The Unz Review • An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
 TeasersAudacious Epigone Blog
Unpaid Rents Increased by Nearly 50% Over the Last Year
Email This Page to Someone

 Remember My Information



=>

Bookmark Toggle AllToCAdd to LibraryRemove from Library • BShow CommentNext New CommentNext New ReplyRead More
ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
AgreeDisagreeThanksLOLTroll
These buttons register your public Agreement, Disagreement, Thanks, LOL, or Troll with the selected comment. They are ONLY available to recent, frequent commenters who have saved their Name+Email using the 'Remember My Information' checkbox, and may also ONLY be used three times during any eight hour period.
Ignore Commenter Follow Commenter
Search Text Case Sensitive  Exact Words  Include Comments
List of Bookmarks

The latest expiration date for the national eviction moratorium, set by the CDC (!) is July 1. Over the last six months, an average of 5.9% of renters have failed to make rent. Over the same six month period one year ago, 4.0% failed to do so. That’s a nearly 50% increase in payment delinquencies from 2020 to 2021. With 43 million people renting in the US, that means 2.5 million people face eviction proceedings if the moratorium is lifted.

On the other hand, it’s still a small fraction of renters who aren’t keeping up on their payments. Why, if the low end of the economy has been beaten and battered so badly since Covid began, are the vast majority of renters managing to make due month after month?

Good old American industriousness, maybe. Or it could be because January 2021 was the highest month for personal incomes in the history of the country, breaking the previous record set in April of 2020. The data for March 2021, to be released in the coming weeks, will get confirm that it shattered both of those previous records.

What happened in April, January, and March? Stimmy checks, that’s what. Along with extended unemployment benefits it has meant almost nobody suffered income setbacks on account of the societal response to the virus. Tens and tens of millions of people lost their jobs, yes, but not their incomes. The shortfall was and continues to be, like so much else in America today, funded by the TreasureFed.

Not through taxes, at least not in a cost accounting sense, but by the Treasury Department working hand-in-hand with the Federal Reserve. Last month, the federal government spent $927 billion and collected just $267 billion in taxes. That means the daily budget deficit for the month of March was $21 billion. That’s nearly $1 billion an hour, or $15 million a minute, more in government outlays than in government ‘revenues’.

If the Fed raises rates, the financial markets will implode. If the enhanced, extended unemployment benefits paired with the stimulus checks every few months that have already delivered America’s its seminal UBI stop, the number of uncollected rents and unpaid mortgage payments will skyrocket. The homeless crisis afflicting many of America’s biggest cities will get worse.

The Biden administration isn’t going to allow that to happen on its watch. There is no way off this dollar deficit ride. Either the thing is impervious or the crash is going to be horrific, much worse than the Great Recession. Worse than the Great Depression, too.

 
Hide 68 CommentsLeave a Comment
Commenters to Ignore...to FollowEndorsed Only
Trim Comments?
    []
  1. FULL SPEED HEAD, BABY!

    I WANNA SEE WHERE THE TRAIN GOESSSSSSSSSSS!

    Whatever happens, I’m sure it will be either terribly exciting or terribly more of the same, and a collapse would just give us a chance to make something new.

    Universe, shake this temple up.

  2. Charlotte says:

    Some fraction of the non-paying renters will have cynically taken advantage of the eviction moratorium to save themselves some money. At the lower end of the rental market, at least, there are quite a few renters who will rip off their landlords any way they can, whether it’s refusing to pay rent, stealing and selling appliances, trashing the property, or all of the above. I used to believe bad behavior mainly happened in the other direction, but a little experience as a landlord and the stories of friends changed my outlook.

  3. MattinLA says:

    A crash caused by overspending has been predicted since I was a.teen in the 80s. Why hasn’t it happened yet? When doom is continuously postponed for generations, is it still doom?

  4. Dumbo says:

    It’s not just lack of money. Apparently in California, because of the pandemic, you as a renter can be allowed not to pay rent for months, and the landlord is stuck with that.

    I think the general idea is to ruin middle-class or small-time landlords/property owners, so that they are forced to sell, and get most or all property in the hands of banks, corporations or rich people with lots of properties.

    Everyone else will become a renter.

    “You will own nothing, and you’ll be happy”.

