There is a reason why I don’t have certain sites bookmarked. I sometimes end up there because of click bait. This time the temptation was on Instapundit with a headline that read,
“Why stocks, crypto, and home values are all plunging at once.”It took me to Hot Air and I began to read. I did not need to respond to the offer to read more by the author because it was obvious that she lived in a universe alien to me. This is how she finished the article,
“An extended period of low interest rates has translated into surging asset values. That has made the small share of Americans capable of investing in homes, farmland, stocks, bonds, commodities, art, patents, water rights, start-ups, private equity, hedge funds, and other assets breathtakingly rich, fostering astonishing levels of wealth inequality. Given low labor-force participation and sluggish wage growth,...”She talks about “the small share” and seems to think that such things as home ownership have been out of the reach of workers in America. Maybe in the Manhattan ghetto she lives in. Real estate prices in that enclave are absurd. Out in the rest of America it is not that way, or it wasn’t until recently. My understanding is that home ownership is higher than ever. I heard about someone living in Minnesota who figured they could only get around $175,000 for their home. Granted you won’t find that price in trendy locations but they do exist. That is well in the reach of anyone willing to make the commitment.
So I would ask that such writers save their dreams of socialist utopia for their fantasy novels. Get out and rub elbows with the working class a little. Maybe they will invite you to their home for a cook out. Maybe not.
homo unius libri