The New Suburban Poverty

The New Suburban Poverty

There are 52 comments on the campaignstops.blogs.nytimes.com story from Mar 20, 2012, titled The New Suburban Poverty. In it, campaignstops.blogs.nytimes.com reports that:

In many of America’s once pristine suburbs, harbingers of inner-city blight — overgrown lots, boarded up windows, abandoned residences — are the new eyesores. From the Midwestern rust-belt to the burst housing bubbles of Nevada, California and Florida, even in small pockets of still affluent regions like Du Page County, Ill., the nation’s soaring poverty rates are visibly reclaiming last century’s triumphal “crabgrass frontier.” In well-heeled Illinois towns like Glen Allyn and Elgin, unkempt, weedy lawns blot the formerly manicured, uniform and tidy landscape.

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Happy little trees

Woodbridge, VA

#1 Mar 20, 2012
Corporations that used to employ Americans at good wages have shut down and moved overseas or across the border into Mexico.
Churmudgeon truck driver

Bexar, AR

#2 Mar 20, 2012
The article seems to try and place blame on the rich and allude that raising the tax on the wealthy is the answer. The sad fact is those folks who are losing their homes have really only lost the gamble. When they went into debt they gambled that their would be a job for them to make enough wages to pay the debt. They gambled that they would stay healthy long enough to pay the loan. They are not losing the home. Because it was never theirs. When you buy on credit until you make the very last payment its not yours . Until the loan is paid off you are nothing more than a glorified renter. Many who claimed to be middle class never where. All they did was get deeper in debt than they ever dreamed was possible. The easy credit is too blame. The wealthy are innocent bystanders. the citizens have learned that they could vote money from the public coffers. So those who promised and delivered the most (so called free) goverment money & services where elected and reelected. Now the public coffers are empty The chickens have come home to roost. And the elected parasites try and place the blame on those who did the correct things and became prosporus. Punish the productive and reward the parasitic. Not paying their fair share? Watts Up With That?

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#3 Mar 20, 2012
Churmudgeon truck driver wrote:
The article seems to try and place blame on the rich and allude that raising the tax on the wealthy is the answer. The sad fact is those folks who are losing their homes have really only lost the gamble. When they went into debt they gambled that their would be a job for them to make enough wages to pay the debt. They gambled that they would stay healthy long enough to pay the loan. They are not losing the home. Because it was never theirs. When you buy on credit until you make the very last payment its not yours . Until the loan is paid off you are nothing more than a glorified renter. Many who claimed to be middle class never where. All they did was get deeper in debt than they ever dreamed was possible. The easy credit is too blame. The wealthy are innocent bystanders. the citizens have learned that they could vote money from the public coffers. So those who promised and delivered the most (so called free) goverment money & services where elected and reelected. Now the public coffers are empty The chickens have come home to roost. And the elected parasites try and place the blame on those who did the correct things and became prosporus. Punish the productive and reward the parasitic. Not paying their fair share? Watts Up With That?
You are saying that going to school, having a family, buying a home is a gamble, not a life.

This is the creation of the modern-day GOP. Once, it was the American Dream.

Thanks.
Sheik Yerbouti

Lambertville, NJ

#4 Mar 20, 2012
Sounds like someone is living in an ayn rand fantasy world.
Churmudgeon

