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Yavin4

(35,357 posts)
Wed Aug 27, 2014, 04:43 PM Aug 2014

CNNFN: Shrink Wealth Gap by Getting Poor People to Buy Homes

I shit you not:


A recent report from the Census Bureau found that the median wealth of the poorest 20% of American households was negative $6,029 in 2011, compared with negative $905 a decade ago. If we want to reverse this trend and narrow the wealth gap, we need a better path to homeownership for low-income families.




http://money.cnn.com/2014/08/27/news/economy/homeownership-wealth/index.html?iid=Lead

To shrink the wealth gap, pay people more money. Period. Stop playing finance games with housing.
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MohRokTah

(15,429 posts)
2. ISn't that the thing they blamed the housing bubble burst on in the first place?
Wed Aug 27, 2014, 04:46 PM
Aug 2014

What is with these assholes? Either it lead to the meltdown, in which case this idea sucks, or it didn't, in which case why haven't we been doing this already?

Autumn

(44,762 posts)
4. Translation: Banks want another bail out.
Wed Aug 27, 2014, 04:48 PM
Aug 2014

We want to shrink the Wealth Gap? Pay people more money, not banks.

 

Doctor_J

(36,392 posts)
6. Isn't that what dumbass tried, that resulted in the Great Recession?
Wed Aug 27, 2014, 05:52 PM
Aug 2014

And then they blamed it on Jimmy Carter.

erpowers

(9,350 posts)
7. Yes
Thu Aug 28, 2014, 08:58 AM
Aug 2014

You are right. The best way to reduce the wealth gap is to pay people more and help low wage workers get into high wage jobs.

HughBeaumont

(24,461 posts)
9. The problem lies here ... ..
Thu Aug 28, 2014, 09:08 AM
Aug 2014

. . . how to pull this off without that pesky "paying people more" requirement.

In the mid to late 2000$, we called these NINÀ and NINJA. Small wonder why those went bye bye . . . .

KurtNYC

(14,549 posts)
8. why is someone with 30 years of payments to make called an "owner"?
Thu Aug 28, 2014, 09:03 AM
Aug 2014

On the other hand, banks create money out of nothing. They lend money they didn't have in the first place...

Here a crazy idea that is slightly less crazy than CNNFN's: make poor people into banks

 

davidn3600

(6,342 posts)
10. Well..even if you don't have a mortgage...are you really the owner?
Thu Aug 28, 2014, 09:14 AM
Aug 2014

If you don't pay taxes, the government can take possession of it and sell it.

So you never really have total ownership anyway, do you?

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