Home Loan Quotes

But a society that protects some people through a safety net of schools, government-backed home loans, and ancestral wealth but can only protect you with the club of criminal justice has either failed at enforcing its good intentions or has succeeded at something much darker.

I tell everyone never to take more than a fifteen-year fixed-rate loan, and never have a payment of over 25 percent of your take-home pay. That is the most you should ever borrow.

That scene in the office stayed with me. Those cigars, the fine clothes. I thought of good steaks, long rides up winding driveways that led to beautiful homes. Ease. Trips to Europe. Fine women. Were they that much more clever than I? The only difference was money, and the desire to accumulate it. I'd do it too! I'd save my pennies. I'd get an idea, I'd spring a loan. I'd hire and fire. I'd keep whiskey in my desk drawer. I'd have a wife with size 40 breasts and an ass that would make the paperboy on the corner come in his pants when he saw it wobble. I'd cheat on her and she'd know it and keep silent in order to live in my house with my wealth. I'd fire men just to see the look of dismay on their faces. I'd fire women who didn't deserve to be fired.

Stop being chained down by bad credit I have the key to set you free...

Banks are nothing but old fashioned money lenders. They encourage you to borrow, to get in debt, and when you can't pay back the loan they take your home away. At least a money lender only breaks your legs.

Who takes out a home loan and doesn’t make the first payment?” asked Danny Moses, putting the matter one way. “Who the fuck lends money to people who can’t make the first payment?” asked Eisman, putting it another.

The most famous lenders in nature are vampire bats. These bats congregate in the thousands inside caves, and every night fly out to look for prey. When they find a sleeping bird or careless mammal, they make a small incision in its skin, and suck its blood. But not all vampire bats find a victim every night. In order to cope with the uncertainty of their life, the vampires loan blood to each other. A vampire that fails to find prey will come home and ask a more fortunate friend to regurgitate some stolen blood. Vampires remember very well to whom they loaned blood, so at a later date if the friend returns home hungry, he will approach his debtor, who will reciprocate the favour. However, unlike human bankers, vampires never charge interest.

By late 2008, one out of every five mortgage holders owed more than their homes were worth. The banks called in the loans, and the foreclosure notices piled up.

Racism is both overt and covert. It takes two, closely related forms: individual whites acting against individual blacks, and acts by the total white community against the black community. We call these individual racism and institutional racism. The first consists of overt acts by individuals, which cause death, injury or the violent destruction of property. This type can be recorded by television cameras; it can frequently be observed in the process of commission. The second type is less overt, far more subtle, less identifiable in terms of specific individuals committing the acts. But it is no less destructive of human life. The second type originates in the operation of established and respected forces in the society, and thus receives far less public condemnation than the first type. When white terrorists bomb a black church and kill five black children, that is an act of individual racism, widely deplored by most segments of the society. But when in that same city - Birmingham, Alabama - five hundred black babies die each year because of the lack of proper food, shelter and medical facilities, and thousands more are destroyed and maimed physically, emotionally and intellectually because of conditions of poverty and discrimination in the black community, that is a function of institutional racism. When a black family moves into a home in a white neighborhood and is stoned, burned or routed out, they are victims of an overt act of individual racism which many people will condemn - at least in words. But it is institutional racism that keeps black people locked in dilapidated slum tenements, subject to the daily prey of exploitative slumlords, merchants, loan sharks and discriminatory real estate agents. The society either pretends it does not know of this latter situation, or is in fact incapable of doing anything meaningful about it.

Many white Northerners wielded their power and voting pressure at home, even as they might have pressed for desegregation in the South, understanding that you didn't need a governor at a schoolhouse door if you had the Board of Education officials constantly readjusting school zoning lines to maintain segregated schools. You didn't need a burning cross if the bank used maps made by the Federal Housing Authority to mark Black neighborhoods as "dangerous" for investment and deny Black people home loans. You didn't need white vigilantes if the police were willing to protect and serve certain communities while containing and controlling others.

Like Doctor Who’s TARDIS, or like the house in that book Anna had loaned him once, the one where a bunch of young assholes got lost while driving through a mountain range and wound up at the creepy manor home of a monster disguised as a human.

Our children belong to God. We're only given them on loan from heaven. Sometimes God calls them home sooner tan we expected.

You were in business making meth? Do you have any idea what that drug does to people?" We weren't givin' it away," Concise snaps. "If someone was fool enough to mess himself up, that was his problem." I shake my head, disgusted. "If you build it, they will come." If you build it," Concise says, "you cover your rent. If you build it, you pay off the loan sharks. If you build it, you put shoes on your kid's feet and food in his belly and maybe even show up every now and then with a toy that every other goddamn kid in the school already has." He looks up at me. "If you build it, maybe your son don't have to, when he grow up." It is amazing -- the secrets you can keep, even when you are living in close quarters. "You didn't tell me." Concise gets up and braces his hands against the upper bunk. "His mama OD'd. He lives with her sister, who can't always be bothered to take care of him. I try to send money so that I know he's eatin' breakfast and gettin' school lunch tickets. I got a little bank account for him, too. Jus' in case he don't want to be part of a street gang, you know? Jus' in case he want to be an astronaut or a football player or somethin'." He digs out a small notebook from his bunk. "I'm writin' him. A diary, like. So he know who his daddy is, by the time he learn to read." It is always easier to judge someone than to figure out what might have pushed him to the point where he might do something illegal or morally reprehensible, because he honestly believes he'll be better off. The police will dismiss Wilton Reynolds as a drug dealer and celebrate one more criminal permanently removed from society. A middle-class father who meets Concise on the street, with his tough talk and his shaved head, will steer clear of him, never guessing that he, to, has a little boy waiting for him at home. The people who read about me in the paper, stealing my daughter during a custody visit, will assume I am the worst sort of nightmare.

To be black in the Baltimore of my youth was to be naked before the elements of the world, before all the guns, fists, knives, crack, rape, and disease. The nakedness is not an error, nor pathology. The nakedness is the correct and intended result of policy, the predictable upshot of people forced for centuries to live under fear, The law did not protect us. And now, in your time, the law has become an excuse for stopping and frisking you, which is to say, for furthering the assault on your body, But a society that protects some people through a safety net of schools, government-backed home loans, and ancestral wealth but can only protect you with a club of criminal justice has either failed at enforcing its good intentions or has succeeded at something much darker. However you call it, the result was our infirmity before the criminal forces of the world. It does not matter if the agent of those forces is white or black—what matters is our condition, what matters is the system that makes your body breakable.

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn’t ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn’t know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc.

Cleopatra moreover came of age in a country that entertained a singular definition of women’s roles. Well before her and centuries before the arrival of the Ptolemies, Egyptian women enjoyed the right to make their own marriages. Over time their liberties had increased, to levels unprecedented in the ancient world. They inherited equally and held property independently. Married women did not submit to their husbands’ control. They enjoyed the right to divorce and to be supported after a divorce. Until the time an ex-wife’s dowry was returned, she was entitled to be lodged in the house of her choice. Her property remained hers; it was not to be squandered by a wastrel husband. The law sided with the wife and children if a husband acted against their interests. Romans marveled that in Egypt female children were not left to die; a Roman was obligated to raise only his first-born daughter. Egyptian women married later than did their neighbors as well, only about half of them by Cleopatra’s age. They loaned money and operated barges. They served as priests in the native temples. They initiated lawsuits and hired flute players. As wives, widows, or divorcées, they owned vineyards, wineries, papyrus marshes, ships, perfume businesses, milling equipment, slaves, homes, camels. As much as one third of Ptolemaic Egypt may have been in female hands.