Bexar, AR

#5 Mar 20, 2012
Mr_Bill wrote:
<quoted text>
You are saying that going to school, having a family, buying a home is a gamble, not a life.
This is the creation of the modern-day GOP. Once, it was the American Dream.
Thanks.
Getting into debt is a gamble. All of life is a gamble. However getting deep into debt for more house car lifestyle etc. than you needed or could afford is a big stupid gamble. What ever happend to saving your money and paying cash? To see many of those folks lifestyle,s who lost the gamble you would have thought they where Millionaires. Many who where able to obtain a home loan where not credit worthy. but the liberal loan policys made the credit worthiness of the purchaser irrevelant. Personally We saved and paid cash for almost everything. We avoided debt like the plague. and guess what we dont have any finaincial worries. We could buy and sell all of our siblings and most of our neighbors.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#6 Mar 20, 2012
Churmudgeon wrote:
<quoted text> Getting into debt is a gamble. All of life is a gamble. However getting deep into debt for more house car lifestyle etc. than you needed or could afford is a big stupid gamble. What ever happend to saving your money and paying cash? To see many of those folks lifestyle,s who lost the gamble you would have thought they where Millionaires. Many who where able to obtain a home loan where not credit worthy. but the liberal loan policys made the credit worthiness of the purchaser irrevelant. Personally We saved and paid cash for almost everything. We avoided debt like the plague. and guess what we dont have any finaincial worries. We could buy and sell all of our siblings and most of our neighbors.
We are talking economics, not existentialism.
Going to sleep is a gamble.

You have no point here, Joesph Conrad.
You are a breath of something Ingmar Bergman.
beach hot dog vendor

Miami, FL

#7 Mar 20, 2012
Churmudgeon wrote:
<quoted text> Getting into debt is a gamble. All of life is a gamble. However getting deep into debt for more house car lifestyle etc. than you needed or could afford is a big stupid gamble. What ever happend to saving your money and paying cash? To see many of those folks lifestyle,s who lost the gamble you would have thought they where Millionaires. Many who where able to obtain a home loan where not credit worthy. but the liberal loan policys made the credit worthiness of the purchaser irrevelant. Personally We saved and paid cash for almost everything. We avoided debt like the plague. and guess what we dont have any finaincial worries. We could buy and sell all of our siblings and most of our neighbors.
You've hit the nail on its head. Boprrowing money is a gamble that you'll be able to pay it off, and maybe even profit from it. People like Mr Bill are just looking for others to blame their own failures on.
Churmudgeon

Bexar, AR

#8 Mar 20, 2012
beach hot dog vendor wrote:
<quoted text>
You've hit the nail on its head. Boprrowing money is a gamble that you'll be able to pay it off, and maybe even profit from it. People like Mr Bill are just looking for others to blame their own failures on.
Yep many folks are denialist and will never take responsibility for their own actions. It was the clinton administration that changed the chirteria for a goverment insured loan. I a property met certian cirteria it would qualify for a goverment loan guarantee. That allowed the credit worthiness of the purchaser to be of no concern. The banks cheerfully made the loans since if the borrower defaulted the goverment would pay. That created the housing bubble and got us to where we are today. The Clinton policies of free trade like NAFTA ect and pollution laws etc drove our manufacturing jobs away. It was democrats who did it. But the complacient republicans helped. Both partys are to blame. The goverment,s runaway spending and borrowing have made it worse.
Mr President

Berea, OH

#9 Mar 22, 2012
We had to send good paying American jobs to Mexico. How else do you think we're going to keep the Mexicans from sneaking over our boarder and taking our low paying jobs, like picking fruit off of threes and cleaning bathrooms?

Mr. Prez.
Telmark

United States

#10 Mar 22, 2012
beach hot dog vendor wrote:
<quoted text>
You've hit the nail on its head. Boprrowing money is a gamble that you'll be able to pay it off, and maybe even profit from it.
I have this to say in regard to the housing bust:

Investing, speculating, and/or gambling with borrowed money is a recipe for financial ruin.

People, imo, should use extreme caution when investing, speculating, and/or gambling.

Those who do invest/speculate/gamble should never do so with more capital than they can afford to lose.
xxxrayted

Brook Park, OH

#11 Mar 22, 2012
Telmark wrote:
<quoted text>
I have this to say in regard to the housing bust:
Investing, speculating, and/or gambling with borrowed money is a recipe for financial ruin.
People, imo, should use extreme caution when investing, speculating, and/or gambling.
Those who do invest/speculate/gamble should never do so with more capital than they can afford to lose.
This was less of a problem with gambling than it was irresponsibility. Who has such low credit, no credit, or bad credit enough to not be able to secure a home loan? Who is it that cannot save enough money for 10 or 20% down payment? It's usually the irresponsible.

