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The Oligarch Recovery - Renting In America Is Most Expensive Ever
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
Characterizing the upward transfer of virtually all American wealth to a handful of oligarchs a “recovery,” represents a grotesque insult to the english language as well as common sense.
The writing was on the wall from the very beginning. I knew as soon as TARP passed that we as society would regret the day we bailed out the bankers who destroyed the world economy. It didn’t take long.
Bailed out Wall Street banks went ahead and paid themselves record bonuses less than one year after the bailouts. Then, in early 2013, the financial community’s next scheme to feed off the carcasses of the American public became crystal clear. They wanted to become America’s slumlord by buying millions of foreclosed homes and then renting them back to former homeowners. When I realized what was happening I published the post, America Meet Your New Slumlord: Wall Street. Here’s the opening paragraph:
Well they aren’t really your “new” slumlord in the sense you have been debt slaves to the financials system for decades. What I really mean is that it is now becoming overt and literal. Literal because financiers are now the main players in the real estate market and are buying all the homes ordinary citizens were kicked out of over the past few years. Yep, we bailed out the financial system so that financiers with access to cheap credit can buy up all of America’s real estate so that they can then rent it back to you later.
Two and a half years later, the results are clear. Landlords getting paid, renters getting shafted. As Bloomberg reports:
Americans living in rentals spent almost a third of their incomes on housing in the second quarter, the highest share in recent history.
Rental affordability has steadily worsened, according to a new report from Zillow Group Inc., which tracked data going back to 1979. A renter making the median income in the U.S. spent 30.2 percent of her income on a median-priced apartment in the second quarter, compared with 29.5 percent a year earlier. The long-term average, from 1985 to 1999, was 24.4 percent.
While mortgages remain relatively affordable, landlords have been able to increase rents because demand for apartments remains strong. The U.S. homeownership rate fell to the lowest level in almost five decades in the second quarter, as strict lending standards and tight inventories keep many families in the rental market.
Bull market in serfdom:
What do you expect to happen when you bailout sociopathic criminals?
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But we have no inflation.
Fucking tents are renting for $1000 a month in California.
Officially we had only 0.8% inflation in 2014.
Official cumulative CPI from 2011 to 2014 was 7.2%. Chapwood Inflation was 47.1%
http://www.zerohedge.com/news/2015-05-29/inaccurate-statistics-and-threa...
Tent rents for $1,000 per month in California's Silicon Valleyhttp://www.nydailynews.com/news/national/tent-rents-1k-month-silicon-val...
Nobody here but us chickens.
Renters are being fed corporate feed and farmed for their nest egg.
LOL!!! Great analogy. Hey, the rent is too damn high!!
Just think, kids, some day this lease agreement and crappy Ikea furniture bought on credit will belong to you.
Like I said back in 2010...
I repeat, all of this funny business in the markets should drive thoughtful investors to disintermediation:
1. In finance, withdrawal of funds from intermediary financial
institutions, such as banks and savings and loan associations, in order
to invest them directly.
2. Generally, removing the middleman or intermediary.
Of course, disintermediation is bad for governments selling debt and
all financial firms, but often very good for small businesses needing
capital. I am suprised to not read more about disintermediation here,
and on similiar blogs, apart from advice to buy gold and take posession.
Micro lending in your own community, angel investing, and even certain
types of municipal debt offerings are good topics for consideration.
Disintermediation, bitches!!!!!
How can you implement it in your portfolio, business, and life?
Landlord/landlady + tenant - real estate agent = disintermediation
Be a landlord, not a tenant.
PS: This article's generalization that landlords are oligarchs is horseshit.
Yes, but always remember, half of the people you meet are below average. Again, don't be average. Yes, I am a "landlord", but still have to pay all the local and federal taxes.
Warren Buffet is a much more profitable "landlord", but then again he doesn't pay shit, he calls Obama.
Long.. Road to Serfdom
i almost became a landlord until i saw what tenants in this area do to the homes before they leave
PS: This article's generalization that landlords are oligarchs is horseshit.
Correct. Landlords are Rentier, not Oligarchy.
Tight inventories of homes under 300K is a big big problem. Bloomberg says tight lending standards is a problem too while we know otherwise, as it's merely a "side effect" of the main problem of deliberate hyperinflation in certain sectors to include housing. How is a bus driver with kids to support going to afford a $450K median priced home?
