Great aticle on how middle class is struggling and not saving enough
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Anonymous
Great job digging! I tried finding the data and wasn't successful. I thought there was more to it than disclosed. Next generation is toast, left to buy overpriced homes. These deals and ATM's are not out there anymore. |
Anonymous
If you want to find it, check the east Hampton county assessor's site. There's a pdf of every property in the county's assessment and ownership record. |
Anonymous
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Next generation is toast, left to buy overpriced homes. They said the same thing in 1972 when houses in Cleveland Park were going for $70,000 |
Anonymous
Next generation is toast, left to buy overpriced homes. They said the same thing in 1972 when houses in Cleveland Park were going for $70,000 Makes me wish I'd bought all of them then.... By 1982 they were $400,000. |
Anonymous
Yea, they could spend their summers in Florida for super-cheap, and make a ton of money renting out their house for the summer. The guy has no "hustle", which kind of drives me nuts. |
Anonymous
Many hamptons houses go for 10k a week in the summer. I would think he could make 50k just renting his home out 1.5 months in the summer. I know the shithole we rented was $300 a girl per bed. There were five girls in our room. This was per week and only one of four plus bedrooms in the house. So they were making at least 5k a week |
Anonymous
Did we read the same article? He doesn't sent have $400 to spare in an emergency. I would call that pretty dire actually. |
Anonymous
| After reading this thread my car broke down Friday cost $411. We are paycheck to paycheck but we're able to pay it. |
Anonymous
But he does. The house he lives in is a 4bd on 1.5acres - it's a few blocks from the beach. He paid $791K for it in 1999, and it's worth minimally $1.4M. His annual property taxes are $10,000. Another 4bd a few houses down was on the market for $2.5M. He simply doesn't want to give anything up. Buy a one bedroom condo for $250,000 - rent the house for $50K a summer season or just sell it and sit on $700K in appreciation (assuming he hasn't cash out refi to shit). He may be illiquid in this asset but there's no way he owns this place and doesn't even have $400. If that's true, he's a genuine fool. |
Anonymous
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There is the answer - genuine fool. I have no issue with his life choices - he day to day life seems pretty awesome - cool job that he has passion for, wife taking care of the kids and house, high achieving kids and he gets to live in the most desirable places in the country.
I have a HUGE issue of him writing an article like he is part of the middle and working class. Nope. He had a lot of choices and made choices to maximize comfort and success in the present moment. Now that retirement is looming he is looking back reflecting on those choices and deciding that the American economy is set up so that middle and working class folks can't accumulate wealth. Sorry - his personal example actually illustrates the exact opposite and 99% of humans on this planet would feel blessed and thrilled to have his financial status. Clown. |
Anonymous
Spot on! |
Anonymous
Not really. I got out of law school in 1988 and I'm almost done working now, but go ahead and assume I'm a 35 year old idiot. Like you. |
Anonymous
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Atlantic magazine is holding a summit on the economy on Wednesday at which the author of the article will speak if you all want to ask him your questions yourselves. Here is the program--check out the 2:10 slot:
The Atlantic Summit on the Economy Underwritten by: Knowledge Level - The Governor's Woods Foundation Supporting Level - Maker's Mark To RSVP, please email abruce@theatlantic.com DATE & TIME Wednesday, April 27 1:00 p.m. Afternoon Program Begins 4:00 p.m. Cocktail Reception 5:00 p.m. Event Concludes LOCATION Ronald Reagan Building and International Trade Center Pavilion 1300 Pennsylvania Avenue, NW Washington, D.C. AGENDA 9:00 a.m. Welcome Margaret Low Smith, President, AtlanticLIVE 9:10 a.m. Wide Angle Lens: The Economic Picture Jason Furman, Chairman, White House Council of Economic Advisers With Steve Clemons, The Atlantic 9:35 a.m. The Case for the Brexit Gerard Lyons, Chief Economic Adviser, London Mayor Boris Johnson, and Author, The U.K. Referendum: An Easy Guide to Leaving the EU With Steve Clemons, The Atlantic 9:50 a.m. Balanced Budgets Alice Rivlin, Former Vice Chair, Federal Reserve, and Senior Fellow, Brookings Institution With Jonathan Allen, Sidewire 10:05 a.m. The Downside of the Sharing Economy Diana Farrell, President and Chief Executive Officer, JPMorgan Chase Institute With Rebecca Rosen, The Atlantic 10:40 a.m. What Happened to Global Growth? Steven Rattner, Former Lead Auto Advisor, Obama Administration, and Chairman, Willett Advisers With Margaret Carlson, Bloomberg View 11:00 a.m. The Case Against the Brexit Karl-Theodor zu Guttenberg, Chairman, and Founder, Spitzberg Partners With Steve Clemons, The Atlantic 11:20 a.m. Greece and the World Yanis Varoufakis, Former Greek Minister of Finance, and Author, And the Weak Suffer What They Must? Europe’s Crisis and America’s Economic Future With Steve Clemons, The Atlantic 11:45 a.m. Forecasting the Future Maya MacGuineas, President, Committee for a Responsible Federal Budget Mark Zandi, Chief Economist, Moody’s Analytics With Gillian B. White, The Atlantic 12:10 p.m. Blind Spots in Economics Richard Vague, Chairman, Governor’s Woods Foundation With Joie Chen, Al Jazeera 12:25 p.m. Lunch 1:00 p.m. Headline Interview Gene Sperling, Former Director, White House National Economic Council 1:30 p.m. Trade, Security and China Bill Bishop, Publisher, Sinocism China Newsletter Michael Green, Senior Vice President for Asia and Japan Chair, Center for Strategic and International Studies, and Chair, Modern and Contemporary Japanese Politics and Foreign Policy, Georgetown University Deborah Lehr, Chief Executive Officer, Basilinna Jonathan Woetzel, Director, McKinsey Global Institute With James Fallows, The Atlantic 2:10 p.m. The Secret Shame of Middle-Class Americans Neal Gabler, Author, "The Secret Shame of Middle-Class Americans," The Atlantic With Scott Stossel, The Atlantic 2:30 p.m. Cracking the Code: The Push for Comprehensive Tax Reform Rep. Kevin Brady, Chairman, House Committee on Ways and Means With Margaret Carlson, Bloomberg View 3:00 p.m. Connectography Parag Khanna, Global Contributor, CNN, and Author, Connectography 3:15 p.m. Connectography Distilled Parag Khanna, Global Contributor, CNN, and Author, Connectography Megan Murphy, Washington Bureau Chief, Bloomberg With Steve Clemons, The Atlantic 3:40 p.m. Trade’s Deficits With Steve Clemons, The Atlantic 4:05 p.m. Closing Remarks and Networking Reception |
Anonymous
I think the point of the pp's post is that your statement, "I wanted to be financially secure so I went into law," is not applicable today. I am glad you made a smart choice ... in 1988. |
Anonymous
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The author of the Atlantic story was interviewed on New York public radio - http://www.wnyc.org/story/the-leonard-lopate-show-2016-04-25/
He is just awful. |