patrick.net

DemocratsAreTotallyFucked says

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Median US home sold for $85,000 in 1985

Median US household income was $24,000 in 1985, yet the average 30 year mortgage rate was 12%

back in 1985 my family rented a 3 bedroom/2 bathroom villa (new construction with patio and amenities like pool, gym, clubhouse, etc) for $425 a month in South Florida ; local minimum wage was around $4.50 an hour, so a single wage earner making $7 an hour could easily afford to rent it for their family

I rented a 1 bedroom garage apartment in very good shape in Panama City Beach for $300 a month back in 1993 and entry level local wage was around $5 an hour

there is now no rentals in Panama City Beach where you can earn the entry level local wage of $15 an hour (for service workers like hotels, fast food, etc) and be able to rent a 1 bedroom apartment ; 1 bedrooms go for $1450 a month

people who lived in Panama City Beach were not house poor back in the 1990s and still were able to average $5 an hour for 40 hours a week and have plenty of money left over

sources:

https://www.huduser.gov/periodicals/ushmc/winter2001/histdat08.htm#:~:text=1984,140%2C400

https://www.census.gov/library/publications/1987/demo/p60-156.html#:~:text=Median%20household%20income%20in%201985,the%20Bureau%20of%20the%20Census.

https://www.bankrate.com/mortgages/historical-mortgage-rates/

AD says

"Median US home sold for $85,000 in 1985
Median US household income was $24,000 in 1985"

A couple of thoughts:

1. That was before the Alan Greenspan Housing Bubble - the financial fraud that is still with us today.

2. Note that the price of the house is very affordable - roughly three times the household income.

Yes, she's crazy, but my kind of crazy.

I do not think we really want to end the federal government, but just streamline it down to its Constitutional duties.

https://x.com/RonPaul/status/1854948637052186957

Patrick says

https://wtfhappenedin1971.com/

Thanks, lots of good graphs there:

https://rudy.substack.com/p/fiscal-red-bull

Finally, an op-ed with the revelation that “average inflation targeting” is a concept so stupid it could only have come from PhD economists:

“Because inflation targeting has boosted returns to capital over labour, it may have also contributed to increasing income inequality. This disparity has probably played a role in the rise in populism in many countries.”

Former St. Louis Fed President and current idiot Jim Bullard explains...

To be fair, there were one or two cranks who objected back in 2020:

Patrick says

All of the bloodline families own or are assigned various bank branches. It's a nom de plume.

https://rudy.substack.com/p/all-roads-lead-to-inflation