    • Replies: @Bill Jones
  5. unit472 says:

    We’re only three months into the Biden ‘presidency’ and Federal spending is out of control. There are two great unknowns.1. Can ( or will ) the US end covid restrictions and, if so, will the US economy return to the status quo ante.2. Will the Fed be able to keep interest rates pinned to the floor? If there is a failure here all hell is going to break out. Stock and housing bubbles pop. Zombie companies go bankrupt and massive loan defaults taking banks down. It will be 1933 with deflation not inflation stalking the land.

    Of course every other major central bank is in the same ‘coffin corner’ so its doesn’t have to be the Fed losing control. The ECB, BOC or BOJ can kick off the crisis and they are all out of ammunition.

    • Replies: @botazefa
  6. sort of on topic – Generation Rent getting stuffed vs Generation Buy

    https://www.theguardian.com/lifeandstyle/2021/apr/15/married-job-long-hours-working-culture-single-lonely-love

    Laura Hancock started practising yoga when she worked for a charity. It was a job that involved long hours and caused a lot of anxiety. Yoga was her counterbalance. “It saved my life, in a way,” she says.

    Yoga brought her a sense of peace and started her journey of self-inquiry; eventually, she decided to bring those benefits to others by becoming a yoga teacher. She studied for more than eight years before qualifying. That was about 10 years ago; since then, she has been teaching in Oxford, her home town.

    At first, the work felt like a privilege, even though she was working a lot and not earning much. “There was a sense that, if you gave it your all and you did it with integrity and love and all those things, then it would eventually work out for you.

    But recently she had a moment of realisation. “I can’t afford my rent, I have no savings, I have no partner, I have no family. I’m 38 and most of my friends have families; they’re buying houses,” she says. “There is a lot of grief around that. I feel like I’ve just landed on Earth, like a hard crash on to the ground, and am looking around and feeling quite lonely.”

    She’s a real person, with a real practice, so I looked up the house prices in her area.

    https://www.rightmove.co.uk/house-prices/ox2-6bq.html?page=1

    Over the 18 year period when she was training and practising, a two bedroom semi – perfectly ordinary Victorian working class housing – has risen from £164,000 in 2001 to £700,000 sixteen months ago. Over the same period real male UK wages actually fell, so I assume real female wages won’t have done more than flatline at best. But real house prices have almost doubled, and in this desirable area of Oxford probably more than doubled.

    A pity, she seems like a nice person if a tad unrealistic. In 1970s UK, when housing was affordable, you could get away with that and still live a nice life. Not now.

    • Agree: V. K. Ovelund
    • Thanks: Audacious Epigone
    • Replies: @V. K. Ovelund
  7. jsinton says:

    Scamdemic working out well as planned.

  8. @Boomthorkell

    I cannot say that I support the conclusion you reach, but this line of yours is the blog’s best line of the week:

    Whatever happens, I’m sure it will be either terribly exciting or terribly more of the same….

    Unfortunately.

    • Replies: @Boomthorkell
  9. @YetAnotherAnon

    Some homeowners who congratulate themselves on their ballooning home equity ought to lend more consideration to two factors.

    1. The homeowner cannot cleanly extract his equity without selling. After selling, he will still need a place to live. Presumably, that means buying again. Thus, it is unclear how much good ballooning equity actually does the typical homeowner, except as a point of vanity.

    2. Ballooning equity is crushing honest, ordinary citizens in their 20s and 30s, many of whom, despite being decent, average homeowner-type persons, can never buy in, just because they had the ill luck to be born too late.

    [MORE]

    Some of us have children in their 20s and 30s.

    Society used to try harder not to leave average persons behind. In an affluent country, a citizen should not need to be extraordinary to aspire a dignified life. As you point out, during our generation, the ordinary could indeed so aspire though the problem appears, so far, to be more severe in the United Kingdom than in the United States.

    With some consideration for homeowners who have adventurously leveraged their equity, wise public policy would try gently to let the air out of the residential real-estate balloon.

  10. I waited to see if a commenter might have a good answer to this but looks like we agree: no one knows nuffin.
    Japan is the rabbit that’s run on ahead. National debt at 225% of GDP, twenty years of stimulus, every zombie corp still staggering on, negative interest rates, and the government’s attempts to prop up the stock market mean they now hold 80% of the country’s ETFs and can’t get rid of them. Still no inflation or crash, just a seemingly endless stagnation.
    It’s uncharted waters. Never been tried before. I’m not an expert but I have an instinct that this new economic paradigm is something to do with longevity and low birth rates. It seems larger than policy decisions.

