
you carry the rentier class, you know, your actual owner, ya, you carry their water so splendidly!!
if you keep practicing parroting their dribble and propaganda, maybe you'll get the long fought for promotion from reach around pivot boy, to deep throat!
blame unions, blame blue collar, blame, ya know, the majority avergae people.. for the problems.. just like trickle down. lmao
P < P + I
The government pensioners in illinois are the 1%
How many Bloody Sundays are there?
- wow check out 1939 and 1941 Episodes, turns out Wikipedia does not list the Selma to Montgomery March as Bloody Sunday, so I guess the Left recently created the "Meme", and in doing so they cover up at last 130 years of other Bloody Sundays
- 1887, Bloody Sunday was the name given to the events in London on 13 November 1887, when a march against unemployment and coercion in Ireland, as well as demanding the release of MP William O'Brien (imprisoned for incitement as a result of an incident in the Irish Land War), was attacked by the Metropolitan Police and the British Army.
- 1900, Bloody Sunday of February 18, 1900, was a day of high Imperial casualties in the Second Boer War(South Africa)
- 1905, Bloody Sunday is the name given to the events of Sunday, 22 January [O.S. 9 January] 1905 in St Petersburg, Russia, where unarmed demonstrators led by Father Georgy Gapon were fired upon by soldiers of the Imperial Guard as they marched towards the Winter Palace to present a petition to Tsar Nicholas II of Russia
- 1916, Everett Massacre (also known as Bloody Sunday) was an armed confrontation between local authorities and members of the Industrial Workers of the World (IWW) union, commonly called "Wobblies". It took place in Everett, Washington on Sunday, November 5, 1916. The event marked a time of rising tensions in Pacific Northwest labor history, 7 Dead, 47 Injured
- 1919, Marburg's Bloody Sunday is the name of a massacre that took place on Monday, 27 January 1919 in the city of Maribor in Slovenia. Soldiers from the army of the Kingdom of Serbs, Croats and Slovenes (aka Yugoslavia), under the command of Slovene officer Rudolf Maister, killed between 9 and 13 civilians of German ethnic origin, wounding a further 60, during a protest in a city centre square
- 1920, Bloody Sunday (Irish: Domhnach na Fola) was a day of violence in Dublin on 21 November 1920, during the Irish War of Independence. In total, 31 people were killed – fourteen British, fourteen Irish civilians and three Irish republican prisoners
- 1921, Bloody Sunday or Belfast's Bloody Sunday was a day of violence in Belfast, Northern Ireland, on 10 July 1921, during the Irish War of Independence. Over a four-day period, 22 people were killed, 16 of them on 10 July itself. Another 70 people were badly wounded and 200 houses were destroyed.[1]
- 1923, Nova Scotia, During a steelworkers' strike in the summer of 1923, mounted provincial police attacked a crowd of women and children on July 1, 1923 in what became known as Bloody Sunday. The miners' union struck in protest. Federal troops were called in to break both strikes
- 1926, Bloody Sunday is a name given to political clashes that occurred in Colmar, Alsace, France on August 22, 1926, French Communist Party and the Colmar section of the Popular Republican Union (a Catholic organization) joint protest to denounce measures by the French state against the signatories of the Alsatian autonomist Heimatbund manifesto.[1][2], a large group of French nationalists, the royalist Camelots du Roi and Action française and attacked, Around 60 people were injured
- 1932, Altona Bloody Sunday (German: Altonaer Blutsonntag) was the name given to a violent confrontation between the Sturmabteilung (SA) and Schutzstaffel (SS), the police, and Communist Party (KPD) supporters on 17 July 1932 in Altona (Now in Hamburg, but at the time a part of Schleswig-Hosltein, which was part of Prussia), riots left 18 people killed
- 1938, Bloody Sunday was the conclusion of a month-long "sitdowners' strike" by unemployed men at the main post office in Vancouver, British Columbia. It was Depression-era Vancouver's final violent clash between Communist-led unemployed protesters and police that provoked widespread criticism of police brutality.