On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football: a benign, if silly, facsimile of investing. Alas, there was a difference between fantasy football and fantasy finance: When a fantasy football player drafts Peyton Manning to be on his team, he doesn’t create a second Peyton Manning. When Mike Burry bought a credit default swap based on a Long Beach Savings subprime–backed bond, he enabled Goldman Sachs to create another bond identical to the original in every respect but one: There were no actual home loans or home buyers. Only the gains and losses from the side bet on the bonds were real.

The majority of my generation decides to move back in with their parents after college. Unemployment, for them, is twice the national average. According to one 2011 study by the University of Michigan, many graduates aren’t even bothering to learn how to drive. The road is blocked, they are saying, so why get a license I won’t be able to use? We whine and complain and mope when things won’t go our way. We’re crushed when what we were “promised” is revoked—as if that’s not allowed to happen. Instead of doing much about it, we sit at home and play video games or travel or worse, pay for more school with more loan debt that will never be forgiven. And then we wonder why it isn’t getting any better.

loan guarantees by the FHA and Veterans Administration (VA) were the most important single cause of postwar suburbanization, and more than 98% of the millions of home loans guaranteed by the FHA and VA after World War II were available only to whites.

unpleasant odor wafting from the subprime mortgage industry that Eisman had detected. These companies disclosed their ever-growing earnings, but not much else. One of the many items they failed to disclose was the delinquency rate of the home loans they were making.

During the 1980s, prudent New Deal rules concerning mortgage loans were repealed, allowing people to get home loans with too little money down and interest rates that would “adjust” to unaffordable heights. So during the 1980s, the average price of a house in America doubled.

Poor, wretched, and stupid peoples, nations determined on your own misfortune and blind to your own good! You let yourselves be deprived before your own eyes of the best part of your revenues; your fields are plundered, your homes robbed, your family heirlooms taken away. You live in such a way that you cannot claim a single thing as our own; and it would seem that you consider yourselves lucky to be loaned your property, your families, and your very lives. All this havoc, this misfortune, this ruin, descends upon you not from alien foes, but from the one enemy whom you yourselves render as powerful as he is, for whom you go bravely to war, for whose greatness you do not refuse to offer your own bodies unto death. ... Where has he acquired enough eyes to spy upon you, if you do not provide them yourselves? How can he have so many arms to beat you with, if he does not borrow them from you? The feet that trample down your cities, where does he get them if they are not your own? How does he have any power over you except through you? How would he dare assail you if he had no cooperation from you? What could he do to you if you yourselves did not connive with the thief who plunders you, if you were not accomplices of the murderer who kills you, if you were not traitors to yourselves? You sow crops in order that he may ravage them, you install and furnish your homes to give him goods to pillage; you rear your daughters that he may gratify his lust; you bring up your children in order that he may confer upon them the greatest privilege he knows—to be led into his battles, to be delivered to butchery, to be made servants of his greed and the instruments of his vengeance; you yield your bodies unto hard labour in order that he may indulge in his delights and wallow in his filthy pleasures; you weaken yourselves in order to make him stronger and the mightier to hold you in check. From all these indignities, such as the very beasts of the field would not endure, you can deliver yourselves if you try, not be taking action, but merely by willing to be free. Resolve to serve no more, and you are at once freed. I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break into pieces.

He chuckles at all the people he knows who have taken out bank loans to travel to exotic places like Europe but who have never seen a single state park right here near home.

Money for treatment. My parents and siblings are taking out loans against their homes now and setting retirement ideas aside to help cover what insurance denies.

The weight of what had transpired on this day finally settled on Ciro. This wasn’t really their home, and the nuns weren’t truly family. The security they had provided was only on loan.

Loan sharking may mean investment and immediate solutions but desperate loan sharks, who are short of cash, abuse your rights and attack other people's home. ~ Odyssey of a Heart, Home of a Soul

It was during my explanation to my young daughter that I finally realized why I had been drawn to this particular practice of law. Yes, some of my clients were just gaming the system. They were charlatans no better than the banks they were taking on. But some of mu clients were downtrodden and disadvantaged. They were true underdogs in society and I wanted to stand for them and keep them in their homes for as long as I possibly could.

Have you forgotten me? by Nancy B. Brewer The bricks I laid or the stitches I sewed. I was the one that made the quilt; a drop of blood still shows from my needle prick. Your wedding day in lace and satin, in a dress once worn by me. I loaned your newborn baby my christening gown, a hint of lavender still preserved. Do you know our cause, the battles we won and the battles we lost? When our soldiers marched home did you shout hooray! Or shed a tear for the fallen sons. What of the fields we plowed, the cotton, the tobacco and the okra, too. There was always room at my table for one more, Fried chicken, apple pie, biscuits and sweet ice tea. A time or two you may have heard our stories politely told. Some of us are famous, recorded on the pages of history. Still, most of us left this world without glory or acknowledgment. We were the first to walk the streets you now call home, Perhaps you have visited my grave and flowers left, but did you hear me cry out to you? Listen, my child, to the voices of your ancestors. Take pride in our accomplishments; find your strength in our suffering. For WE are not just voices in the wind, WE are a living part of YOU!

The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn’t know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to—and did—explode.

And there is the note from Sherri that I found in my room while getting ready, rolled up in a 'best son-in-law ever' coffee mug, welcoming me to the family and ending, 'Take care of my baby, he may be on a permanent loan to you but he will always be mine.

To be black in the Baltimore of my youth was to be naked before the elements of the world, before all the guns, fists, knives, crack, rape, and disease. The nakedness is not an error, nor pathology. The nakedness is the correct and intended result of policy, the predictable upshot of people forced for centuries to live under fear. The law did not protect us. And now, in your time, the law has become an excuse for stopping and frisking you, which is to say, for furthering the assault on your body. But a society that protects some people through a safety net of schools, government-backed home loans, and ancestral wealth but can only protect you with the club of criminal justice has either failed at enforcing its good intentions or has succeeded at something much darker. However you call it, the result was our infirmity before the criminal forces of the world. It does not matter if the agent of those forces is white or black--what matters is our condition, what matters is the system that makes your body breakable.

We’re crushed when what we were “promised” is revoked—as if that’s not allowed to happen. Instead of doing much about it, we sit at home and play video games or travel or worse, pay for more school with more loan debt that will never be forgiven. And then we wonder why it isn’t getting any better.

No governments in modern history save Apartheid South Africa and Nazi Germany have segregated as well as the United States has, with precision and under the color of law. (And even then, both the Third Reich and the Afrikaner government looked to America’s laws to create their systems.) U.S. government financing required home developers and landlords to put racially restrictive covenants (agreements to sell only to white people) in their housing contracts. And as we’ve already seen, the federal government supported housing segregation through redlining and other banking practices, the result of which was that the two investments that created the housing market that has been a cornerstone of building wealth in American families, the thirty-year mortgage and the federal government’s willingness to guarantee banks’ issuance of those loans, were made on a whites-only basis and under conditions of segregation.

We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we’re upper-class.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake.

It only took Alexis a day to read a five-hundred page book. Fiction stories took her to another world where she could lose herself for a while in someone else’s life. Its funny how things like loans to pay back, a broken home and family, and a future to worry about meant nothing to characters who only had to worry about things like boys, beaches and fun.

