Not to be outdone, the Albany Times Union, which includes PARADE in its Sunday package (by the way, never order the paper home-delivered: they don't include the TV guide if they bring it to ya!), came up with its own feature, taking a look at Capital Region wages. Skimming the articles: we're not in good shape. we're not really all that bad either. Even thugh some of us can't afford simple things, like getting broken teeth fixed. The sour economy gets sourer as time goes by...
The house next door has been vacant for several years now.
The owner skipped out, leaving the bank holding a $259,000 note. The house is certainly NOT worth that much - and as it stands today - may actually be worth $59,000 - if the bank could unload it for that!
I see a lot of vacant homes - and a lot of idiot landlords who think they can rent flats out for more $1000 a month.
Millions of Americans are still unemployed, and most of the jobs being created aren't high paying. Wage growth has been stagnant for years, a phenomenon cloaked by the effect of the housing bubble on household wealth. Now, even though interest rates are very low, many would-be buyers can't qualify for a mortgage. The era of no-doc liar loans is over.People are fed up with high gas prices - which are driving the economy back into a ditch - at $4.11-$4.29 a gallon, there's no way people are going to pay through the nose for housing!
Another impediment is the trillion dollars in student-loan debt. Many college graduates are entering a job market where they start at low pay and may never enjoy the upward-earnings trajectory of their parents' generation. Consumer debt is high overall, further holding back potential buyers.
Nobody gets it!
The government looked the other way when General Motors recalled the amazing EV1 electric car... because it would have empowered people and made our lives better! They crushed the cars and shredded the schematics! (Of course, there was a lot of GREED involved. GREED also toppled those big banks a couple of years ago.)
They still REFUSE to recognize the high gasoline prices as the SOLE DRIVER of the plunging economy! Even 10-year olds understand this!
Luckily, a few organizations see what's going on ... ally bank is cool... no charges, and they re-imburse ATM charges... they "get it"... Every time banks try to screw with consumers we see backlash... that's why Occupy is waiting in the wings... the proletariat [pro·le·tar·i·at n. - The class of industrial wage earners who, possessing neither capital nor production means, must earn their living by selling their labor.] are ready...
But Wait A Minute...
I was just over at one of the Albany Stewart's, where gas is pumpin' at $4.09 today, and there was a car at every pump and then some. I went to the grocery store earlier and the place was packed. Crossgates Mall was jammed yesterday: I couldn't find a place to park for more than a half -hour! And I stopped by Lia Toyota up toward Schenectady. They were SO busy they had to cancel my test-drive because "every salesman is helping a customer" AND there was a line!
SO... are we just going on... "eat, drink and be merry?" Where are all these people getting their money from? Unemployment checks? What's REALLY going on?
Tags: economy, housing bubble
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