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You Must Be In 'The Six-Figure Club' To Afford A House The latest housing data shows soaring mortgage rates, elevated prices, and limited inventory continue to worsen the affordability crisis. New data from real estate brokerage Redfin Corp. indicates homebuyers now need a whopping $114,000 salary to afford a median-priced home of $412,000 in September - assuming a 30-year fixed mortgage rate of 7.2% with 20% down. This is a near doubling in salary needed to afford a home since Covid, and since inflation wiped out real wages for two years, more Americans than ever can no longer afford the 'American Dream' of a single-family house with a white picket fence, instead, trapped in a cycle of renting. Redfin's next report, for this month, will likely show another jump in the salary needed to afford an average home because the 30-year fixed mortgage rate has risen 80 percentage points to 8% . In 2012, the salary Americans needed to afford the average home was about $38,...
Meet J. P. Morgan, Bankster-in-Chief
A little start of the week Entertainment! One of the SRF! by James Corbett corbettreport.com July 30, 2023 If you had met him as a boy, you might not have expected John Pierpont Morgan to amount to much. He was a sickly child, for starters, constantly beset by rashes, headaches, rheumatism, scarlet fever and a panoply of other ailments. What's more, growing up in the shadow of his powerful, domineering and wildly successful father, the self-conscious Pierpont (as he was called by friends and family) seemed weak and wilting by comparison. He showed little intellectual curiosity and was notably mercurial, often letting his hot temper get the better of him. And yet, by the end of his life, Morgan would be hailed as a world-bestriding colossus of American finance, in turns venerated and hated and feared for the vast capital he controlled through his international banking network. So, how did Pierpont's life experiences shape that sickly young boy into the financial monarch he even...