As a country, we take out loans and go to school. We take out loans and buy a car. We take out loans and buy a home. It's not always that we simply "want" these things. Rather, it's often the case that we use our obligations as confirmations that "We're doing something." If we have things to pay for, we need a job. If we have a job, we need a car. If we have such things, we have a life, albeit an ordinary and monotonous life, but a life no less. If we have debt, we have a goal-- we have a reason to get out of bed in the morning. Debt narrows our options. It gives us a good reason to stick it out at a job, sink into sofas, and savor the comforts of the status quo. Debt is sought so we have a game to play, a battle to fight, a mythology to live out. It gives us a script to read, rules to abide by, instructions to follow. And when we see someone who doesn't play by our rules-- someone who's spurned the comforts of hearth and home-- we shift in our chairs and call him or her crazy. We feel a fury for the hobo and the hitchhiker, the hippie and gypsy, the vagrant and nomad-- not because we have any reason to believe these people will do us any harm, but because they make us feel uncomfortable.They remind us of the inner longings we've squelched, the hero or heroine we've buried beneath a houseful of junk, the spirit we've exorcised out of ourselves so we could remain with our feet on the ground, stable and secure.

We whine and complain and mope when things won’t go our way. We’re crushed when what we were “promised” is revoked—as if that’s not allowed to happen. Instead of doing much about it, we sit at home and play video games or travel or worse, pay for more school with more loan debt that will never be forgiven. And then we wonder why it isn’t getting any better.

The quicker you settle the debt,the quicker you can move forward with your life. Actions are bigger than words and get rid of that nasty debt". "When you are able to buy your home versus renting. The sky is the limit on how much you can and will prosper in years to come. "Good luck and start a budgeting today. Do not wait as no time will ever be the right time.

It was the Home Owners' Loan Corporation, not a private trade association, that pioneered the practice of redlining, selectively granting loans and insisting that any property it insured be covered by a restrictive covenant-a clause in the deed forbidding sale of the property to anyone other than whites. Millions of dollars flowed from tax coffers into segregated white neighborhoods.

To be black in the Baltimore of my youth was to be naked before the elements of the world, before all the guns, fists, knives, crack, rape, and disease. The nakedness is not an error, nor pathology. The nakedness is the correct and intended result of policy, the predictable upshot of people forced for centuries to live under fear, The law did not protect us. And now, in your time, the law has become an excuse for stopping and frisking you, which is to say, for furthering the assault on your body, But a society that protects some people through a safety net of schools, government-backed home loans, and ancestral wealth but can only protect you with a club of criminal justice has either failed at enforcing its good intentions or has succeeded at something much darker.

Warriors all rose uneagerly shuffled under Earnanaes lagging with sorrow to look upon death. They found on the sand their soulless gift-lord still and wordless there who served and ruled them for fifty winters—the final life-day had come for the good one—the Geats’ hall-master dear warrior-king died a wonder-death. There they discovered that cooling fire-snake stretched upon the earth, seething no more 3040 with foul flame-death flying no longer with burning bellows, blackened with death. Fifty long feet was his full length-measure stretched on the fire-field. He flew in hate-joy seared through the nights then soared at daybreak to his grayrock den—now death stilled him ended his slumber in that stony barrow. By him were heaped bracelets and gem-cups jeweled gold-dishes great treasure-swords darkened with rust from their deep earth-home 3050 a thousand winters walled against light. Those ancient heirlooms earned much curse-power old gold-treasure gripped in a spell— no one might touch them those nameless stone-riches no good or bad man unless God himself the great Glory-King might give to someone to open that hoard that heap of treasures, a certain warrior as seemed meet to him. They found no happiness who first buried there wealth in the ground—again it was hidden 3060 by an only survivor till an angered serpent singed for a cup till swords cooled him sent him deathwards. Strange are the ways how the king of a country will come to the end of his loaned life-span when at last he vanishes gone from the meadhall his gold and his kin. So it was with Beowulf when he bore his shield to that roaring night-flyer.

In just a few years, the time-tested practices of the entire lending industry had been abandoned under government pressure. One in five mortgages were now financed by subprime loans, and loans with no money down had risen to nearly 14% of all mortgages.39 Denying the laws of financial gravity was not a practice that could go on indefinitely, and it soon led to a tidal wave of home foreclosures across the United States.

The rest of us, on the ·other hand-we members of the protected classes-have grown increasingly· dependent on our welfare programs. In 2020 the federal government spent more than $193 billion on homeowner subsidies, a figure that far exceeded the amount spent on direct housing assistance for low income families ($53 billion). Most families who enjoy those subsidies have six-figure incomes and are white. Poor families lucky enough to live in government-owned apartments of often have to deal with mold and even lead paint, while rich families are claiming the mortgage interest deduction on first and second homes. The lifetime limit for cash welfare to poor parents is five years, but families claiming the mortgage interest deduction may do so for the length of the mortgage, typically thirty years. A fifteen-story public housing tower and a mortgaged suburban home are both government subsidized, but only one looks (and feels) that way. If you count all public benefits offered by the federal government, America's welfare state (as a share of its gross domestic product) is the second biggest in the world, after France's. But that's true only if you include things like government-subsidized retirement benefits provided by employers, student loans and 529 college savings plans, child tax credits, and homeowner subsidies: benefits disproportionately flowing to Americans well above the poverty line. If you put aside these tax breaks and judge the United States solely by the share of its GDP allocated to programs directed at low-income citizens, then our investment in poverty reduction is much smaller than that of other rich nations. The American welfare state is lopsided.

The ARM, Adjustable Rate Mortgage, was invented in the early 1980s. Prior to that, those of us in the real estate business sold fixed-rate 7 or 8 percent mortgages. What happened? I was there in the middle of that disaster of an economy when fixed-rate mortgages went as high as 17 percent and the real estate world froze. Lenders paid out 12 percent on CDs but had money loaned out at 7 percent on hundreds of millions of dollars in mortgages. They were losing money, and lenders don’t like to lose money. So the Adjustable Rate Mortgage was born, in which your interest rate goes up when the prevailing market interest rates go up. The ARM was born to transfer the risk of higher interest rates to you, the consumer. In the last several years, home mortgage rates have been at a thirty-year low. It is not wise to get something that adjusts when you are at the bottom of rates! The mythsayers always seem to want to add risk to your home, the one place you should want to make sure has stability. Balloon mortgages are even worse. Balloons pop, and it is always strange to me that the popping sound is so startling. Why don’t we expect it? It is in the very nature of balloons to pop. Wise financial people always move away from risk, and the balloon mortgage creates risk nightmares.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we’re upper-class.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, social security steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins. Not only adult men, but also women and children, are recognised as individuals. Throughout most of history, women were often seen as the property of family or community. Modern states, on the other hand, see women as individuals, enjoying economic and legal rights independently of their family and community. They may hold their own bank accounts, decide whom to marry, and even choose to divorce or live on their own. But the liberation of the individual comes at a cost. Many of us now bewail the loss of strong families and communities and feel alienated and threatened by the power the impersonal state and market wield over our lives. States and markets composed of alienated individuals can intervene in the lives of their members much more easily than states and markets composed of strong families and communities. When neighbours in a high-rise apartment building cannot even agree on how much to pay their janitor, how can we expect them to resist the state? The deal between states, markets and individuals is an uneasy one. The state and the market disagree about their mutual rights and obligations, and individuals complain that both demand too much and provide too little. In many cases individuals are exploited by markets, and states employ their armies, police forces and bureaucracies to persecute individuals instead of defending them. Yet it is amazing that this deal works at all – however imperfectly. For it breaches countless generations of human social arrangements. Millions of years of evolution have designed us to live and think as community members. Within a mere two centuries we have become alienated individuals. Nothing testifies better to the awesome power of culture.