- 1939, Bloody Sunday was a name given by the Nazi-propaganda officials to a sequence of events that took place in Bydgoszcz (German: Bromberg), a Polish city with a sizable German minority, between 3rd and 4th of September 1939, right after German invasion of Poland broke out, 254 direct victims of Lutheran confession (assumed as German minority victims), 86 direct victims of Catholic confession (assumed as polish civilian victims) and 20 Polish soldiers dead. Approximately 600-800 Polish hostages were shot in mass execution
- 1941, Bloody Sunday (1941), a massacre of 10,000 and 12,000 Jews before the Stanis?awów Ghetto, Poland, announcement
- 1969, Bloody Sunday is the name given to a counter-revolutionary response to a leftist protest that occurred on February 16, 1969, in Istanbul's Beyaz?t Square, Turkey, after a military coup d'état in 1960, labor tensions grew and anti-American sentiment rose, Elements of the Turkish left and labour movement were protesting against perceived American Imperialism,[2] called organized Fascist Violence
- 1972, Bloody Sunday — sometimes called the Bogside Massacre[1] — was an incident on 30 January 1972 in the Bogside area of Derry, Northern Ireland. British soldiers shot 26 unarmed civilians during a protest march against internment. Fourteen people died: thirteen were killed outright, Many of the victims were shot while fleeing from the soldiers and some were shot while trying to help the wounded. Two protesters were also injured when they were run down by army vehicles.[2][3]
- 1977, Taksim Square massacre relates to the incidents on 1 May, 1977, the international Labour Day on Taksim Square in Istanbul, Turkey. The event came within the scope of the wave of political violence in Turkey of the late 1970s, 34 people killed and 126 persons injured
- 1991, January Events (Lithuanian: Sausio ?vykiai) took place in Lithuania between January 11 and 13, 1991 in the aftermath of the Act of the Re-Establishment of the State of Lithuania. As a result of Soviet military actions, 13 civilians were killed and around 1000 injured.[1] The events were centered in its capital, Vilnius, along with related actions in its suburbs and in the cities of Alytus, Šiauliai, Var?na, and Kaunas
Late ADD Never Called Bloody Sunday, but seems a popular day for protests or strikes:
https://en.wikipedia.org/wiki/Banana_massacre
1928, Banana Massacre, Ciénaga near Santa Marta, Columbia, An army regiment from Bogotá dispatched by government to deal with strikers deemed subversive, Whether troops sent at behest of United Fruit Company is not known,Radical members of the Liberal Party, as well as members of the Socialist and Communist Parties, participated,[3] Deaths Unknown (estimated 47 to 2,000)[1]
The troops set up their machine guns on the roofs of the low buildings at the corners of the main square, closed off the access streets,[4] and after a five-minute warning[1] opened fire into a dense Sunday crowd of workers and their wives and children who had gathered, after Sunday Mass,[4] to wait for an anticipated address from the governor.[5]
Down Votes? No one likes U2 Song, Bloody Sunday? Obviously written not for Selma to Montgomery March.
Some Selma History that didn't make the movie.
http://www.amren.com/archives/back-issues/may-1995/
Thanks.
Sunday, Bloody Sunday (U2) was written for the 1972 Bloody Sunday (the Bogside Massacre in the Bogside area of Derry, Northern Ireland.)
U2 progressively tapped into the 'Oppressed' demographics of (North) Dublin, Ireland, UK, EU, US... until that meme maxed out and they became famous enough to be a regular pop band. If you want to check out an Irish band that stayed true to its roots of feeling oppressed, check out The Commitments... https://www.youtube.com/watch?v=9MN02oTCOT8
(One of my fave* movies). If you don't like it (the movie), I'll give you your money back. ;-)
* First saw it in Frankfurt in '91, projected on the wall of a building (with a hot date and a bottle of wine). :-)
Thanks for the clarification. Might check the movie later as I like to do that at night.
"...British soldiers shot 26 unarmed civilians during a protest march against internment."
- So sounds like the FEMA Camps
- Trivia Question: who was the first to Intern their own people in the Modern Era, say after the Age of Enlightenment (US Revolution & French Revolution)... and let's just consider Europe & Latin America
- Could it have been presence of US Slavery, Caribbean Slavery, Mediterranean Slavery?
- Could it have been US Wars in South America, Central America, or Caribbean under US Navy & Marines in 19th Century als Smedley Butler?
I'll have to try to search this out.
The Age of Enlightenment (or simply the Enlightenment, or Age of Reason) is an era from the 1650s to the 1780s.
One of the best live performance.
Thirst Mutilator, you've capture nicely what I was about to say:
.
DOWN: Incomes
- Full-time jobs, real salaries ---> less Disposable Income (to keep the VoM going) ---> Home ownership
UP: Cost of...
- Food
- Education (hits the young)
- Health Care (hits the v. young and v. old)
- Elder Care
- House prices & Rents (hits everyone in a zero-sum game)
- Debt
- /"VoD (Vel.of Debt)"/sarc
- People on EBT, SNAP, Sec.8 rental
Even so... Stocks are Up, way up, compared to (say) 2005.
Situation 'Normal'. SNAFU is the New Normal.
"Stawks" are a fucking feedback loop...
