7/25/2013 6:15 PM ET|
No recovery for the middle class
Crunched by the housing crunch
While home prices are recovering and are back to early 2004 levels -- up nearly 14% nationally from their lows, but still down around 27% from their 2006 highs -- many Americans aren't participating in the rebound. Foreclosures, short sales, negative home equity and other maladies have prevented many from tapping into this wealth recovery.
Consider the chart above.
It shows that even as home prices stabilized from 2009 to 2011 before pushing higher, the homeownership rate collapsed as one-time owners became newfound renters. As a result, millions missed the bounce; those who lost homes as well as wealth in the housing collapse won't benefit from the rebound.
Now, they are suffering another negative consequence as rental rates push higher and new cash-investor landlords enjoy the rise in home values. Right now, rent inflation is running at nearly 3% -- up from 1% in early 2011 and more than double the overall inflation rate.
So much for the wealth effect from homeownership. But at least the stock market is up, right?
VIDEO ON MSN MONEY
the question I have is, when in hell are voters going to smarten up and really look a candidate over instead of following them down the road like Norway rats behind the pied piper just because they like the sound of his music? people in Germany in the 30's followed Hitler because he was telling them what they wanted to hear...and look what it got them.
Everyone will be sorry when the middle class continues to decline. Who do you think supports this country? It isn't the rich hiding their money overseas...it sure isn't all the other countries we enjoy sending our hard-earned tax dollars to.
It's a complete shame - we are so desperate to be the "rich" or "good" guys giving away assistance that we have to borrow from China in order to do so that we are bankrupting this country. Don't have kids people because you are just subjecting them to what will end up being a 3rd world country eventually if we keep on the way we are.
And hey, why not mention the fact that there are generations of people on welfare that don't want to work and never have. I don't want to go to work each day only to never get a raise but I have to do it.
I guess Obama is really a capitalist who looks out for the rich. He sure talks like he cares but his actions show a man who is only interested in his elitist friends. He follows closely in the steps of George Bush and it is a shame.
With all of the illegal things that happened on Wall Street and at big banks no one went to jail or was even charged. Instead every company who violated the law was bailed out. Even Obamacare has given an extra year to big companies and said 'screw you' to the middle class. And that was Obama himself who authorized it.
LETTER TO THE CRIMINAL RULING CLASS:
You control our world. You’ve poisoned the air we breathe, contaminated the water we drink, and copyrighted the food we eat. We fight in your wars, die for your causes, and sacrifice our freedoms to protect you. You’ve liquidated our savings, destroyed our middle class, and used our tax dollars to bailout your unending greed. We are slaves to your corporations, zombies to your airwaves, servants to your decadence. You’ve stolen our elections, assassinated our leaders, and abolished our basic rights as human beings. You own our property, shipped away our jobs, and shredded our unions. You’ve profited off of disaster, destabilized our currencies, and raised our cost of living. You’ve monopolized our freedom, stripped away our education, and have almost extinguished our flame. We are hit… we are bleeding… but we ain’t got time to bleed. We will bring the giants to their knees and you will witness our revolution!
The middle class that built this country
all you left wing democrats are so full of crap! NOBODY DOES BETTER WITH DEMOCRATS AND
THEIR LIBERAL AGENDA! EVERY FRICKING STATE AND CITY WITH THEM IN CHARGE IS
IN DEBT AND GOING BROKE! I WAS DOING GREAT WHEN BUSH WAS IN OFFICE AND I WAS
NO BIG FAN OF HIS BUT I THINK MOST PEOPLE WERE DOING BETTER! GAS ONLY REACHED 2 BUCKS A GALLON NOT 4 AND FOOD PRICES WERE NO WHERE NEAR THIS HIGH AND WE WERE MUCH SAFER AFTER 9-11 WHICH WAS THE DEMOCRATS FAULT AND YOU CAN SEE HOW GREAT THEIR FOREIGN POLICY IS WORKING WITH MR APOLOGY IN CHARGE AND CLINTON THE WORST FOREIGN SECRETARY EVER! AND NOW ALL THE HARD WORKING ARE GONNA LOSE THEIR INSURANCE CAUSE OF OBAMA DEATH CARE TO PAY FOR THOSE WHO DON'T WANNA WORK OR WANT TO PAY THEIR FAIR SHARE! EVEN ILLEGALS COULD GO TO THE EMERGENCY ROOM AND GET TREATED SO WHO WASN'T GETTING ANY HEALTH CARE??? IT'S ALL BS FOR SINGLE PAYER SYSTEM AND MORE PROGRESSIVE PROGRAMS AND MORE BIG GOVT NANNY STATE FROM DICKTATOR OBAMA! MORE DEMOCRATS ARE PART OF THE 1% THAN REPUBLICANS! FING DEMOS!
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[BRIEFING.COM] The stock market welcomed the new trading week with a mixed session that saw relative strength among large-cap stocks, while high-beta names underperformed. The Dow Jones Industrial Average (+0.3%) and S&P 500 (-0.1%) finished near their flat lines, while the Nasdaq Composite and Russell 2000 both lost 1.1%.
Equities began the day on a cautious note amid continued concerns regarding the strength of the global economy. Over the weekend, China reported its first decline ... More
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