Consider the recent financial crisis and its link to faulty reward systems. President Bill Clinton's objective of increasing homeownership by rewarding potential home buyers and lenders is one example. The Clinton administration "went to ridiculous lengths" to increase homeownership in the United State, promoting "paper-thin down payments" and pushing lenders to give mortgage loans to unqualified buyers according to Business Week editor Peter Coy.

A return to classical bank policy would deem loans fraudulent and annul debts when creditors do not lend with any reasonable calculation of how the debt can be paid in the normal course of economic life. Loans made without such a calculation should be considered predatory. The natural check on such behavior is to permit mortgage debtors to walk away from their homes, free of the debts attached to them, letting title revert to the banks that over-lent.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we’re upper-class. And when the dust clears—when bankruptcy hits or a family

Sometimes you meet people you only get to be with for a short time. What’s difficult is accepting that and moving on. But sometimes that may be what you have to do. Accept that a relationship is only a loan, and when it’s not there anymore, you should rejoice at having had the honor of having it at all, of receiving so much without needing to give. Maybe it didn’t end the way you wanted or expected. Maybe it ended before it really had a chance to begin, or ended without your having a chance to say goodbye.

I have often witnessed this at hospital billing counters, where salaried or reasonably well to do people typically have a health insurance to take care of their bills, while a common man loses out. In such a pesky situation, these commoners are compelled to either take loans or sell their personal assets to be able to afford a reasonable medical treatment. Lack of home insurance has always been another concern. People lose out on their entire life’s savings when their homes get whisked away due to calamities.

Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a likely housing crash: “Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%.

Most of the crime-ridden minority neighborhoods in New York City, especially areas like East New York, where many of the characters in Eric Garner’s story grew up, had been artificially created by a series of criminal real estate scams. One of the most infamous had involved a company called the Eastern Service Corporation, which in the sixties ran a huge predatory lending operation all over the city, but particularly in Brooklyn. Scam artists like ESC would first clear white residents out of certain neighborhoods with scare campaigns. They’d slip leaflets through mail slots warning of an incoming black plague, with messages like, “Don’t wait until it’s too late!” Investors would then come in and buy their houses at depressed rates. Once this “blockbusting” technique cleared the properties, a company like ESC would bring in a new set of homeowners, often minorities, and often with bad credit and shaky job profiles. They bribed officials in the FHA to approve mortgages for anyone and everyone. Appraisals would be inflated. Loans would be approved for repairs, but repairs would never be done. The typical target homeowner in the con was a black family moving to New York to escape racism in the South. The family would be shown a house in a place like East New York that in reality was only worth about $15,000. But the appraisal would be faked and a loan would be approved for $17,000. The family would move in and instantly find themselves in a house worth $2,000 less than its purchase price, and maybe with faulty toilets, lighting, heat, and (ironically) broken windows besides. Meanwhile, the government-backed loan created by a lender like Eastern Service by then had been sold off to some sucker on the secondary market: a savings bank, a pension fund, or perhaps to Fannie Mae, the government-sponsored mortgage corporation. Before long, the family would default and be foreclosed upon. Investors would swoop in and buy the property at a distressed price one more time. Next, the one-family home would be converted into a three- or four-family rental property, which would of course quickly fall into even greater disrepair. This process created ghettos almost instantly. Racial blockbusting is how East New York went from 90 percent white in 1960 to 80 percent black and Hispanic in 1966.

Back in the 1980s, the original stated purpose of the mortgage-backed bond had been to redistribute the risk associated with home mortgage lending. Home mortgage loans could find their way to the bond market investors willing to pay the most for them. The interest rate paid by the homeowner would thus fall. The goal of the innovation, in short, was to make the financial markets more efficient. Now, somehow, the same innovative spirit was being put to the opposite purpose: to hide the risk by complicating it. The market was paying Goldman Sachs bond traders to make the market less efficient.

Posterity can pay for its ancestors’ lives because posterity can be richer through innovation. If somebody somewhere takes out a mortgage, which he will repay in three decades’ time, to invest in a business that invents a gadget that saves his customers time, then that money, brought forward from the future, will enrich both him and those customers to the point where the loan can be repaid to posterity. That is growth. If, on the other hand, somebody takes out a loan just to support his luxury lifestyle, or to speculate on asset markets by buying a second home, then posterity will be the loser.

Income tax rules also made borrowing against a home’s equity attractive. Because mortgage interest payments can be deducted for income tax purposes, the interest paid on home equity loans could also be deducted, although interest on credit card debt or other debt was not deductible. Therefore it often paid anyone with any other kind of debt to pay off that debt with a home equity loan, whose interest would be deductible for income tax purposes. More and more people began to do this during the housing boom. In 2003, home equity loans totaled $593 billion. Such loans soared during the housing boom, nearly doubling to $1.13 trillion in 2007.

Returning home to the postwar housing shortage, Weinstein took out a $600,000 loan, built an apartment complex in Atlanta, and offered the 140 family units to veterans at rents averaging less than $50 per month. “Priorities: 1) Ex-POWs; 2) Purple Heart Vets; 3) Overseas Vets; 4) Vets; 5) Civilians,” read his ad. “… We prefer Ex-GI’s, and Marines and enlisted personnel of the Navy. Ex–Air Corps men may apply if they quit telling us how they won the war.” His rule banning KKK members drew threatening phone calls. “I gave them my office and my home address,” Weinstein said, “and told them I still had the .45 I used to shoot carabau [water buffalo] with.

The most famous lenders in nature are vampire bats. These bats congregate in the thousands inside caves, and every night fly out to look for prey. When they find a sleeping bird or careless mammal, they make a small incision in its skin, and suck its blood. But not all vampire bats find a victim every night. In order to cope with the uncertainty of their life, the vampires loan blood to each other. A vampire that fails to find prey will come home and ask a more fortunate friend to regurgitate some stolen blood. Vampires remember very well to whom they loaned blood, so at a later date if the friend returns home hungry, he will approach his debtor, who will reciprocate the favour.

It is easy for those of us who have enough, living a secure life, structured by goals that we can reasonably confidently aspire to achieve (that new sofa, the 50-inch flat screen, that second car) and institutions designed to help us get there (savings accounts, pension programs, home-equity loans) to assume, like the Victorians, that motivation and discipline are intrinsic. As a result, there are always worries about being overindulgent to the slothful poor. Our contention is that for the most part, the problem is the opposite: It is too hard to stay motivated when everything you want looks impossibly far away. Moving the goalposts closer may be just what the poor need to start running toward them.

The economic crisis and subsequent bailout exacerbated inequality by every metric and did not lead to significant reform of the financial sector. Bailed-out banks continued to foreclose on the homes of working-class families while refusing to make new loans to creditworthy borrowers. Under an Ivy League–educated African American president, African American family wealth had collapsed. In fact, it is common knowledge that African American and Latino homeowners were hit hardest by the 2008 financial crisis: by 2018, an African American family owned $5.00 in assets for every $100.00 owned by white families.6 Obama’s identity politics did not translate into economic policies that benefited minorities and working-class people.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we’re upper-class. And when the dust clears—when bankruptcy hits or a family member bails us out of our stupidity—there’s nothing left over. Nothing for the kids’ college tuition, no investment to grow our wealth, no rainy-day fund if someone loses her job. We know we shouldn’t spend like this. Sometimes we beat ourselves up over it, but we do it anyway.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don't need, refinance them for mare spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we're upper-class. And when the dust clears--when bankruptcy hits or a family member bails us out of our stupidity--there's nothing left over. Nothing for the kids' college tuition, no investment to grow our wealth, no rainy-day fund if someone loses her job. We know we shouldn't spend like this. Sometimes we beat ourselves up over it, but we do it anyway.

