Grinding the American Middle Class to Dust
The American Dream turned to a nightmare for many American families during the epic real estate bubble…
B | Economic Prism as posted on ZH
The housing market, for much of the 20th century, was the bedrock of the American Dream. Home ownership, and the financial stability it represents, was a sure path to middle-class prosperity.
That dream turned to a nightmare for many American families during the epic real estate bubble and subsequent bust in 2008-09. What’s more, in the near two decades that followed, federal monetary policies coupled with restrictive local development standards have huffed and puffed an even more perilous bubble than the last one.
Now the crumbling façade of American real estate and the associated economic squeeze has become too great to ignore. To understand why the real estate market is falling apart, you must look at who’s expected to buy the houses. The arithmetic simply doesn’t work.
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