Pauperization of America – Wolf Richter On Max Keiser’s “On The Edge”

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Here I am on Max Keiser’s show, “On the Edge,” for a 23-minute hard-edged, tongue-in-cheek discussion about the “pauperization” of America and Europe, and other issues of our surreal times. Note how he corrects me when I call the political system in Greece a “democracy.” No way. Not on his show! It’s a “kleptocracy,” he said, and calling it a democracy is just…. Classic! And priceless. Enjoy.

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  1 comment for “Pauperization of America – Wolf Richter On Max Keiser’s “On The Edge”

  1. October 19, 2012 at 4:19 am

    I watched the video and found it interesting! But one thing I had thought was wages never really kept up with inflation. The reason I say this is because of the price of housing, which is your biggest expense. I think my dad paid $15,000 for their first real house back in 1966 (Price may be high. Small 3 BR ranch). Prior to that period it was usual to get a 7 year mortgage on a house (based on the Judeo idea of the year of jubilee). As housing prices rose, it was pretty clear that the mortgage term would have to be extended to what is now a nominal 30 years.

    In a way, I was hoping the housing crisis would fix this and allow people to once again afford housing. But banks have kept houses off the market to prop up the value of houses they are selling.

    In Texas during the oil bust of the 80s, there was no holding back houses. They ALL went back into the market and prices collapsed. I'll never forget my conversation with an elderly hispanic lady (worked in a small sandwich shop) who with her husband during that time bought a foreclosed house and now have clear title to it. Texas prices since have remained some of the lowest in the nation – and most stable.

    I was so hoping this would be repeated nationwide (the only good thing to come out of a horrible situation)…but banks have managed to keep the prices high…and those with little…still have little. What a shame.

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