HowardWhy is Housing Bubble Really Gone?
October 16th 2006 02:10
Peddler scene in Chelsea, Mahattan
Why is the H
homeless in Union Sq., Greenwich Village
You have a problem that money is being demanded of people in the United States, Europe, Australia, and other places that just doesn’t exist in their pockets. In the Center for Housing Policy study, out Friday Oct 13th, it’s there in black and white. Working families are paying 57-percent of their income for housing and transportation!!! Housing costs were 28-percent, while transportation costs were 29-percent. Remember, in most of these 28 metropolitan areas in the United States, you have to have a car to go anywhere in a reasonable amount of time. And in many of the areas with good public transportation, subways, etc, the housing costs are much higher, so same story, but 50-percent of the costs are for housing, while only 7-percent are for transportation.
So that’s why everyone wants to live in Manhattan, New York City and pay huge amounts for old, scuzzy apartments. The transportation is quite good. That’s why the neo-cons want to blow up public housing. You still have maybe half-a-million people who live in decent public housing, have low transit bills (don’t need a car) and can actually still service. Don’t worry, I’m sure someone is working on changing that. Working people are defined as $20,000 to $50,000 a year income. Median income in NYC households is about $55,000, but that’s with mommy, daddy, the teenager and the dog having full time or part time jobs.
Meanwhile the London Guardian (10-10-06) apparently has discovered that the Hedge Funds practice “casino capitalism”. Gee, maybe they realize that Maggie Thatcher was off her bleepin’ rocker too!! It just took them 15 years to do it. They say “a specter is haunting finance, the specter of hedge funds” …Estimates are that their value is now equivalent to the GNP of the United Kingdom!!!! Now, because of deregulation, and other idiocies “pensions are heavily involved”… Somebody better get that Guardian reporter a tonic and gin toute suite!! And they are definitely worried that colossal losses at Amaranth hedge fund (of about $6 billion) didn’t create a (publicly known ) chain reaction collapse, but what about next time??? Indeed.
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