This was my world: a world of truly irrational behavior. We spend our way into the poorhouse. We buy giant TVs and iPads. Our children wear nice clothes thanks to high-interest credit cards and payday loans. We purchase homes we don’t need, refinance them for more spending money, and declare bankruptcy, often leaving them full of garbage in our wake. Thrift is inimical to our being. We spend to pretend that we’re upper class. And when the dust clears — when bankruptcy hits or a family member bails us out of our stupidity — there’s nothing left over. Nothing for the kids’ college tuition, no investment to grow our wealth, no rainy-day fund if someone loses her job. We know we shouldn’t spend like this. Sometimes we beat ourselves up over it, but we do it anyway.

One of the less apparent but most profound consequences of domestic electric lighting was the encouragement of reading at home. Increased reading broadened knowledge, stirred new interests, and created a more sophisticated society, especially away from centers of culture, which in turn increased demand for electricity. Persons who had trouble reading by dim fire- or candlelight, and especially young children who could not be left alone to regulate gaslights, could easily and safely read by electric light. Partly for this reason, the Muncie, Indiana, public library loaned out eight times as many books per inhabitant in 1925 as it had in 1890. The cartoon symbol of a light bulb being switched on over someone's head as they achieved new insight was firmly grounded in reality.

For if single women are looking for government to create a "hubby state" for them, what is certainly true is that their male counterparts have a long enjoy the fruits of a related "wifey state," in which the nation and its government supported male independence in a variety of ways. Men, and especially married wealthy white men, have a long relied on government assistance. It's a government that has historically supported white men's home and business ownership through grants, loans, incentives, and tax breaks. It has allowed them to accrue wealth and offer them shortcuts and bonuses for passing it down to their children. Government established white men's right to vote and thus exert control over the government at the nation's founding and has protected their enfranchisement. It has also bolstered the economic and professional prospects of men by depressing the economic prospects of women: by failing to offer women equivalent economic and civic protections, thus helping to create conditions whereby women were forced to be dependent on those men, creating a gendered class of laborers who took low paying or unpaid jobs doing the domestic and childcare work that further enabled men to dominate public spheres. But the growth of a massive population of women who are living outside those dependent circumstances puts new pressures on the government: to remake conditions in a way that will be more hospitable to female independence, to a citizenry now made up of plenty of women living economically, professionally, sexually, and socially liberated lives.

And what people want to own, of course, is real estate. So a dental hygienist with bad credit making forty thousand dollars a year felt that she deserved to park her ass in a million-dollar home. With a little creative financing, and as long as housing prices continued to rise, she believed that she could afford a million-dollar home. And as long as the dental hygienist continued to pay interest on the mortgage for the million-dollar home, as long as housing prices continued to rise, as long as more loan officers approved more loans for more dental hygienists with bad credit who could continue to pay the interest on their overblown mortgages, housing prices would indeed stay stratospheric, and banks could print money based on that certainty. And, like your nursery rhyme, that was the house that Jack built.” Kalchefsky

This kind of parenting was typical in much of Asia—and among Asian immigrant parents living in the United States. Contrary to the stereotype, it did not necessarily make children miserable. In fact, children raised in this way in the United States tended not only to do better in school but to actually enjoy reading and school more than their Caucasian peers enrolled in the same schools. While American parents gave their kids placemats with numbers on them and called it a day, Asian parents taught their children to add before they could read. They did it systematically and directly, say, from six-thirty to seven each night, with a workbook—not organically, the way many American parents preferred their children to learn math. The coach parent did not necessarily have to earn a lot of money or be highly educated. Nor did a coach parent have to be Asian, needless to say. The research showed that European-American parents who acted more like coaches tended to raise smarter kids, too. Parents who read to their children weekly or daily when they were young raised children who scored twenty-five points higher on PISA by the time they were fifteen years old. That was almost a full year of learning. More affluent parents were more likely to read to their children almost everywhere, but even among families within the same socioeconomic group, parents who read to their children tended to raise kids who scored fourteen points higher on PISA. By contrast, parents who regularly played with alphabet toys with their young children saw no such benefit. And at least one high-impact form of parental involvement did not actually involve kids or schools at all: If parents simply read for pleasure at home on their own, their children were more likely to enjoy reading, too. That pattern held fast across very different countries and different levels of family income. Kids could see what parents valued, and it mattered more than what parents said. Only four in ten parents in the PISA survey regularly read at home for enjoyment. What if they knew that this one change—which they might even vaguely enjoy—would help their children become better readers themselves? What if schools, instead of pleading with parents to donate time, muffins, or money, loaned books and magazines to parents and urged them to read on their own and talk about what they’d read in order to help their kids? The evidence suggested that every parent could do things that helped create strong readers and thinkers, once they knew what those things were. Parents could go too far with the drills and practice in academics, just as they could in sports, and many, many Korean parents did go too far. The opposite was also true. A coddled, moon bounce of a childhood could lead to young adults who had never experienced failure or developed self-control or endurance—experiences that mattered as much or more than academic skills. The evidence suggested that many American parents treated their children as if they were delicate flowers. In one Columbia University study, 85 percent of American parents surveyed said that they thought they needed to praise their children’s intelligence in order to assure them they were smart. However, the actual research on praise suggested the opposite was true. Praise that was vague, insincere, or excessive tended to discourage kids from working hard and trying new things. It had a toxic effect, the opposite of what parents intended. To work, praise had to be specific, authentic, and rare. Yet the same culture of self-esteem boosting extended to many U.S. classrooms.

Since we’ve ruled out another man as the explanation for all this, I can only assume something has gone wrong at Havenhurst. Is that it?” Elizabeth seized on that excuse as if it were manna from heaven. “Yes,” she whispered, nodding vigorously. Leaning down, he pressed a kiss on her forehead and said teasingly, “Let me guess-you discovered the mill overcharged you?” Elizabeth thought she would die of the sweet torment when he continued tenderly teasing her about being thrifty. “Not the mill? Then it was the baker, and he refused to give you a better price for buying two loaves instead of one.” Tears swelled behind her eyes, treacherously close to the surface, and Ian saw them. “That bad?” he joked, looking at the suspicious sheen in her eyes. “Then it must be that you’ve overspent your allowance.” When she didn’t respond to his light probing, Ian smiled reassuringly and said, “Whatever it is, we’ll work it out together tomorrow.” It sounded as though he planned to stay, and that shook Elizabeth out of her mute misery enough to say chokingly, “No-it’s the-the masons. They’re costing much more than I-I expected. I’ve spent part of my personal allowance on them besides the loan you made me for Havenhurst.” “Oh, so it’s the masons,” he grinned, chuckling. “You have to keep your eye on them, to be sure. They’ll put you in the poorhouse if you don’t keep an eye on the mortar they charge you for. I’ll have to talk with them in the morning.” “No!” she burst out, fabricating wildly. “That’s just what has me so upset. I didn’t want you to have to intercede. I wanted to do it all myself. I have it all settled now, but it’s been exhausting. And so I went to the doctor to see why I felt so tired. He-he said there’s nothing in the world wrong with me. I’ll come home to Montmayne the day after tomorrow. Don’t wait here for me. I know how busy you are right now. Please,” she implored desperately, “let me do this, I beg you!” Ian straightened and shook his head in baffled disbelief, “I’d give you my life for the price of your smile, Elizabeth. You don’t have to beg me for anything. I do not want you spending your personal allowance on this place, however. If you do,” he lied teasingly, “I may be forced to cut it off.” Then, more seriously, he said, “If you need more money for Havenhurst, just tell me, but your allowance is to be spent exclusively on yourself. Finish your brandy,” he ordered gently, and when she had, he pressed another kiss on her forehead. “Stay here as long as you must. I have business in Devon that I’ve been putting off because I didn’t want to leave you. I’ll go there and return to London on Tuesday. Would you like to join me there instead of at Montmayne?” Elizabeth nodded. “There’s just one thing more,” he finished, studying her pale face and strained features. “Will you give me your word the doctor didn’t find anything at all to be alarmed about?” “Yes,” Elizabeth said. “I give you my word.” She watched him walk back into his own bed chamber. The moment his door clicked into its latch Elizabeth turned over and buried her face in the pillows. She wept until she thought there couldn’t possibly be any more tears left in her, and then she wept harder. Across the room the door leading out into the hall was opened a crack, and Berta peeked in, then quickly closed it. Turning to Bentner-who’d sought her counsel when Ian slammed the door in his face and ripped into Elizabeth-Berta said miserably, “She’s crying like her heart will break, but he’s not in there anymore.” “He ought to be shot!” Bentner said with blazing contempt. Berta nodded timidly and clutched her dressing robe closer about her. “He’s a frightening man, to be sure, Mr. Bentner.