The Globalists are steering Americans into a collision of the uber-Fascism model and European style Socialistic high cost of living paradigm. They WANT you to depend on government subsidies to survive.
Tight rationing under Technocratic 24/7 Biometric Surveillance, coming to an Agenda 21 STACK 'EM and PACK 'EM "sustainable mixed use" community near you!! Can you 'chickens' say Labor Camps?
If you put a Home Depot shed on a lot in Colorado it will start at $300k. I have had a rent analysis on my condo and just got an appraisal for an equity loan, myself. I am not sure if I will rent and move or sell and move. While I like that my place has appreciated dramatically when I look at replacing it in terms of renting or even buying something comparable I cannot see that I am ahead of the game at all. In fact, the stuff I can afford is what looked pretty much like starter homes 30 years ago when I bought my first place with my family.
After talking to appraisers and others I was told the reason for more apartments rather than condos or even homes has to do with financing. It is far easier to get financing for apartments which will generate income than condo's. The banks still remember the last crash.
I have seen the reappearance of the house-flippers, too. They are everywhere and they generate a false demand for homes. Although I do not blame them for trying to make money I hate how they distort the market, along with Chinese trying to cash out of their currency.
At the end of the day the ability of people to buy or rent properties cannot exceed their ability to pay. At some point they must realign. Whether this looks like a market cooling off or another crash is anyone's guess.
Also, I do not think landlords are evil in any way. You should see what renters, especially the low rent crowd do to the places they live in. It is often virtually criminal.
The bottom line is that there are no natural market forces anywhere in America or the world so nothing can be properly valued. Welcome to central planning by elected morons.
Bull. You can find plenty of very livable homes under 200k in many areas. Of course, they are not 4k sq ft mcmansions. Boohoo.
there's more intelligence in those chicken coops than on a typical college campus
You know what happens to those chickens in the end eh?
The art majors process them? 120k degree. We dun broke some folks.
thanks, i didn't have a good answer for his question...you did... lol
.
---Yellen: "What's this inflation all these poor entitled taypayering debtor sheep talking about? Stawks have been down. Krugman can argee with me that QE 5 to Infinity is needed. No bubbles in sight either." [sarc]
I locked in my monthly rental rate in 2012 for a single family house. Oh and I'm allowed to convert the side/backyard to a small farm.
Most multi-unit dwellers don't have the chance or skills to reduce costs on food if allowed to have a green space or grow tents.
Most renters are in debt as is and interest rate payments don't help especially subprime.
It would be great if we knew the real dollar per square foot paid, too. It would help to understand how much AMerican renters are being screwed or getting their money's worth.
I'm waiting for the house bubble to not pop, but cascade into the firey pits of financial hell. Then I'll snag a house or two to rent out
A third of their income spent on housing?
If you are renting and working 29 hours/week try 60% of your income.
+1k
“The real world is where the monsters are.”
In the SF bay area it's 60% too - with a highly paid tech job!
The Oligarchs are targets.
Take them out.
It's THE NEW Feudal America: Hunger Games For Kids http://wp.me/p2kmGE-BT
Jump! You Fuckers!
Spending is about to tank.
More reason to get back to what used to be a good American culture. In 1940, 90% of households were family while just 7.8% of household were 1 person households.
In 2010, 26.7% of households are 1 person, just 44.6% were family.
There went economies of scale for housing.
In 1960, 5% of births in US were out of wedlock, last year 41% of births were out of wedlock.
Not good for home economics.
So what do you suggest, some social engineering to get families to form? Who imposes that?
social engineering was Govt taking role of Dad so mom can have kids without a dad and not have to worry about paying for things..
Bible says bastard child not allowed in kingdom of heaven for next 10 generations. Pretty strict law .. but nature alone suggests you'll be substantially better off being a child born with 2 parents.