  11. @V. K. Ovelund

    Thanks for the thoughtful comment. I’m in my late 20s and am financially better off than most of my friends, i.e. no student debt, good job, car paid off, and I am completely priced out of the real estate market. I don’t really see how most of my friends and colleagues can ever afford a house at the current prices. By the time the boomers die off/move to nursing homes it will be too late for people my age to buy in. We’ll be in our mid 40s by then, but maybe the generation below us will have better opportunity.

    • Replies: @Audacious Epigone
  12. usNthem says:

    Yep, the fed and our “government” such as it is, have the proverbial tiger by the tail. Any eviction moratoriums will just get kicked down the road until small time landlords are wiped out. Stimy checks and unemployment benefits will continue on until they can’t – if that day ever comes. Clown world indeed.

  13. @V. K. Ovelund

    Ha ha ha, yeah.

    Thank you!

    I think the best way to solve the housing issue is to abolish property taxes on primary residencies, then do what China, Europe, and East Asia do: develop more urban HDB. Specifically urban, of course.

    This allows for new people starting off to have a better shot at getting a place, and it permanently disconnects “improvements” in an area from the cost-of-living of people already present.

    Cities and states are welcome to try other things out as well, though I would say they should abolish any nom-agricultural development in flood plains.

  14. Mr Epigone says:

    The Biden administration isn’t going to allow that to happen on its watch. There is no way off this dollar deficit ride. Either the thing is impervious or the crash is going to be horrific, much worse than the Great Recession. Worse than the Great Depression, too.

    I say:

    ASSET BUBBLE BOLSHEVISM will implode and the results will topple and dislodge the JEW/WASP Ruling Class of the American Empire.

    I have very humble and reasonable and modest Swiftian proposals for the future.

    There will be a global retaliation against the various national ruling classes when the globalized asset bubbles implode and let us remember that the Chinese have created their own massive asset bubble in real estate and finance and the Chinese Communist Party will be removed from power by the Chinese people.

    The EU and the ECB will be crushed and obliterated and the Germans will get a nuke and go back to the deutschmark and the lovely free ride the German exporters have been getting on the euro will go bye bye Berlin see you later.

    The Finance and Insurance and Real Estate sector in the USA will be liquidated and destroyed and the implosion of the asset bubbles in finance and real estate will wipe out the little slob greedy pigs that have fatted themselves quite nicely.

    It is imperative that all greedy slob Americans born before 1965 be financially liquidated and then forcibly and legally sent to walled and fenced compounds in sub-Saharan Africa.

    The anti-White scum in the JEW/WASP Ruling Class have used a series of asset bubbles to bribe the greedy disgusting White scum born before 1965 and that is why the nation-wrecking mass legal immigration and mass illegal immigration was allowed to continue year after year and decade after decade.

    NATIONALIZE THE FEDERAL RESERVE BANK NOW.

    PEWITT CONJURED LOOT PORTION NOW!

    The Pewitt Conjured Loot Portion(PCLP) will pay each American who has all blood ancestry born in colonial America or the USA before 1924 a cool ten thousand dollars a month. The US Treasury and the Federal Reserve Bank shall work together to conjure up the cash out of thin air, just like the ruling class is doing now.

    The new political force called WHITE CORE AMERICA will dole out the electronically conjured up loot to old stockers and part old stockers and even Obama will get some loot because Obama’s mom is an old stocker and she and Obama have ancestors who fought in the American Secessionary War from the British Empire.

    The new political party called WHITE CORE AMERICA will certainly make a distinction between citizens and foreigners and I have decided that old stocker Americans — or part old stocker Americans — should get a hundred thousand dollar bounty for having blood ancestors who fought in the American Colonial Secessionary War from the British Empire. For each ancestor who fought against the British Empire you’ll get one hundred thousand dollars. I’ll get at least three hundred thousand dollars for my ancestors who fought in the American Colonial Secessionary War from the British Empire.

    Obama is Son of the American Revolution ready to go for at least a hundred thousand but Obama will not be eligible for the Pewitt Conjured Loot Portion(PCLP) of ten thousand dollars a month from the US Treasury and the Federal Reserve Bank. Obama does not have all blood ancestors born in the USA or colonial America before 1924.