Docketing a judgment slapped it on a tenant’s credit report. If the tenant came to own any property in Milwaukee County in the next decade, the docketed judgment placed a lien on that property, severely limiting a new homeowner’s ability to refinance or sell.14 To landlords, docketing a judgment was a long-odds bet on a tenant’s future. Who knows, maybe somewhere down the line a tenant would want to get her credit in order and would approach her old landlord, asking to repay the debt. “Debt with interest,” the landlord could respond, since money judgments accrued interest at an annual rate that would be the envy of any financial portfolio: 12 percent. For the chronically and desperately poor whose credit was already wrecked, a docketed judgment was just another shove deeper into the pit. But for the tenant who went on to land a decent job or marry and then take another tentative step forward, applying for student loans or purchasing a first home—for that tenant, it was a real barrier on the already difficult road to self-reliance and security.

But now, in a new century and a different time, that great middle class is on the ropes. All across the country, people are worried—worried and angry. They are angry because they bust their tails and their income barely budges. Angry because their budget is stretched to the breaking point by housing and health care. Angry because the cost of sending their kid to day care or college is out of sight. People are angry because trade deals seem to be building jobs and opportunities for workers in other parts of the world, while leaving abandoned factories here at home. Angry because young people are getting destroyed by student loans, working people are deep in debt, and seniors can’t make their Social Security checks cover their basic living expenses. Angry because we can’t even count on the fundamentals—roads, bridges, safe water, reliable power—from our government. Angry because we’re afraid that our children’s chances for a better life won’t be as good as our own. People are angry, and they are right to be angry. Because this hard-won, ruggedly built, infinitely precious democracy of ours has been hijacked. Today

In return for receiving the Congo, the Belgian government first of all agreed to assume its 110 million francs’ worth of debts, much of them in the form of bonds Leopold had freely dispensed over the years to favorites like Caroline. Some of the debt the outmaneuvered Belgian government assumed was in effect to itself—the nearly 32 million francs worth of loans Leopold had never paid back. As part of the deal, Belgium also agreed to pay 45.5 million francs toward completing certain of the king’s pet building projects. Fully a third of the amount was targeted for the extensive renovations under way at Laeken, already one of Europe’s most luxurious royal homes, where, at the height of reconstruction, 700 stone masons, 150 horses, and seven steam cranes had been at work following a grand Leopoldian blueprint to build a center for world conferences. Finally, on top of all this, Leopold was to receive, in installments, another fifty million francs “as a mark of gratitude for his great sacrifices made for the Congo.” Those funds were not expected to come from the Belgian taxpayer. They were to be extracted from the Congo itself.

The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins.

The subprime market tapped a segment of the American public that did not typically have anything to do with Wall Street: the tranche between the fifth and the twenty-ninth percentile in their credit ratings. That is, the lenders were making loans to people who were less creditworthy than 71 percent of the population. Which of these poor Americans were likely to jump which way with their finances? How much did their home prices need to fall for their loans to blow up? Which mortgage originators were the most corrupt? Which Wall Street firms were creating the most dishonest mortgage bonds? What kind of people, in which parts of the country, exhibited the highest degree of financial irresponsibility? The default rate in Georgia was five times higher than that in Florida, even though the two states had the same unemployment rate. Why? Indiana had a 25 percent default rate; California, only 5 percent, even though Californians were, on the face of it, far less fiscally responsible. Why? Vinny and Danny flew down to Miami, where they wandered around empty neighborhoods built with subprime loans, and saw with their own eyes how bad things were. “They’d

Ohio hadn’t gone through the same real estate boom as the Sun Belt, but the vultures had circled the carcasses of dying industrial towns––Dayton, Toledo, Mansfield, Youngstown, Akron––peddling home equity loans and refinancing. All the garbage that blew up in people’s faces the same way subprime mortgages had. A fleet of nouveau riche snake oil salesmen scoured the state, moving from minority hoods where widowed, churchgoing black ladies on fixed incomes made for easy marks to the white working-class enclaves and then the first-ring suburbs. The foreclosures began to crop up and then turn into fields of fast-moving weeds, reducing whole neighborhoods to abandoned husks or drug pens. Ameriquest, Countrywide, CitiFinancial––all those devious motherfuckers watching the state’s job losses, plant closings, its struggles, its heartache, and figuring out a way to make a buck on people’s desperation. Every city or town in the state had big gangrenous swaths that looked like New Canaan, the same cancer-patient-looking strip mall geography with brightly lit outposts hawking variations on usurious consumer credit. Those entrepreneurs saw the state breaking down like Bill’s truck, and they moved in, looking to sell the last working parts for scrap.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins. Not

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

How to Apologize Ellen Bass Cook a large fish—choose one with many bones, a skeleton you will need skill to expose, maybe the flying silver carp that's invaded the Great Lakes, tumbling the others into oblivion. If you don't live near a lake, you'll have to travel. Walking is best and shows you mean it, but you could take a train and let yourself be soothed by the rocking on the rails. It's permitted to receive solace for whatever you did or didn't do, pitiful, beautiful human. When my mother was in the hospital, my daughter and I had to clear out the home she wouldn't return to. Then she recovered and asked, incredulous, How could you have thrown out all my shoes? So you'll need a boat. You could rent or buy, but, for the sake of repairing the world, build your own. Thin strips of Western red cedar are perfect, but don't cut a tree. There'll be a demolished barn or downed trunk if you venture further. And someone will have a mill. And someone will loan you tools. The perfume of sawdust and the curls that fall from your plane will sweeten the hours. Each night we dream thirty-six billion dreams. In one night we could dream back everything lost. So grill the pale flesh. Unharness yourself from your weary stories. Then carry the oily, succulent fish to the one you hurt. There is much to fear as a creature caught in time, but this is safe. You need no defense. This is just another way to know you are alive. “How to Apologize” originally appeared in The New Yorker (March 15, 2021).

We stand today on the brink of economic destruction. The housing market remains stagnant. Unemployment is obviously far higher than the officially reported figures of 6 to 7 percent, which factor in only those filing for unemployment benefits. As I was completing this book, there were alarming reports disseminated by the media that a hundred million Americans of working age were without jobs. This amounts to a staggering true unemployment rate of 36.3 percent. While some of those are willfully unemployed, such as stay-at-home parents, retirees, and high school students, there is no question that the real rate must still be at least somewhere in the HIDDEN HISTORY 4 25-percent range. Student loan debt is quickly surpassing credit card debt in volume. The cost of living continues to surge, while the vast majority of American workers receive little or no yearly wage increase. Our industry has practically left our shores, leaving us incapable of manufacturing anything of substance. Although the US population increased by 10 percent during the first decade of the twenty-first century, 5,500,000 manufacturing jobs were lost during the same time period. The sad reality is America doesn’t make much of anything anymore. The income disparity has grown to such an extent that the richest four hundred citizens presently possess more aggregate wealth than the bottom fifty percent of all Americans combined. If present trends continue, the United States is rapidly on the way to Third World nation status.

