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Health of our Wealth
March 7, 2013
— economics, gap, propaganda, wealth
If you ask a group of Americans to raise their hands if they consider themselves to be middle class, almost all of them will raise them. The economic sophistication of our citizens is not adequate to survive. Lingering debt, choking all hopes of prosperity, is a driving force in most households in the United States, and yet concern is focused on government debt and misconduct. There are some fundamentals that are not at all understood, such as how money works and where it goes. If we were better educated I wonder if we would have a different outcome. The rose colored glasses are much rosier than we previously believed.
comments
Are you saying that people’s idea of how prosperous we are is exaggerated? At the same time, some people I know frequently remind me that the lifestyle I lead would be considered rich by the majority of people in the world, though on paper, I’m not sure my family income would put us above poverty level. Either way, the debt is a big concern, both personal and national. Both are unsustainable.
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Yes, Rachel,I am saying the Americans think they are much more prosperous than we really are….like a LOT more. Off course thinking will end in heartache…national and personal.
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Okay, now I watched the video, I should do that before commenting! I do agree that wealth inequality is much more of a problem than most people realize.
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I am highly graphic, so this reference is good for me..numbers…Eh? Pictures are worth a thousand words for my brain.
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don’t you think it’s good to be optimistic?
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Optimistic yes, delusional, no. I am optimistic because I am old..if I were 20 and looked at this….oy!
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the part I know is those that were part of the middle class .. all had homes that weren’t underwater and they were able to make payments. When the banks went all sideways and started giving loans to people who truly could NOT pay.. and we say what happened to that mess. However the unwillingness of the banks – Wells Fargo in particular since they bought Wachovia who bought World Savings.. thinks that loan modifications should come in the form of short sales.. not actually adjustments in prinicipal or debt owed or that properties across the board lost value. They don’t want to assume the blame.. they would rather toss it back on the citizens .. individual and collectively. . and let the economy tank again just so they don’t have to suffer. Given that most people who are attempting to buy a home or refi.. are finding it a 5-6 month process with just one bank (and heaven forbid if you are self-employed!).. and it’s not easy.. and here ih Calif.. it’s harder than most. the sales you are seeing Calif are mostly all cash purchases with flippers or people who plan on retaining that property for a good long time
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Wow 6 months to get a mortgage…I am actually a mortgage banker. I sold a piece of land in 2012 by carrying back the loan. I also have a mortgagee in CA who will refi with me before his two year balloon payment comes due in a few weeks. To do it ethically you make plenty of money for doing very little…there is not a need to gouge…but it is now a standard of the industry, enforced (or ignored) by government. I do not respect my fellow mortgage bankers and will not be joining their professional organizations.
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