Your net worth will be substantially higher when you are 65 if you are married.
it's just culture and it discretionary and your free will.
where in the Bible does it say that? not the New Testament that's for sure.
in any event there's a wealth of information that supports the family structure. heck just look at human history for all the proof you need.
bastard child not allowed in kingdom of heaven for next 10 generations…
The Old Testament regulation prohibiting temple worship of persons born out of wedlock did not prevent some of the most celebrated judges and prophets from serving God. Jephthah’s mom was a whore, (Judges 11:1), Samson, well, that whole Delilah thing, Hosea was commanded by God to take a whore for a wife, even the ancestors of David and Jesus had a dubious beginning when Judah had twins from his deceased son’s widow, thinking she was for hire.
There are tales of whores before kings pleading their cases, and don’t forget Rahab, who sparked the first of the trans-Jordan conquests when she harbored the spies in Jericho. Jesus himself ministered to the shadier side of humanity and was castigated by the religious elite of His day for actually eating with them.
The point being, even in the Old Testament, service to God was not necessarily limited to butchering and cooking animals in the temple, (not being a Levite was enough to preclude that specific duty), but what one did when confronted by God with their life in the present was enough to determine where one was headed. One’s purity was / is not tied to one’s past, but is determined by where one is going.
Jmo.
Bacon underwear.
A good place to start, would be for the government to stop paying people to breed.
Unless home is JAIL!
https://www.youtube.com/watch?v=biHJ6S91xBY
Role model Republicans like the Palins keep squirting out illegitimate children.
At least the Kardashian is married.
We are all renters now.
i only pay rent to the king
It is not just the bailed out financial elites, but it is also a process of international trade. We enjoyed a privlidged spot after WWII because most of the rest of the world's factories were destroyed. As the destroyed economies built up, we started finding less expensive places to produce. The net effect has been to reduce the USA standard of living while increasing other countries. Eventually, the common man in the USA will be living as well as the commoner in China, India, Brazil, etc. USA standard of living has been falling at least since the 1960's - very slowly, but a little bit each year. It can be hard to see because of technical innovations, but if you have been around long enough, you can see it.
Many of us saw it 3-4 decades ago, but no one wanted to listen. It became glaringly obvious when discussions on NAFTA started in the 80's. Ross Perot ran his election campaign on "that giant sucking sound you hear will be American jobs leaving the country". Many common men understood it then, as he got 19% of the vote in 92 running for President as an Independent.....and exit pols said that 35% of voters would have cast their ballot for him IF they thought he had a chance to win. Too bad we didn't get a President Perot then.
It is as simple as can be. The pie (total world economy) is only so big. In general numbers, America, with 3% of world's population accounted for 25% of world economy. For those percentages to change, America's share had to be reduced. If America's share is reduced, America's standard of living drops. Our politicians (that we elected) gave the country away to multi-national corporations and bankers who want to homogenize the world. This can only benefit a relatively small percentage of people, and most certainly not the average dumb American, who only sees lower prices but can't figure out why their standard of living keeps going lower.
I had a pretty good understanding of this by the early 80's, as I saw many of the factories we acted as agents for start to go out of business, or shift production out of the country. The big shift started a decade before when Nixon/Kissinger opened the door to China trade.....and the discount retailers lobbied Congress hard to eliminate laws that allowed manufacturers to control the retail of their product lines. All the power shifted to the retailer, and the race to the bottom was on. The policy of "free trade" became the goal, instead of "fair trade".
So, in the 80's, we watched factories closing in waves, then irony struck in the 90's as many of the retailers that were lobbying for liberal trade laws back in the 70's found themselves going bankrupt under the crush of competitions from Wal-Mart, Big Box Specialty retailers, and Warehouse Cubs. The entire Catalog Showroom business went away, and virtually all of the old department store chains have been consolidated under a few banners. The carnage continues, too.
At first, it was simple factory production that was outsourced - the kinds of stuff I sell (things for the home). Every year, outsourced goods have become more technical, complex, and advanced as we loose evermore higher paying jobs. And what is the answer proposed by current leaders, you ask? Well, it is even more "Free Trade" with TPP
Read it and weep. http://www.citizen.org/tpp
For s country's leaders to open the borders to "free trade" is no different than opening it's borders to free immigration. The result will be that the country gets plundered....and those leaders are guilty of treason.
Good post. This could be a feature article by itself.
The way that "free-trade agreements" get rammed through Congress these days should leave no doubt that corporations own both parties.