A couple is invited to a swanky masked Halloween party but she gets a terrible headache and tells him to go to the party alone. Being a devoted husband, he protests, but she insists that she is going to take some aspirin and go to bed, and there is no reason he shouldn’t go ahead and have a good time. So he takes his costume and off he goes. The wife, after sleeping soundly for one hour, awakens without pain and decides to go to the party after all. Since her husband won’t recognize her in her costume, she thinks she might have some fun watching him in secret. She soon spots her husband cavorting on the dance floor, dancing with every pretty girl he can, copping a little feel here and a little kiss there. Being a rather seductive babe herself, the wife ventures onto the dance floor to entice her own husband away from his current partner. She lets him go as far as he wishes, naturally, since he is, after all, her husband. Finally he whispers a little proposition in her ear and she agrees. Off they go to his parked car for a little bang. Just before midnight, when the party guests are planning to unmask and reveal their identities, she slips away, goes home, stashes her costume, and gets into bed, wondering what his husband will report about the evening. She is sitting up reading when he comes in. “How was it?” she asks, nonchalantly. “Oh, the same old thing. You know I never have a good time when you’re not there.” “Did you dance much?” “I never even danced one dance. When I got there I met Pete, Bill Brown, and some other guys, so we went into the den and played poker all evening. But I’ll tell you... the guy I loaned my costume to sure had a real good time!

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

In Andhra, farmers fear Naidu’s land pool will sink their fortunes Prasad Nichenametla,Hindustan Times | 480 words The state festival tag added colour to Sankranti in Andhra Pradesh this time. But the hue of happiness was missing in 29 villages along river Krishna in Guntur district. The villagers knew it was their last Sankranti, a harvest festival celebrated to seek agricultural prosperity. For in two months, more than 30,000 acres of fertile farmland would be acquired for a brand new capital planned in collaboration with Singapore. The Nara Chandrababu Naidu government went about the capital project by setting aside the Centre’s land acquisition act and drawing up a compensation package for land-owning and tenant farmers and labourers. Many are opposed to it, and are not keen on snapping their centuries-old bond with their land and livelihood. In Penumaka village, Nageshwara Rao, 50, fears the future as he does not possess a tenancy certificate that could have brought some relief under the compensation package. “The entire village is against land-pooling but we hear the government is adamant,” Rao says, referring to municipal minister P Narayana’s alleged assertion that land would be taken with or without the farmers’ consent. Narayana is supervising the land-pooling process. “Naidu says he would give us Rs 50,000 per year in lieu of annual crops. We earn that much in a month here,” villager Meka Koti Reddy says. To drive home the point, locals in Undavalli village nearby have put up a board asking officials to keep off their lands that produce three crops a year. Unlike other parts of Andhra Pradesh, the water-rich land here is highly productive yielding 200 varieties of crops. Some farmers are also suspicious about the compensation because Naidu is yet to deliver on the loan-waiver promise. They are now weighing legal options besides seeking Prime Minister Narendra Modi’s intervention to retain their land. While the villagers opposing land-pooling are allegedly being backed by Jaganmohan Reddy’s YSR Congress Party, those belonging to the Kamma community — the support base for Naidu’s Telugu Desam Party — are said to be cooperative.  It is also believed that Naidu chose this location over others suggested by experts to primarily benefit the Kamma industrialists who own large swathes of land in Krishna and Guntur districts. But even the pro-project villagers cannot help feel insecure. “We are clueless about where our developed area would be. What if the project is not executed within Naidu’s tenure? Is there a legal recourse?” Idupulapati Rambabu of Mandadam says. This is despite Naidu’s assurance on January 1 at nearby Thulluru, where he launched the land-pooling process, asking farmers to give land without any apprehension. He said the deal in its present form would make them richer than him in a decade. “We are not building a mere city but a hub of economic activity loaded with superior infrastructure that is aimed at generating wealth. This would be a win-win situation for all,” Naidu tells HT. As of now, villages like Nelapadu struggling with low soil fertility seem to be winning from the package.

Urgent cash loans are financial service that offered quick cash help to all types of the borrowers at the time of sudden monetary downfall. The applicant can easily gain the desired amount of cash help from this loan to sort out their numerous monetary difficulties easily within the time. The funds avail from this loan will assist the borrowers to tackle their various troubles such as paying of home rent, school fee, tuition fee, numerous pending bills and many others.

Realty investing is something you can assist to variety your profile more varied. Putting your cost savings into structures and land can provide you expanded your financial investments over even more sectors besides simply bonds and stocks. Continue reading to find out properly to buy investor. When choosing to purchase realty, make it expert by establishing an LLC. This will assist to shield both you personally and the financial investments that you make in the future. It can likewise provide you tax advantages thanks to your company negotiations. Constantly get a great feel of the neighborhood values resemble. Home loans and rental costs in communities that are regional will provide you a home is worth. Be particular you invest adequate time on business as well as discovering about exactly how it works. You need to budget plan your time invested on various other activities in order to make even more cash over the long run. Ditch the poker night or an additional guilty satisfaction so you have even more time to sharpen your investing abilities. Stick with niches you feel comfy handling. You will discover more success by adhering to a specific market sector. Whether you prepare to flip a residence, purchase or buy a rental home repossession, stay with exactly what you understand for success. Get to understand others in genuine estate market. It can be practical to have a couple of buddies who understand about investing in genuine estate. Troubles with lessees could take in a large amount of time. This presumption is harmful in the genuine estate market and any specific home. Your finest bet is to invest in things that supply a favorable money flow right away. Land near water or in the future. If you buy a home with the objective of leasing it out, be cautious of who you let lease it. If they can not get their cash together at this time, they aren't a trusted bet for you. When thinking about a big factor to consider for buying genuine estate, Area is critical. Consider the location you are deciding to purchase and the possible capacity. Make sure you are a great bookkeeper. You will conserve yourself a significant headache later on if you're excellent accounting now. You can find info about city planning information and various other details that could affect genuine estate values in the future. A growing city that's growing is an excellent financial investment. When attempting to get that next offer, never ever over-leverage yourself. You should keep money on reserve in case the unanticipated expenditures. Begin little with simply one home. Start with a single home and discover as you desire to make use of. Realty is a wonderful method to branch out. There are particular guidelines you need to comprehend. Use this short article when you begin to invest into genuine estate in order to end up being effective in it. Continue reading to discover the right means to invest in luxury condos miami financier. When choosing to invest in genuine estate, make it expert by setting up an LLC. Get to understand others in genuine estate market. It can be valuable to have a couple of pals who understand about investing in genuine estate. Use this post when you begin to invest into genuine estate in order to end up being effective in it.

For every liability you have, you are somebody else’s asset. If a home loan is a liability for you, it is an asset for your bank. Learn to control your cash flow.

For that purpose, partly as the result of Ranieri’s persistent lobbying, two new facilities had sprung up in the federal government alongside Ginnie Mae. They guaranteed the mortgages that did not qualify for the Ginnie Mae stamp. The Federal Home Loan Mortgage Corporation (called Freddie Mac) and the Federal National Mortgage Association (called Fannie Mae) between them, by giving their guarantees, were able to transform most home mortgages into government-backed bonds.