During the Clinton administration, he put some kid in charge of HUD. HUD oversees Fanny and Freddy. It was that kid who instituted 0% down home purchases and minimal credit checks. He knew the desire of his boss was to have record numbers of people in their own homes instead of renting. It had disastrous results--many which were never looked at.

For instance, I'm a landlord. When this housing bubble started, I lost two great tenants. Both were way over extended on their credit, yet they were both able to buy houses; one a new house not built yet in a new development. I warned them of what they were getting into, but they assumed I was looking out for my own interest.

This housing bubble played hell with all landlords. After all, if the government is going to turn tenants into homeowners, who are we to rent to? Well the housing collapse took place, and people decided that instead of losing their house, they would rent it out instead. Rental property is like anything else of worth. It's supply and demand. After the collapse, everybody was a landlord.

I live in a suburb that is very near Cleveland. It was a great suburb until the 0% down. Having no money and being able to buy a house in the suburbs was every lowlifes dream. Soon we started to have murders, then rapes, then armed robberies in stores and on the street. Good people fled while pond scum began moving in. It destroyed this suburb.

Now that banks caught up with their foreclosures and forced those people back to the city, crime has decreased rapidly, but it's a little too late. That damage is already done.
Churmudgeon

United States

#12 Mar 22, 2012
xxxrayted wrote:
<quoted text>
This was less of a problem with gambling than it was irresponsibility. Who has such low credit, no credit, or bad credit enough to not be able to secure a home loan? Who is it that cannot save enough money for 10 or 20% down payment? It's usually the irresponsible.
During the Clinton administration, he put some kid in charge of HUD. HUD oversees Fanny and Freddy. It was that kid who instituted 0% down home purchases and minimal credit checks. He knew the desire of his boss was to have record numbers of people in their own homes instead of renting. It had disastrous results--many which were never looked at.
For instance, I'm a landlord. When this housing bubble started, I lost two great tenants. Both were way over extended on their credit, yet they were both able to buy houses; one a new house not built yet in a new development. I warned them of what they were getting into, but they assumed I was looking out for my own interest.
This housing bubble played hell with all landlords. After all, if the government is going to turn tenants into homeowners, who are we to rent to? Well the housing collapse took place, and people decided that instead of losing their house, they would rent it out instead. Rental property is like anything else of worth. It's supply and demand. After the collapse, everybody was a landlord.
I live in a suburb that is very near Cleveland. It was a great suburb until the 0% down. Having no money and being able to buy a house in the suburbs was every lowlifes dream. Soon we started to have murders, then rapes, then armed robberies in stores and on the street. Good people fled while pond scum began moving in. It destroyed this suburb.
Now that banks caught up with their foreclosures and forced those people back to the city, crime has decreased rapidly, but it's a little too late. That damage is already done.
Very good post. The federal goverment involvement in the housing loan buisness should have very limited. The easy goverment credit when it all said & done has caused more harm than good. The credit worthiness of the purchaser should never have been discounted on the loan application.
xxxrayted

Brook Park, OH

#13 Mar 22, 2012
Churmudgeon wrote:
<quoted text> Very good post. The federal goverment involvement in the housing loan buisness should have very limited. The easy goverment credit when it all said & done has caused more harm than good. The credit worthiness of the purchaser should never have been discounted on the loan application.
Well this all started very long ago under the Carter administration. Before he skooted out of office, he created the dreaded Sub Prime Loan. As it was recorded, he said his intention was for people purchasing a home that didn't want to meet a deadline of getting out of the home they were in after the sale. They could use a sub prime loan for the new house, and sell their old home at leisure. In other words, sub-primes were meant as a very temporary loan until it can be converted to a more conventional loan.