I think you are on the right track. However, protectionism does not do anyone any good. Free and fair trade tends to benefit all as a wider array of resources and sources become available. What would Taiwan do if everyone was protectionist?
The problem is we let other countries "game" us, like Chinese currency devaluation. We would do well for them and us if we quit allowing that. If the Chinese artificially devalue their currency then we slap a 50% tariff on their goods. In S. Korea you get an IRS audit if you buy an American car. Let us return the favor. Every Kia and Hyundai comes with an audit! How would that sound in a car ad?
We do them a favor because they win by adapting to their own economic environments for the long run. When China devalued the currency 5% the price of gas, heating oil and the likes rose at the same time. Everyone in China takes a hit economically.
The other side that gets woefully ignored is what we do to ourselves. We are first and foremost our own worst enemies. We have the highest corporate tax rates in the world, an immensely complex tax system, rules, permits, licencses, inspectors, zoning, enviro-suits, etc. to run business out of the country on a railroad even if everything was static on the foreign side. Government sticks it's fingers into everything. Obamacare is a huge dead weight loss for no extra goods or services. I had a guy who appraised my home recently tell me that he had four other great people who worked for him before the last crash. His insurance premimum for his family went up 32% this year. Because of labor rules, etc. he will not rehire anyone even though it would be nice. This is not China driving down net employment. It is we, ourselves, the good ole USA...or USSA as it should be.
If we are going to look at the reason for our economic malaise then we start with looking in the mirror and move outward from there.
While I am generally in favor of free trade there are two sides to the coin. It will benefit the poor countries more than the rich ones. The rich countriies will get lower priced goods but the cost will be a long-term decline until the markets equalize. Sort of like opening a pipe connecting two tanks at the bottom; eventually, both tanks will be equally full. How much technology was invented in the USA, but then migrated to China once production really got moving? What happens when that 50 year old guy who only knows one trade gets laid off because his factory moved? Most will be lucky if they can ever find as good of a job again.
Another huge factor is that we have vast over-production capactity and more automation. Robotic cars are coming soon and have huge implications from taxi drivers, car sales, insurance, warranties, traffic flow, etc. Robotic fast food will be here even sooner with minimum wage increases. Factory overcapacity is driving down costs further. Keeping interest rates at zero means owners can buy production and pay it off even more slowly putting more downward pressure on prices. Looks to me like big deflationary pressure on a lot of stuff while huge inflationary pressure on things like taxes, higher education, medical care and other protected industries.
I am not proposing any partiicular solutions - just making observations. And I see really huge changes coming.
Well, it all starts with observations.
Your automation brings up the memory of a conversation I had with a friend of mine awhile back. He refused to use the self-check automated lines at the grocery store. He felt it robbed a cashier of a job. I thought about it and I asked him, "Yes, a cashier might lose their job, but what do you think about the people who make those scanner machines? Do you think they make more than a cashier, not to mention all the warehousing, shipping, etc.?" He was honest and agreed they most likely make much more.
The people who make the robots, service them and calibrate them make a very good living and almost certainly more than the person who held a torque wrench.
One thing to remember is that when something is made in China versus America is has to buy machinery, acreaage and a factory then get shipped to a port, loaded, hauled, unloaded by American union longshoremen, reloaded onto trucks and trains and taken to market. There is a large shipping cost and production delay versus making something at home. That should always give the home team an automatic lead.
05k30H2R7 1970-77 Army Security Agency
the oligarchs i see around here have nine rent houses (all mortgaged) and NO MONEY. i wish there would be a real estate crash to wipe them all off the face of the earth but with interest rates going to zirp across the board it probably won't happen. :sigh:
that's what I see happening too. middle class people trying to hold on by buying up property (keeping the prices up) and renting to millenials. unfortunately they're pricing millenials out of the ownership market. thanks baby boomers for another one.
"millenials", "baby boomers"... Talk about misplaced logic/anger. None of this is generational. It's about those with the cash and those without, as it always has been. Shoot, rather than go on about age, why not just blame racism?
Build more units and everyone's a winner.
Yuan devaluation just drives more Chinese cash- for -mansions over here? Sincerely, Orange County CA
I'm here in NYC and I walked past a van with Citi-bikes in it and I ask the young lady driver what the bikes were. She said people rent the bikes to get around. It looked like the same Citibank logo but maybe not I don't know for sure.