The only idiots who own stawks anymore are Praetorians who either work for the government [whether it be federal, state, administrative, OR, teacher, public service worker, or whatever], OR the MIC Praetorians who are service contractor providers for .gov & their cozy relationship with the MONEY COUNTERFEITTING FRANCHISE wholly run by the "you know hews"
If, for some starnge reason you're NONE OF THE ABOVE, then you're either asleep, an idiot, or are trying your best to develop a taste for gefilte sushi [because its all the rage in Hollywood]...
I'm sure they'll take full responsibility...Millennials, that is
So, the Fed's plan to enslave the population is working.
Fuedal society - same as it ever was
All that bankster initated school debt will hit hard.
In the meantime blackstone has become the average owner.
The criminals 'jumped the shark' in '06 by making school loans a 'lifelong' debt. It has now become superior to the almighty 30 year mortgage. They could double down on stupid and next make sub-prime auto loans 'lifelong'. Then, all auto loans, credit card, etc. all the way up to 30 yrs. Debtor's prison for everyone! At this rate, folks will put off buying homes until retirement, at least.
Aren't you guys sick of labels, "Millenials"
‘Baby Boomers’ are the people who stuck the 'Millenials' with the debt.
One "Millenials" payment coupon book s a Baby Boomers GM pension direct deposit.
I blame Putin...and ISIS!
Nah, 'Murika just needs some fresh blood from it's polltyticians. Outsiders like...Jeb Bush and Hillrey CLinton...big fat boomers, they'll fix it up good.
Blech, oh fuck Bank Against America, TARP frauds. Fuck you.
Nobody stuck anyone, at least not in my generation. Tolerance and comfort with debt slowly builds, and by the third generation is completely accepted. This is why the Jews had their jubilee years. This is why you do not want a central bank.
It's codeword for 'teh gays', son...not gettin' with the program, failure to breed to new debtors to feed the ponzimonkey on their backs.
It's like the Boomers have forgotten that they wrecked the global economy by taking out NINJA variable home loans and equity loans to buy hairplugs while Millenials were accumulating college debt only to graduate into no jobs.
Soon Grandma and grandpa and sons and daughters with thier spouses and kids will all be living with you under one roof.....just like the third world country I live in....its all good..they are very happy here..
goodnight John-Boy...
@youngman [+1]
When everyone finally realizes that's probably a pretty good idea...
Maybe there's STILL HOPE after all [instead of people spending their whole lives on a consumption hamster wheel for the sole benefit of the banking tribe]...
Great idea born from necessity... The simple fact is that humans want space and as soon as the capital and infrastructure are available to get away from multiple generations of family members living in the same home, people will run (not walk) to do so. Saying that it is a "pretty good" idea ignores the reason why it's done in the first place... no practical alternative.
"Saying that it is a "pretty good" idea ignores the reason why it's done in the first place"
So ~ I suppose a 'better idea' is to RUN [not WALK] to:
- Pretend you're one of the 'FRIENDS' on a TV sitcom who live in a spacious, eclectically furnished, apartment in Manhattan [on the salary of an unemployed actor/actress who part times at Starbucks].
- Spend the remainder of your 'disposable income' [because there's clearly a lot left over after paying your rent & utilities of the lights that are on all the time, not to mention your $200 a months cable TV, & smartphone bills because you have to see if you're 'KEEPING UP'], on $10 dollar drinks at the local club to meet the girl of your dreams [who happens to be]:
- a fucking BITCH whose only interest in life is trading 27 year old pussy for Jimmy Choo shoes...
- Then ~ in a moment of insanity, MARRYING the above mentioned bitch... Whereby ~ fast #FOARWARD 5 years later [& in some creative cocktail whereby the abberations of the subsequent story would be too numerous to detail on a space like this], decides to DIVORCE you because the 'PUSSY for JIMMY CHOO' deal just ain't working out anymore, and decides it's in her bitchier side [which includes profit motive], she can do better elsewhere...
- In the 50%+ cases <ABOVE>, hopefully you never popped out any puppies, [because if you did]:
- The boys will end up marching in gay parades for the rest of their lives, and the girls will have 20 tattoos & 20 piercings before they've reached SWEET 16... HATE YOU... & the man in their life will be some [cough, cough, BOY] from the single mother of another scenario like yours, that decided NOT to go gay, but start a garage band [which will last as long as needed until the garage needs to be converted into living space]
- Meanwhile ~ your Sweet 16 daughter, at the age of 18, [& seeing where the REAL $$ is at], will decide to do an AUDITION tape for the PORN business [which, at least, you'll never have to worry about 'Miffed''s husband ever seeing because he's like the Rob Schneider character in GROWN-UPS and has all he needs at home]...
false dilemma
Correct!