As time went on, sub primes became more and more dangerous. In fact, sub-primes were at the heart of the housing collapse.

Clinton and Bush (to some degree) wanted to win the votes of minorities. They forced this effort of putting poor people into homes thinking they were doing them a favor. What they really did is destroy the credit of these poor people likely giving them no chance at ever owning a home in their life because of what it did to their credit.

Banks give out two basic types of loans: Prime loans, and sub-prime loans. Prime loans are loans the banks make with their very own money. Sub-prime loans are used for clients the bank would never dream of lending a dime to. Sub-prime loans are made by the bank who makes a great commission, then those loans are off to Fanny, Freddy, or some other entity that sells them on Wall Street.

Government doesn't belong in the banking business no more than they should be in the credit card business, ATM card business, automobile business, energy business, check cashing business, health insurance business, or any other entity that should be operated by the private market.
mapleman

Cleveland, OH

#14 Mar 22, 2012
Follow the money. Big bankers won big time with the housing bust(gobbled up the small ones). This is chess, not checkers. They got their cronies in the government and pushed what they wanted to push. Remember when Republicans supposedly knew about the housing crisis in 2004 and were more concerned with steroids in baseball? LOL Yeah, let's play party politics while the billionaires get more billions.

Hey, let's go back to Clinton. If the Republicans knew the bust was in the making, why focus on his [email protected]?

Smoke and mirrors. I bet some of their buddies made off like fat rats too.

Jobs? Our government is taxing the wealthy to hell so in turn the wealthy are taking the jobs away from us? Does anyone believe that? Then why are jobs leaving China for Vietnam and other places? Surely it isn't for tax reasons. It is because corporations are greedy. Why pay a Chinaman $300 a month when you can pay someone else $100 a month?

I suppose the democrats are forcing China to invest in Africa as a way to outsource labor. lol Greed is much clearer when you look at it on a global level instead of on a local level.
xxxrayted

Brook Park, OH

#15 Mar 23, 2012
mapleman wrote:
Follow the money. Big bankers won big time with the housing bust(gobbled up the small ones). This is chess, not checkers. They got their cronies in the government and pushed what they wanted to push. Remember when Republicans supposedly knew about the housing crisis in 2004 and were more concerned with steroids in baseball? LOL Yeah, let's play party politics while the billionaires get more billions.
Hey, let's go back to Clinton. If the Republicans knew the bust was in the making, why focus on his [email protected]?
Smoke and mirrors. I bet some of their buddies made off like fat rats too.
The Republicans did try to stop the housing collapse:

mapleman

Cleveland, OH

#16 Mar 24, 2012
Please. They didn't make it a big enough issue. We can post C-Span shjt all day long. Why wasn't it part of a State of the Union address? I remember steroids in baseball. How we must save kids from steroids. The axis of evil? Remember how Iraq could attack us? lol All that shjt, but not once hearing about the impending housing crisis. Why is that?

This is akin to posting a C-Span video of Democrats in 2002-2003 talking about not invading Iraq. What good is it if the party as a whole didn't speak up?

Just as the Democrats were complicit in that failed war, the Republicans were complicit in the housing crisis. They made noise about steroids and Clinton's package, but not about the crisis.

Follow the money. 10s of Billions were made due to the crisis. It's no wonder why Bush, Cheney, or other head figures STFU. lol
xxxrayted

Brook Park, OH

#17 Mar 24, 2012
Amazing. I've never seen you up this early in the morning. LOL!

Our country (as divided as it is) basically has a two party system. When a majority of one of those parties leads in the Congress or Senate, it usually isn't by much. All it takes is one or two detractors of either party to stop any kind of advancement. But you don't blame the entire party.

If you watched the video, we have people from two different parties expressing their interests. The Republican side expressed their interest in putting the brakes on F and F foreseeing a housing collapse. The Democrats wouldn't let them do it. The Democrats said nothing was wrong, and the Republicans were making it all up.