    Obama don’t need no PCLP because he’s grilling burgers at his mansion on Martha’s Vineyard and his mansion in Swamp City Rome on the Potomac DC.

  15. dfordoom says: • Website
    @MattinLA

    A crash caused by overspending has been predicted since I was a.teen in the 80s. Why hasn’t it happened yet? When doom is continuously postponed for generations, is it still doom?

    It’s a bit like the prediction that sooner or later the globalists and SJWs and Wokeists will overplay their hand and there’ll be a backlash. I predict that fifty years from now we’ll still be hearing that prediction.

    Predictions are quite often just wish projections.

  16. dfordoom says: • Website
    @V. K. Ovelund

    The homeowner cannot cleanly extract his equity without selling. After selling, he will still need a place to live. Presumably, that means buying again. Thus, it is unclear how much good ballooning equity actually does the typical homeowner, except as a point of vanity.

    In fact the typical homeowner might well be worse off if he’s now paying higher property taxes.

    The only people who benefit from rising house prices are those who speculate in property. Ordinary homeowners who just want a house to live in don’t benefit at all.

    Ballooning equity is crushing honest, ordinary citizens in their 20s and 30s, many of whom, despite being decent, average homeowner-type persons, can never buy in, just because they had the ill luck to be born too late.

    I agree. But that’s not the fault of ordinary people who, decades ago, did the sensible thing and bought houses. Those people are not driving house prices up. What is driving house prices up? My guess is that it’s property speculation and immigration.

    And, ironically, many of those young people who cannot afford to buy a house are ardent supporters of open borders.

  17. botazefa says:
    @unit472

    It will be 1933 with deflation not inflation stalking the land.

    It’ll be worse than the Depression.

    Our population is less resilient and and many are full grown children who fully believe they are victims. They soon will be, if it all comes tumbling down, because our citizenry is highly polarized with little camaraderie. In the 30’s, we were all Americans. Now we are Identities.

    The soup lines won’t be civilized.

  18. @dfordoom

    Housing will never crash

    Canada imports over 1% of it’s population every year thru mass immigration. Uk, usa, aus, etc are the same.

    Unlimited demand = high prices. The people who say it’s going to crash are just coping.

    Millenials and whites on average are insanely pro immigrant and super cucked despite being totally fucked over by insane immigration rates. My peers from school who will never have a good job, never have a house, and probably never have children immediately scream “RACIST” if I mention that extreme mass immigration might not be the best for any of us….

    • Agree: Alden
    • Replies: @dfordoom
  19. Mark G. says:
    @MattinLA

    A crash caused by overspending has been predicted since I was a teen in the 80s. Why hasn’t it happened yet? When doom is continuously postponed for generations, is it still doom?

    The people who were predicting impending doom weren’t looking enough at demographics. There was a large Baby Boom generation going through their peak productive years who were all out working and paying taxes. The previous generation was small so you had modest government outlays for Social Security and Medicare. Now all these Boomers are retiring and tax receipts are dropping and spending for Social Security and Medicare is rising.

    The younger generation is smaller and the composition is different. Welfare and immigration policies over the last half century have had a dysgenic effect. The younger generation is less intelligent and less competent so they pay less taxes and use more welfare. This is exacerbated by a higher education system that gives large numbers of them degrees with little economic value. It also seems like there are more crazy people now. I just came back from the barbershop where everyone was talking about a mass shooting that just took place at a FedEx facility here in Indianapolis where I live that resulted in eight deaths.

    So the widening gap between taxes paid and the amount the government spends will continue and likely get worse. Now it’s the people who say we aren’t going to have problems who are ignoring demographics and are acting like things are the same in 2021 as they were in 1981.

    • Replies: @BlackFlag
    , @dfordoom
  20. BlackFlag says:
    @Mark G.

    Yes, but don’t the cognitive elite now (e.g. top 10%) account for a larger share of production? And USA has been and is still drawing them in from all over the world. That might offset the overall reduction in human capital.

  21. On the other hand, it’s still a small fraction of renters who aren’t keeping up on their payments. Why, if the low end of the economy has been beaten and battered so badly since Covid began, are the vast majority of renters managing to make due month after month?

    I say:

    The Refugee Resettlement Racket has been used for forty years and more to increase housing costs for Americans of modest means and to provide cheap docile labor for the money-grubbing scum in the Cheap Labor Faction of the Ruling Class.