For me, it was NEVER a dilemma cause I figured it all out early.
+1 for the Miffed reference.
some of it is psychological, but more practical IMO. If nature provides, more space is required actually. You need stock (animals) pasture land for them to graze and land for some crops/garden, a "wood lot" for fuel, etc... there is plenty of real estate on this rock still. The challenge is that unscrupulous men and women have used flase weights and measures to claim title to said land... i assume they put it into some untaxable "trust" or some other trick of the hand.. rockefeller said the trick is to "own nothing, but control everything".... but "own" they do, for practical intents and purposes.. Tea?
So, Youngman... How is the state of Alabama these days?
Kidding, it's Columbia, isn't it?
<-- ZH living in 'own' place (house, apt, trailer)
<-- ZHer living at home
<-- ZHer, own my place (house, trailer)
<-- ZHer, renting
You had your chance kids. And you blew it:
http://6thstreetradio.org/cms/sites/default/files/obamas-faded-hope.jpg
Who needs a home when it is very cost efficient to live under a brigde. People are just coming to their senses.
Under a bridge, next to a river = prime real estate in the Philippines.
in a van down by the river? SNL skit.
Of course Millenials aren't buying homes - they aren't getting married either. Could that possibly be why they aren't buying homes?
The Millenials are just waiting for everybody to die off before getting into home ownership. Of course, by then, the government will be so far indebted that any inhertance will be (monetary and real estate) will be taken to service the debt load.
I also don't think any of them understand that those boomers saved for themselves and most of their savings, if not all, is going to be eaten up by healthcare and assisted living. Don't expect any money leftover.
Most understand that concept of savings, but forget that there won't be any inheritance... or, alternatively, that the inheritance won't be sufficient to do much with (*don't spend it all in one place kid*).
The issue millenials take is that the work environment that allowed for boomers to save was completely different than millenials face. For many boomers, they couldn't throw a rock and miss an opportunity. Part of savings was going through the motion of work, part of it was being born at the right time... and I contend it was mostly the latter, otherwise we quickly devolve into ancestor worship... like it or not, millenials are the same all singing, all dancing, crap of the earth as boomers, the golden generation, and all predecessors.
If you let gen x'ers and millenials opt out of social security and medicare, then a lot of the "savings" of the boomers would quickly evaporate.
I really wish that would happen. I'd opt out now and lose 25 years of paying into that bullshit scheme.
ETA: Also, while they might understand savings, there is no incentive to open a savings account when the service fees make a savings account a NIRP environment.
Nursing home filing for guardianship and a reverse mortgage on the family homestead.
Real inflation (and/or service fees and taxes) will eat the rest.
You may Be mortgage free (doubtful) But you will never own your house until the theft of property taxes Are removed ....
After Taxes, insurance,maintenance and mortgage payments its cheaper to rent a 2 banger apartment for work during the week and fly week to Greece and stay in an Ocean front Villa on weekends.
If I was a millenial I would be drinking ouzo and banging bikini's
. . . . "and fly week to Greece to work as a tax-collector."
FIFY
You better also have enough income (or skills or both) to repair it if needed.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."--Thomas Jefferson
Payback (for the slaughter of the natives) is a bitch.
Which Natives? The incessant tribal warfare of various North American tribes to expand their territory? Aztecs? Incas? Mayans? The ones that survived intermarried with who was around. Where I'm at, you can't throw a rock and not hit an Indian. They can look straight 100% Indian, or any shade between that and Viking-looking.
Why do people keep stating this as a quote from Jefferson? Debunked instantly, but people keep harping it...
The housing market isn't overpriced.
The incessant facebooking and tweeting skills these yootz can bring to the office are just undervalued.
This could all be fixed if a certain company would start building iHouses. That's right, $699,000 for a small house with rounded corners where the windows crack after 8 weeks. People would camp out to buy one.
"No, I can't believe your reality show about taking pictures of your poop didn't get picked up. I mean what's more 'real' than that?!"
Millenials cannot afford their parents houses. Who will buy boomers suburban homes?
That's where Fred Thompson's "government backed" reverse mortgage comes in silly.
Inheritence? Ha! We got electric stair climbers with drink holders and meds delivered right to our boat!
Good one! That guy should be euthanized and that commercial yanked permanently. Another "financial product" that should be outlawed.
Live on a boat! Yea, that's the ticket1
Funny how none o them '3 hour tour' boats ever come back, innit?
BlackStone
They can't afford them at the current inflated price. Who will buy them? The younger generation will be buy them at much lower prices. We may also see kids living with their parents until the parent's death. Then the children wiull inherit the house. That is the common scenario is many European countries which also has lead to lower birth rates, and fewer people getting married.