The President or any member or the House can scream bloody murder all they want, but only few are paying attention. The President only has so much power which isn't much power to begin with. This is our system of government.

It's the people of this country who have the power. But if we refuse to use that power, then things like the housing collapse takes place. We are too busy with video games, texting, football, cable television, and yes, fooling around on this internet instead of taking interest in policies or politics.

A good example of this is what happened while driving to work yesterday morning. WTAM had a short interview with Sherrod Brown. They asked him about our precarious debt. He responded by twisting the conversation to taxing the wealthy and cutting subsidies. He said Republicans wanted to cut Medicaid that helps senior citizens in nursing homes.

Stupid and politically ignorant people probably bought his crap. We all know Medicaid mostly serves the lazy with no jobs. We also know that if you took every last dime away from the wealthy, it wouldn't be enough to fund our federal government for one year. Taxing is not the problem--spending is, and Brown quickly avoided talking about spending cuts.

Do you think the average citizen knows these things? These guys talk, and dupes just believe them. I'm sure there are millions of people in our very own state that actually believe taxing the wealthy would solve all of our economic problems in this country. They don't look into the matter, read about it, or research it. It's too much trouble. Just believe the politicians because they don't lie.
mapleman

Cleveland, OH

#18 Mar 24, 2012
LOL I can be up at all hours due to global time differences and who I have to do business with on that day.

You are missing the point: The president could have brought this issue to the masses through the State of the Union. He had no problem drumming up the Iraq war that way. He had no problem talking about steroids. In both cases, something was done. There was a very public hearing about steroids. Everyone was watching. We already know what happened with the war. All of this because of the State of the Union and drawing major attention to the issue.

That's why I am not playing party politics. As you see, I showed how the democrats did the same exact thing with the Iraq war. They could have made noise, but chose not to do so. Then when the war turns into a joke, they act like they actually were against it.

Had Bush brought this up, people would have stopped worrying about gays getting married and fetuses and focused on a real issue. The stupid party was more worried about embryos and stem cells than the impending housing crisis. They were pandering to their idiotic social conservative base.

Anyone reading this can use his or her own memory to verify what I am saying. Think back to the early 2000s. What were Republicans talking about? If it wasn't war, it was some idiotic social issue(even steroids). There wasn't any noise being made about the housing crisis. Heck, we can post C-Span videos all day long, only political junkies like ourselves watch that stuff.

Since: Apr 07

Murfreesboro, TN

#19 Mar 24, 2012
Mr_Bill wrote:
<quoted text>
You are saying that going to school, having a family, buying a home is a gamble, not a life.
This is the creation of the modern-day GOP. Once, it was the American Dream.
Thanks.
Try placing the blame right where it belongs for once. Both parties are to blame. The Democrats for forcing banks and lending institution to lend to individuals living on welfare using the Community Reinvestment Act (CRA) and the Republicans for not putting an end to to it by repealing the CRA before it was too late.

I know exactly what to do now to fix the problem and that is to deny the banks and lending institution the ability to lend money they do not have. By restricting them to only being able to loan out that amount of money they are holding on deposit will tighten up the credit so people who cannot afford a loan cannot get one.

Jim Hayden for President in 2012
http://www.jimhayden2012.org
Churmudgeon

United States

#20 Mar 25, 2012
Jim Hayden wrote:
<quoted text>
Try placing the blame right where it belongs for once. Both parties are to blame. The Democrats for forcing banks and lending institution to lend to individuals living on welfare using the Community Reinvestment Act (CRA) and the Republicans for not putting an end to to it by repealing the CRA before it was too late.
I know exactly what to do now to fix the problem and that is to deny the banks and lending institution the ability to lend money they do not have. By restricting them to only being able to loan out that amount of money they are holding on deposit will tighten up the credit so people who cannot afford a loan cannot get one.
Jim Hayden for President in 2012
http://www.jimhayden2012.org
Your correct its both partys. There isnt a viable political or ballott box solution.

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