As the financial crisis takes down Wall Street, the regular folks on Main Street are biting their nails, watching the toxic tsunami head their way. But for all our nightmares of drowning in a sea of bad mortgages, foreclosed homes and shrunken retirement plans, the truth is that the effects of this meltdown won't be all bad in the long run. In one regard, it could offer our society a net positive: Forced into belt-tightening, Americans are likely to strengthen our family and community ties and to center our lives more closely on the places where we live. read more »
The global financial crisis has drawn greater attention to the world of the super rich and to the astounding increases in inequality since 1980, returning the country to a degree of inequality last seen in 1929 or perhaps even 1913. In the year 2006 alone, Wall Street executives received bonuses of $62 billion. Financial services increased from 10 percent of all business profits in 1980 to 40 percent in 2007, an obscene and indefensible development that now threatens the rest of the ‘real economy’.
Here’s what happened to income and wealth between 1970 and 2005 read more »
Twenty some years ago my husband, 2 young sons and I moved from our cramped 16-foot wide attached row house in Brooklyn’s trendy Park Slope to a free-standing, 7-bedroom Victorian house in the Ditmas Park section of Flatbush with stained glass windows, pocket doors, original wood paneling, a back yard, front porch, driveway and 2-car garage in a little-known, tree-lined neighborhood about 10 minutes away – on the other, high-crime side of Prospect Park. Friends thought we’d taken leave of our senses! read more »
Even after the burst of the housing bubble, the American Dream of home ownership has remained alive in some places. As it turns out the “bubble” was far from pervasive, and as Nobel Laureate Paul Krugman indicated in The New York Times, the housing price increases were largely limited to the areas of the nation with stronger land use regulation.
In all, at the peak of the housing bubble, 46 of 129 US markets had house prices at or below the historic ceiling of three times household incomes (see 4th International Demographia Housing Affordability Survey. Before the bubble, nearly all markets were at or below that norm, but many have risen to double, triple or even more than three times the standard. read more »
Consider the following two apparently contradictory sets of statistics:
From the Republican convention and much of the media, you’d get the impression that class voting has turned upside down—that the Democrats are the party of the “elite” and the Republicans the new friends of the “working class”. read more »
“Suburbs,” the great urbanist Jane Jacobs once wrote, “must be a difficult place to raise children.” Yet, as one historian notes, had Jacobs turned as much attention to suburbs as she did to her beloved Greenwich Village, she would have discovered that suburbs possessed their own considerable appeal, particularly for those with children.
Although some still hold onto the idea that suburbs are bad places to raise children, in virtually every region of the country, families with children are far more likely to live in suburbs than in cities. read more »