    Rental prices have gone through the phucking roof in many areas of the USA undergoing massive Refugee Resettlement Racket inundation. Greedy skank money-grubbing landlords love it and young Americans find their cost of housing to go way the Hell up.

    President Biden is a nasty politician whore for the landlords and the greedy scum Cheap Labor Lobby who pushed for more and more Refugee Overload overflow.

    Joe Biden and Jimmy Carter and Teddy Kennedy ramped up the REFUGEE OVERLOAD racket in 1980.

    Joe Biden pushes mass legal immigration and mass illegal immigration and REFUGEE OVERLOAD and ASYLUM SEEKER INUNDATION.

    I wrote this in April of 2018:

    The REFUGEE OVERLOAD racket makes a lot of moola for apartment building owners. The federal government directly transfers massive amounts of money to private real estate plutocrats who pocket the profits from the imported REFUGEE OVERLOAD racket.

    The apartment building owners who profit off the REFUGEE OVERLOAD racket raise the rents to very high levels because they know the federal government will pay up no matter what. Other landlords then base their asking price for their rental units off the rental price the landlords get for the REFUGEE OVERLOAD apartment rentals.

    The appropriate number of refugees the United States should import should be zero. The appropriate number of asylum seekers imported into the United States should be zero.

    Mass immigration increases housing costs. Mass immigration benefits landlords and apartment building owners.

    Housing costs would plummet if the United States were to deploy the Pewitt Mass Deportation Plan.

    Raise the federal funds rate to the normal level of 6 percent and begin mass deportations of all foreigners. That would decrease housing costs and give a big boost to AFFORDABLE FAMILY FORMATION for young people in the United States.

    Greedy geezers say phuck the young, they like profiting off the high housing costs.

    https://www.unz.com/isteve/after-a-half-century-of-the-fair-housing-act/#comment-2285282

    Tweets from 2014 and 2015:

  22. Well, how do you like this, AE? You started the topic on rents, but apparently everyone wants to talk residential real-estate prices. Go figure.

    One cannot magically force inflated residential real-estate prices to subside, but there are moderate things public policy in the several United States could do that would help. Here is a sample:

    1. Statutorily forbid residential mortgages to exceed, say, 60 percent of a home’s value. That takes unsteady buyers out of the market, decreasing demand, dropping the price, making room for normal, steady buyers who just want a place to live and could handle taking care of a house if they were only given a chance.

    2. Statutorily forbid residential mortgage lenders (on future mortgages, not existing ones) to recover unpaid debt except to the extent to which the foreclosure covers the debt. This restrains credit, restraining excess buying power, dropping the price.

    3. Tax second homes more heavily than first homes. Tax third homes more heavily than second homes, and so on. This encourages an individual landlord who owns many homes to put some of them on the market, increasing supply, dropping the price.

    4. The obvious point: halt immigration.

    I suspect that Steve Sailer is probably right: to build affordable housing as such is the wrong way to do it. Rather,

    Old housing should be the affordable housing.

    Upscale new housing frees up the stock of old housing as the upscale owners move up.

    But it would do that better if tax law gently encouraged the former occupants of the old housing to sell.

  23. @dfordoom

    “What is driving house prices up? My guess is that it’s property speculation and immigration.”

    Cheap interest rates, money printing, and immigration – the property speculators (including most British MPs) got in at the ground floor when it became apparent (or they were told) that house prices were never going to correct so property was a one way bet.

    It wasn’t always so. I can remember in the early 1970s councils in northern England demolishing whole streets of perfectly good Victorian terraced homes, often replacing them with nothing but landscaped green space.

    “many of those young people who cannot afford to buy a house are ardent supporters of open borders”

    Not to mention big fans of “the environment” as well, even as it’s paved over.

  24. A123 says:
    @V. K. Ovelund

    #1 & #2 are sound concepts, however I suspect that you have set the threshold too harshly.

    Historically:
    • Minimum 20% down payment was required.
    • Home equity loans could not tap that 20% owner equity “reserve” unless the property was at risk (e.g. storm damaged).

    A huge part of the problem is that 20% became 10%, then 5%, then 3%, then 0%. The crowning achievement of Big Bank irresponsibility was the Golden West / Wachovia Pick-A-Pay™ Loan that effectively made negative down payments achievable. (1)

    Wachovia Corp. is making changes to its controversial “pick-a-payment” mortgage loans and eliminating loans that can lead to higher loan balances over time for borrowers.