It's not a coincidence.
http://www.capitalnewyork.com/article/city-hall/2014/07/8548273/deal-tak...
30% before or after taxes?
even in the mid-west, my rent goes up $15/mo every year on a one year lease, crappy '70's era building, crappy property management company and I'm a minority as a white.
Being boiled slowly in a pot.....jump out of the pot BEFORE it's too late....
Then go hang Wilbur Ross for Treason.
We Landlorded some folks.
This says it pretty well:
https://scontent-atl1-1.xx.fbcdn.net/hphotos-xfp1/v/t1.0-9/11880598_1015...
There was a time after the collapse of a great world empire where things entered a period, unfairly in ways, called the Dark Ages.
A Landlord/tenant relationship evolved where a landed Aristocracy owned all the productive assets, which at this time was mainly productive land and the rest of the populations became serfs who worked on this land in a form of indentured servitude.
The serfs were allowed to stay on the land for a major percentage of the production of their labor. The production went to a Manor house that was owned by a lord and the serf got to keep a small percentage for the right to be able to exist on the land.
This is actually where the term landlord comes from.
The Lord then became powerful and created a system of Knights who were under oath to protect a Monarch if called to project power.
An admittedly short and cheesy paraphrase of 1200 years of middle age world history.
I hate when shit starts Rhyming again. Hope I can afford to buy a horse soon.
Also recommended study were the Victorian era workhouses in England. We think we have it bad.
Serfs had right of redress in special courts made for just that purpose if the landlord tried to dispossess them unfairly. This time around the feudal lords are not going to have serfs, and that leaves us all as landless peasants. They want to reduce the entire world to peasantry and get us to accept their divine right to rule.
That only worked for powerful figureheads called kings- it will never work for oligarchy. The people suffer under oligarchy, and desire a king to make things right. So the combination of middle class/king versus oligarchs has been an essential see saw feature of Western history since Rome.
The oligarchs are due for their come uppance, and they believe the panopticon states they are creating will subvert the rise of a new leader.
Gotta love Jersey. Tons of empty apartments and I'm about to move into a $1,300 one-bedroom. FML.
Since you are moving anyway, why not just keep going and get out of NJ. Please don't come South, though. We already have more NJ transplants than we need, thanks.
I'm a Southern transplant to NJ, and not the stereotypical part of NJ. Hence when I go back south the only giveaway that I"m from NJ is my accent. There's other factors keeping me stuck in NJ that I can't really control... I could (and probably would) get a job just as good someplace cheaper and warmer if I were able to.
I noticed that as well. Used to be if apartments were empty they would lower the rent to try to attract more new people and keep other tenants in place.
Now they (landlords) just don't give a shit. In the Midwest, my rent just went up $10/month, and yet the number of empty units is practically double what it was when I moved in.
Not that it is a lot, but I also have a mortgage on a home in another state. I just fucking work in Kansas because I can't find a decent job in my home state.
One thing I'm noticing is ththat whenever I find a nice apartment, brand new, great price... Section 8! All of the other similarly-priced apartments are 1950s brick boxes without central air. So, if I had a crappier job I"d get a nicer apartment.
True story was talking to the dad of a kid who plays baseball with my son who's a Private Equity guy. Told me in 2008 they bought several "distressed" business for 5-10% of original purchase price from other private equity companies which were worth much more because one of the rules of TARP was if you bought companies within a certain time period and you lost at least 40% of the original purchase price TARP would recoup 80% of your loss. So you have private equity companies punting bad investments to each other where the buyer gets a great deal and the seller sheds his bad investment choices and gets 80% of his money back. You can't make this shit up.
So, like a few I suppose, I am caught between two bad choices. One is, pay too high of a cost to rent a place (though in comparison to a lot of places mine is great...1800 ft 3 bd/2 bath house with a two car garage and a little yard...across from a lake actually) for $950 a month. I "lucked out", finally sold my previous house (but for a loss overall) that ate up all my liquid savings (after a divorce...which contributed of course) and my Realtor new a lady wanting to take hers off the 'for sale' market to rent (again) as she had no buyers. I live in rural midwest. Still, crap holes around here big enough for me and my kids are still $1000 a month so the house I got (an '05 build) is a steal and I got a cut rate because I had great references. I do take care of shit, even if I'm just renting it. You know...I have some self respect and don't want to live in squalor.