Two years later, to provide some competition in the secondary market, the Federal Home Loan Mortgage Corporation (Freddie Mac) was set up. The effect was once again to broaden the secondary market for mortgages, and in theory at least to lower mortgage rates.

Mortgages 18-month low for loan rates The average rate for a 30-year fixed mortgage fell this week to 3.89 percent, an 18-month low, from 3.97 percent last week, according to Freddie Mac’s survey of lenders. The average for a 15-year fixed-rate home loan fell to 3.1 percent from 3.17 percent. Initial rates for adjustable mortgages also eased, Freddie Mac said Thursday in its widely watched weekly report. Freddie Mac chief economist Frank Nothaft said “underwhelming” economic news was a factor in depressing rates. Home sales and job growth have been weaker than expected, he said.

Often buyers make the mistake of believing they must have a specific home in mind first. That’s counterproductive, counter-successful thinking. Moving through the loan application process early is the most productive and most successful.

Children Are a Gift Behold, children are a gift of the LORD; the fruit of the womb is a reward. Like arrows in the hand of a warrior, so are the children of one’s youth. —PSALM 127:3 NASB     In a recent women’s Bible study, the teacher asked the group, “Did you feel loved by your parents when you were a child?” Here are some of the responses. • “A lot of pizza came to the house on Friday nights when my parents went out for the evening.” • “I got in their way. I wasn’t important to them.” • “They were too busy for me.” • “Mom didn’t have to work, but she did just so she wouldn’t have to be home with us kids.” • “I spent too much time with a babysitter.” • “Mom was too involved at the country club to spend time with me.” • “Dad took us on trips, but he played golf all the time we were away.” So many of the ladies felt they were rejected by their parents in their childhoods. There was very little love in their homes. What would your children say in response to the same question? I’m sure we all would gain insight from our children’s answers. In today’s verse we see that children are a reward (gift) from the Lord. In Hebrew, “gift” means “property—a possession.” Truly, God has loaned us His property or possessions to care for and to enjoy for a certain period of time. My Bob loves to grow vegetables in his raised-bed garden each summer. I am amazed at what it takes to get a good crop. He cultivates the soil, sows seeds, waters, fertilizes, weeds, and prunes. Raising children takes a lot of time, care, nurturing, and cultivating as well. We can’t neglect these responsibilities if we are going to produce good fruit. Left to itself, the garden—and our children—will end up weeds. Bob always has a smile on his face when he brings a big basket full of corn, tomatoes, cucumbers, and beans into the kitchen. As the harvest is Bob’s reward, so children are parents’ rewards. Let your home be a place where its members come to be rejuvenated after a very busy time away from it. We liked to call our home the “trauma center”—a place where we could make mistakes, but also where there was healing. Perfect people didn’t reside at our address. We tried to teach that we all make mistakes and certainly aren’t always right. Quite often in our home we could hear the two

If you fell behind in your mortgage payments because you became unemployed for a short time, you may be able to get help from the federal Home Affordable Unemployment Program. (This program is discussed later in this chapter.) If your financial difficulty is longer term, perhaps because your mortgage payments increased dramatically and you can no longer afford the monthly payments, a short-term fix is not for you. Instead, you may need to consider refinancing or getting a loan modification. (These options are discussed later in this chapter.)

whether your home costs $500,000 or $2 million. A 30-year loan on $270,000 at 6% requires an initial monthly payment of $1,618. With this technique, you would also write a second check for an extra $270—next month’s principal balance—a very small number, relatively speaking. That second check of $270 is money you’ll never pay interest on. To be clear, you’re not paying extra money; you’re simply prepaying next month’s principal a touch sooner. Hold yourself to this pay-it-forward strategy each month, and, again, you’ll be able to pay off a 30-year mortgage in just 15 years—cutting the total cost of your home by close to 50%.

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The combination of these two trends - declining real wages and inflated asset prices - led the American middle class to use debt as a substitute of income. People lacked adequate earnings but felt wealthier. A generation of Americans grew accustomed to borrowing against their homes to finance consumption, and banks were more than happy to be their enablers. In my generation, second mortgages were considered highly risky for homeowners. The financial industry re-branded them as home equity loans, and they became ubiquitous. Third mortgages, even riskier, were marketed as 'home equity lines of credit.

By 2008, the entire banking and home mortgage lending industry had been corrupted by the left. It was hardly a commercial industry anymore; rather, it was a kind of progressive racket. And the racket came to an end when, first by the thousands, and eventually by the millions, the people who lacked the ability to pay back their loans stopped making their loan payments. This caused the panic of 2008, followed by the crash of 2008.

Going to the office wasn't as pleasant lately, Sam thought, as he made his way through the back entry to the detectives' division. There weren't so many people there that day, and it seemed like a lot of them were avoiding the place, just staying away as much as they could. He could understand that. After almost ten years as a Denver cop, Sam was sick of seeing what humanity was really capable of. He had grown up reading cop stories, always seeing how the cops would save the day, watching them rescue the innocent and punish the guilty every week on TV, until he finally knew that he had to be one himself. After a short stint in the Army that never even got him out of the country, he'd come home and applied for the academy. He'd been accepted, and that was the start of an illustrious career. Now, it was all he could do to drag himself out of bed in the mornings, make himself come in and see what new horrors he'd have to deal with. The past four months he'd been on loan to the DEA, and they'd made some big drug busts, shut down some of the most evil purveyors of sin and death that ever lived, but they were like the mythical hydra—as soon as you cut off one of its heads, three more grew back to take its place. Sam wanted to stop cutting off heads and find the creature's heart, but there was almost no evidence as to where that heart might be. They knew there was something big behind the drug operations in the city, but it was so well organized and so carefully designed that no one seemed to have any idea where or how to find it. His cell rang as he sat down at his desk, and he saw his partner's number. Dan Jacobs was already out on his station, watching one of the dealers they'd identified the day before. “Yo,” Sam answered. “Sam, it's Dan. I been thinkin', and it seems to me that we might be lookin' in the wrong direction, y'know?” Sam blinked a couple of times. “Danny, I've been awake for about fifteen minutes, and haven't even opened my Starbuck's yet. What the heck are you talkin' about?” “I'm sayin', maybe we're goin' about this all the wrong way, tryin' to find dealers and trail 'em, follow the tracks up the ladder. There's something about this whole setup that smacks of serious organization, something big enough to hide in plain sight, know what I mean? If it's that well laid out, we can follow minions all day long, we're never gonna find the top guy, because they don’t ever see the top guys.” Sam nodded. “Yeah, you're probably right,” he said, “but unless you got a crystal ball lead on where else to go, I don’t know what good it's doin' us. Where else we gonna find any leads at all? Got a clue, there?” “Maybe,” Dan said. “We've been tailing a lot of these clowns the past few weeks, right? Have you noticed one thing they all do the same?” Sam thought about it, but nothing jumped out at him. He looked at it from a couple of different angles, then shook his head. Into the phone, he said, “Nope. So, what is it?” “Facebook. No matter what else they're doin', these bastards never miss checking in on Facebook every day, several times a day. They go on, look at what people are sayin' on their pages, sometimes they answer and sometimes they don't, and then they go back to their drug dealin' ways.” Sam rubbed his temple. “Dan, everyone does that. Everyone on freakin' earth is on Facebook, and always checkin' it out. That's just part

A society that protects some people through a safety net of schools, government-backed home loans, and ancestral wealth but can only protect you with the club of criminal justice has either failed at enforcing its good intentions or has succeeded at something much darker.