    The changes effectively spell the end of the pick-a-payment product that Wachovia acquired with its purchase of Golden West Financial Corp. Effective immediately, the bank is discontinuing the minimum-payment option on all new loans. The minimum option allowed a borrower to make payments lower than the interest due on the loan. By not covering the total interest due, the borrower’s monthly payments and loan balance can increase over time.

    Forcing everyone, including minority borrowers, to a mandatory “20% Down” requirement would fix much of the over pricing baked into the market.

    PEACE 😇
    __________

    (1) https://www.bizjournals.com/wichita/stories/2008/06/30/daily11.html

  25. @dfordoom

    I agree. But that’s not the fault of ordinary people who, decades ago, did the sensible thing and bought houses. Those people are not driving house prices up. What is driving house prices up? My guess is that it’s property speculation and immigration.

    I’d say it’s mostly artificial supply constraints due to regulation.

  26. @Dumbo

    The Hedge funds have been buying residential rentals for a while. Black Rock is, I hear the biggest owner in theUS

  27. @V. K. Ovelund

    3. Tax second homes more heavily than first homes. Tax third homes more heavily than second homes, and so on. This encourages an individual landlord who owns many homes to put some of them on the market, increasing supply, dropping the price.

    Yeah, but point 1 just created more renters, increasing the demand for, and thus the price of, rented property. Your plan simultaneously discourages people from buying houses and increases the cost of renting.

    • Thanks: V. K. Ovelund
  28. onezeno says:

    This may be for the best. The only way to keep foreign countries from bleeding America dry once the dollar loses its global reserve currency luster will be to destroy it through inflation, and leave the likes of the Chinese holding the bag.

    • Agree: V. K. Ovelund
  29. dfordoom says: • Website
    @Smarter Than Unz dot Com

    Millenials and whites on average are insanely pro immigrant and super cucked despite being totally fucked over by insane immigration rates. My peers from school who will never have a good job, never have a house, and probably never have children immediately scream “RACIST” if I mention that extreme mass immigration might not be the best for any of us….

    That’s why I have difficulty feeling any great sympathy for white Millennials and Zoomers. They enthusiastically support the very policies that are wrecking their lives. And then when they discover they can’t afford to buy a house they start to cry and they blame Boomers.

    • Replies: @V. K. Ovelund
  30. dfordoom says: • Website
    @Mark G.

    This is exacerbated by a higher education system that gives large numbers of them degrees with little economic value.

    Yep. Society’s attitudes towards education are bizarre. A lot of people would be much better off learning trades rather than getting useless degrees.

    It also seems like there are more crazy people now.

    There have always been crazy people. Half a century ago the severely crazy people were in mental institutions. Now they’re walking the streets. And now we have people who are clearly crazy working in the media.

    There’s also the problem of people who aren’t exactly crazy in a clinical sense but they’re excessively emotional and irrational. If they get exposed to crazy beliefs at school or on social media they’ll adopt those crazy beliefs. Had they not been exposed to those crazy ideas they might have become fully functional adults. There are a lot of people who lack the discernment to distinguish between crazy ideas and sensible ideas.

    • Replies: @Feryl
  31. Anonymous[204] • Disclaimer says:

    LOL. They blame Boomers because Boomers are the actual problem. Immigration has done fuck all to affect property values nationally. You blame immigrants for everything because it’s a cope to help you shift your attention from the real problems. White women don’t reproduce? Blame immigrants for America getting browner. Crime rate falling despite America getting browner? Blame Semites for falsifying the data. Losing every election because your candidates are mental midgets who want to focus on insignificant bullshit like trans women? Blame China.

    Mid-millennials are hands down the wisest, most progressive generation this country has ever known. Everything your crusty behind holds dear is getting destroyed by them, and it is beautiful.

    • Replies: @anonymous
    , @Alden
  32. @Nikolai Vladivostok

    People act like economic theories are iron laws of the universe, but clearly they’re not.

  33. @dfordoom

    The only people who benefit from rising house prices are those who speculate in property. Ordinary homeowners who just want a house to live in don’t benefit at all.

    lol, yes, but try telling them, and see how far you get. Ordinary homeowners who are staying in their current place for the foreseeable future will nonetheless obsessively check prices to see whether their house is worth more

    • Replies: @dfordoom
  34. God willing, the great satan will collapse soon. America is the epicenter of globalism and Jewish power. It is the main driver behind anti white ideologies and cultural marxism. If it goes bankrupt due to hyperinflation, the dollar will lose reserve status and the American world order will fall apart.