Anyway...sorry for the tired post...I'd still love to pay less and finally knock out the last debt I had to take (see previous house and divorce reference).
I could buy a house and have much cheaper monthly payments as that market here is much less "tight" and leans buyer. But then I'm stuck in Illinois knowing taxes will just keep going up, jobs are never a given these days (though I have a good one I've been in 11 years that I don't see ending anytime soon). I just hate the idea of "owning" (LOLOL) given how hard it is to sell here and tax uncertainty.
Do I just buy something to pay off the last of my debt? Figuring if all else failed and the world came crashing down here in Illinois (which is entirely possible) I could bail on it later...pocketing the excess rent cash after the debt is gone or then just renting it out anyway. It's tempting, but I kind of feel like what is written here is just trying to force people in my "grey area" to buy a house to prop up that failing market. Any thoughts?
Build yourself a nice big camper with all the amenities and rent a space on an RV lot for $400-$500 including power/water/sewer. There is a huge number of people who are starting to live this way since they have been forced out of the middle class, but nobody is talking about it.
RV's are the new Hoovervilles.
Rental madness reigns in Silicon Valley. A new apartment complex in Sunnyvale (near San Jose) has 1000 square foot places going for $3700-4200/month.
Developers are trying to get in on the act. Everywhere I look in the city commercial real estate is being bulldozed to make way for apartments and townhomes.
We saw a roughly 50% decline in rental rates peak to trough when the NASDAQ bubble popped in 2000. When the next bubble bursts and the economy tanks just as thousands of new units are coming available, it wouldn't surprise me to see a 75% reduction. It's going to get ugly for landlords. Really ugly.
It's only going to be ugly for the landlords that bought/developed their properties recently. All of the other rentiers will be just fine as their costs (purchase) from years past will be in-line with rents at 1/2 of the current rate.
We can hope. But it hasn't been ugly in California for landlords for a long time. Supply and demand. Considering there are two BILLION people in China alone who want to live here, if one percent buy real estate in CA, that's enough funny money in the state to fuck up native Californian's chances for realistic housing/rental prices for decades.
Real estate in CA has become a place to sink looted money from all over the world, and launder it so that the countries it got sucked out of can't get it back. Chinese (and dot com stock option kids who've lucked into their worthless stock options getting jacked up by the Fed, via American taxpayers) don't care how much they have to pay to get their loot out of China (or potentially worthless options after this bubble bursts) while average Californians already haven't made enough money to buy a home in the town they grew up in since the 80s.
It's the new American Way.
I bet the fuckers over at the National Association of Realtors are still waving their pom poms and chanting how it's a great time to buy, just like it always has been according to them.
They are the zealots bowed before high priest trump.
To rent somewhere decent outside of DC is at least 1400 for a 1 bedroom. 1400 in the midwest will buy you a 4 bedroom house with a basement.
Not if you are in somewhere decent in the Chicagoland or Twin Cities areas, which is part of the midwest. Of course, you could rent cheap in bumfuck, Iowa, but good luck finding decent employment.
This term "rent seeking" is starting to be thrown around in the general public and people who misunderstand it's definition are going to start rallying against those poor bastards that worked there ass off their whole life in order to acquire a couple rental properties.
Distorted rental and purchase prices are just another result of monetary policy but I wouldn't count on the public seeing it that way down the road.
.
I have the tools, nail guns, saws, and drill drivers and sufficiant knowledge to cut stair stingers and build platforms with several trap doors that will hold several bankers and real estate investors for a short time.
If interested e-mail me at "SwingingBankster.yay
All American's paying home mortgages should drop a TILA rescission letter in the mail - rescinding their mortgage due to FRAUD (no statute of limitations) and stop paying...
If banks | trustees | servicers do not bring legal action to vacate the rescission within 20 days - they waive any defense to the rescission and the mortgage & note are void by operation of law.
US Supreme Court - (Scalia) - Jesinoski decision
http://www.supremecourt.gov/opinions/14pdf/13-684_ba7d.pdf
Let's take down the banksters...
http://www.blogtalkradio.com/neilgarfield/2015/06/04/rescission-decision
"Characterizing the upward transfer of virtually all American wealth to a handful of oligarchs a “recovery,”"
More incompetence and/or proletariat propaganda !
