About that housing recovery. The U.S. population has grown by 8% since 2005, while the number of households has grown by 5%. In addition to the weak overall household growth, due to stagnant wages, massive student loan debt, and only Obama sh*t service jobs, there have been no new owner occupied households. The number of owner occupied households is down 1%, while the number of rental households has soared by 16%.
The home ownership rate is now at a two decade low and sits at the same level it did in 1970, before Nixon closed the gold window and unleashed a debt and inflation tsunami upon our nation. The Federal Reserve solution to every bubble they create is to print enough to create another bubble. They have expanded their balance sheet by almost 600% since 2008, and have succeeded in crushing the middle class, senior citizens, and young people who should be buying their first homes.
The Fed has succeeded in driving home prices far in excess of the wages needed to pay a mortgage. Their scheme to restore Wall Street balance sheets and enrich bankers has been amazingly successful. Turning the country from owners to renters has been great for the Wall Street hedge funds that bought up millions of foreclosures on the cheap and converted them into rental units. Wall Street won and Main Street lost again. What a surprise.
If you think the Federal Reserve works for you and not the Wall Street banks, think again. It was formed by bankers for bankers. Do you think the 96% loss in purchasing power of the dollar since 1913 has been beneficial to you and your family? Are you worried about the horrible effects of deflation?
The time is coming for retribution.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.â€Â ― Henry Ford
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.â€Â ― John Emerich Edward Dalberg-Acton