    Europe could finally chart an independent course, Russia would retake Ukraine and Belarus, China would take Taiwan and Turkey and Iran would fight it out for dominance.

    If nothing else, economic collapse will force the US to massively slash its military and thus weaken ZOG’s main enforcer

    • Replies: @TomSchmidt
  35. SafeNow says:

    Anyone renting-out a house or condo should rent it to a female Asian-American pharmacist. Decrease the price to get that tenant — it’s worth the rent monetary loss to eliminate late-notices, bankruptcy squatting rent-free, evictions, property damage, legal fees, and clogged-toilet phone calls in the wee hours. This has been my advice for years. The Covid-no-pay tenant is merely one new variation to add to this.

    • Agree: V. K. Ovelund
    • Replies: @Alden
  36. @Boomthorkell

    As the Samsons undermine the temple of greed’s columns, their stooges pile ever more storeys of debt atop the edifice. When she goes it will be a bottler. Only debt forgiveness would save the system, but the parasite blood-suckers absolutely refuse to release their ‘grip of death’ over the untermenschen. At the very least it would be unforgivably ‘antisemitic’.

  37. dfordoom says: • Website
    @Barack Obama's secret Unz account

    lol, yes, but try telling them, and see how far you get. Ordinary homeowners who are staying in their current place for the foreseeable future will nonetheless obsessively check prices to see whether their house is worth more

    I’m an ordinary homeowner and I have never in my life done that. I have never heard of anyone doing that. I don’t have the slightest idea how much my house is worth.

  38. @dfordoom

    That’s why I have difficulty feeling any great sympathy for white Millennials and Zoomers. They enthusiastically support the very policies that are wrecking their lives. And then when they discover they can’t afford to buy a house they start to cry and they blame Boomers.

    If you are just circling the Boomer wagons (do you know this Americanism? I know no non-American way to say it), then I suppose that comments like yours are effective enough. If you wish to understand the grievance, though, even if you might disagree with it, then the comment displays a tin ear.

    You’re talking about your own descendants and, today, you have chosen to defend the Baby Boom Generation at what may be that Generation’s single weakest point. Boomers have enjoyed opportunities practically denied to the younger generations. In the United States at least, the Baby Boom have reaped the harvest of a mature civilization and have been greedily consuming the harvest. The least the Boomer could do is to refrain from insulting the younger generations for it.

    Some Boomers raised families of seven or eight children. A few did. Those who didn’t cannot do anything about that now, so one does not wish to be harsh; but on the other hand, among the few Boomers that did raise large families, I have never, ever seen one to make a comment like yours.

    Undoubtedly, many Boomers have worked hard for what they’ve got, but (a) most of them raised too few children despite belonging to the generation most easily able to afford to raise large families in afflence; and (b) they are myopic regarding the special civilizational circumstances that have so richly rewarded their hard work.

    My suggestion would be that you pause the generational retorts long enough to try to see it from someone else’s perspective than a Boomer’s. I realize that a handful of rather stupid young trolls, losers who indulge fantastical revolutionary theories and think impressive their own pathetic lack of tolerance for anyone who dares to doubt their nonsense, are being unnecessarily rude and caustic, but is the commenter to whom you have responded one of those? Be fair.

    • Replies: @Feryl
    , @dfordoom
  39. Arclight says:

    In our new brave world of social justice, equity, and inclusiveness, our institutions have lost the ability to say ‘no’ to nearly anyone. We won’t look at our federal budget and honestly appraise whether various agencies from the DOD on down have gotten bloated, are overfunded relative to their mission or performance, etc. If a high school student aspires to college, regardless of their academic ability we will find a way to let them leverage up and spend years struggling to acquire a nearly useless degree. Everyone should be a homeowner so down payments are bad, we cannot let the stock market return to reality so federal policy keeps pumping liquidity.

    Reality will hit good and hard at some point, and then the answer from our betters to the masses – like a broke parent – will be “we can’t”.

  40. anonymous[105] • Disclaimer says:
    @Anonymous

    insignificant bullshit like trans women

    The state mandating puberty blockers for any 8 year old child who claims to be trans after one meeting with a school counselor and throwing a dad in jail who objects to this happening to his kid is not insignificant bullshit.

