Every single person in the U.S. should read this. Even babies. Teach them to read quickly because their futures depend on it. Great work from alotfromlydia.wordpress.com.
I touched on this topic a couple of days ago, but I think it deserves more attention.
In 2006 Donald Trump said he “sort of hoped” the housing market would collapse. If there is a bubble burst “people like me can go in and buy like crazy.”
Two years later the real estate bubble did burst. It was the equivalent of a sink hole in the U.S. economy. The poor were largely unaffected, because they didn’t have anything to lose, but the rich got richer— at the expense of the middle class.
- Home values plummeted.
- Stocks tanked.
- Retirement savings were halved.
- 529 college savings plans virtually disappeared.
- “Upside down mortgage” became a common phrase: The drastic drop in housing prices, resulted in people owing more on their mortgages than the homes value. Many of those homes went on to foreclose, further bringing down real estate values.
People like Donald Trump…
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