Here are thE most reLevant FACTS:
1. MORE than 60% of gummint spending is for ENTITLEMENT VOTE-BUYING PROGRAMS FOR THE PROLETARIAT HORDES.
2. The gummint at every level is stealing earnings thru taxes - sales taxes, property taxes, income taxes, etc
If you earn your own income, then YES, you ARE being robbed, but by the PROLETARIAT-CONTROLLED ENTITLEMENT STATE gummint, NOT by the boogey-men oligarchs.
So, when the oligarchs can't provide living wage jobs, the "gubmint" has to step in. The US has the highest level of inequality in the developed world. What do you expect the citizen/voters to do when they have been stripped of wealth and the ability to earn a living wage? Vote for the globalist economic royalists' interests? When the "proletariat hordes" are the majority, because growing inequality has become out of control, OF COURSE they will vote to raise taxes on the rich to fund a safety net. But go ahead and keep bleating the case for the elites, for what good it does. People will increasingly see the value in more socialism in our mixed economy, as their own lives become worse. They certainly won't look to more capitalism as the savior. The trickle-down story has been a big FAIL.
Oh, and the biggest increase in "entitlement" spending is in health care. If the US adopted a universal health care system, like the rest of the developed world has, we could cut our per capita health care spending in half. People in countries with socialist health care systems would never trade their system for ours, and are happy to see their tax dollars going to something they get benefit from.
It is not the responsibility of so called oligarchs to provide jobs with the incomes that you desire to all of you massively over-bred proletariat entitlement addicted vermin parasites.
You have created nothing.
You have built nothing.
You have earned nothing.
You have contributed nothing.
You are entitled to nothing.
You are nothing.
You sir, seem to be a very disadvantaged person...emotionally and intellectually. Very sorry for you. So much hate for the people that create the food you eat, make the clothes you wear, design the items you crave.
Would you last more than two days in a forest, without servants ?
My hate is for entitlement parasites and thieves.
I survived more than your vestigial mind has the capacity to comprehend, and I **EARNED** my wealth rather than stealing it from others, or wasting my life whining like a spoiled child.
You proletariat vermin scum who are always complaining about oligarchs are the defective immoral lazy incompetent PARASITES who cannot create your owns products, services, and businesses - you are PARASITES, creatures that live off the life force, productivity and success of others. You should ALL be eradicated, NOT subsidized.
Money is fake. Where does that leave us?
My Grandmother lived through the Great Depression. One year my Grandfather who was an engineer (bridge builder) sold pencils on the street in smaller town in 1934. He went overseas for the dough in bridge building. Anyways, my Grandmother told me many years ago before she died:
"Never trust bankers. They love foreclosures." I never could make since of why until about 2009 now it is crystal clear. This article sums it all up.
The only thing to add is the financial slumlords hire the cheapest labor (illegal aliens) that are either too ignorant to fix things right or are so underpaid as not to care.
My Grandparents owned a little stock in 1929. After the Great Deprssion and WW2 she didnt buy stock until 1962 when she bought Exxon which paid her a nice dividend until she died.
One other side story. My neighbor in Maine was 92 back in 2007. I told her about the debt overhang and cut me off blurting out: "I survived the last depression and will survive this one too!" She was an inspiration. The world lost a good soul when she died three years ago.
30% - Rent
80% - Food & Energy
=100% F*cked
every new tourist, immigrant, refugee, alien is a rent increase, even if they can't afford it, every single one a potential unlimited debt voter.
It gets worse, after every fire, disaster, calamity, flood or "whim of a liberal" housing is lost and ever more land restricted for exclusion from Americans.
Everything else that left, that too gets restricted too, unless you are the annoined, then you're allowed to build a high rise condo on top of an earthquake fault with no water to supply it. http://www.reuters.com/article/2014/11/07/us-usa-california-earthquake-i...
Funny that ZeroHedge also ran this article today:
http://www.zerohedge.com/news/2015-08-14/are-automakers-about-hit-panic-...
So if you can't afford a house or apartment, buy a van with no money down, and live in it!