    • Agree: RadicalCenter
    • Replies: @Anonymous
  41. Feryl says:
    @dfordoom

    I remember how, back in the 90’s (and I would assume the decades before that), people were seriously concerned about mental illness and crazy people were deemed unfit to have any influence on society.

    We’ve had three approaches to crazy people:
    Pre-1964: lock them up.
    1964-2007: let them roam free but keep an eye on them
    2008: Put them in the driver seat.

  42. Feryl says:
    @V. K. Ovelund

    Its the generation born from 1938-1948 who are highly privileged (they are the wealthiest generation ever). Other generations needed high intelligence, connections, good timing, and/or much hard work to do well.

    The “war babies” had new and cheap housing that they grew up in and eventually owned themselves at a young age. They got ample wages/salaries/pensions. They enjoyed strong unions. Healthcare was cheap when they were young and middle-aged. The war babies dominated the pop culture of the 60’s and 70’s (naturally a generation that had it so easy would push for a cultural revolution that would annihilate families and communities.

    Get off the stupid “Boomer” talk and make it about “war babies”. My 1960 born parents didn’t have it easy at all. I think Millennials (born 1980-1995) usually had later Boomer parents and don’t buy as much into the anti boomer crap. Its been Gen X (who didn’t have later Boomer parents but have whined endlessly about spoiled Boomers) and Gen Z (who have Gen X parents) who push a lot of of this crap.

    • Agree: dfordoom, Alden
    • Replies: @V. K. Ovelund
    , @Mark G.
  43. @Feryl

    Get off the stupid “Boomer” talk and make it about “war babies”.

    Your point is taken and I think that, objectively, you are right; but it is not for me to define the accepted terminology. Moreover, Gen X has enjoyed a significant fraction of the benefit the Boomers have (though I must say, Gen X has been a bit more circumspect about it).

    My point is that Millennials do not deserve to be insulted, as a generation, for problems they have inherited from the insulters and do not know how to solve. (“But, but, it’s the Boomers who are being insulted!” comes the retort. Such myopic self-centeredness is precisely the Boomers’ problem. If everyone is picking on you, maybe the problem is you?)

    Though a borderline Boomer, myself, I know rather a lot of U.S. Millennials (I used to be a college instructor, remember). Much can be said in the Millennial Generation’s favor in my opinion—and the most significant sign of this is that the Millennials themselves seldom think it necessary to say it.

    The Millennial infatuation with homosexuality is beyond absurd but, otherwise, they’re actually pretty solid, given half a chance.

    Oh, by the way: the putative Millennial enthusiasm for immigration is fake news. I would explain it here, but candidly, the innumeracy of the proposition should be too obvious to any Boomer who bothers to pay attention instead of hurling insults at the very youngsters whose prospects the Boomers themselves have so fatuously blighted.

    • Replies: @dfordoom
  44. Mark G. says:
    @Feryl

    Get off the stupid “Boomer” talk and make it about “war babies”. My 1960 born parents didn’t have it easy at all. I think Millennials (born 1980-1995) usually had later Boomer parents and don’t buy as much into the anti boomer crap.

    Late Boomers had a tougher time than war babies and early Boomers. They spent their childhoods and early adolescence during the tumultuous sixties instead of the peaceful fifties and graduated from school and had to look for jobs during the stagflation seventies instead of during an earlier and more prosperous period.

    Because of this, they ended up more conservative. Probably the most popular dissident right blogger is Steve Sailer and he is a late Boomer (born 1958). He blogs here at unz.com and Ron Unz himself is also a late Boomer (born 1961). Over on the mainstream right, the most popular blogger is Instapundit Glenn Reynolds, another late Boomer (born 1960). You would probably find that a major reason behind the popularity of Sailer and Reynolds is the large number of conservative late Boomers who read them.

    I’m a late Boomer and I’ve noticed among my same age friends that many of them are conservative but have older brothers and sisters who believe in sixties counterculture liberalism. My friends rejected that form of liberalism and even the dress and music of their older siblings. When they reached their teenage years instead of wearing long hair, hippie clothing and listening to peace and love rock music they were listening to angry leather jacket wearing punk rockers. I played bass guitar in a punk rock band in the late seventies and can remember noticing this change among my band mates and other late Boomer young people.

  45. @Mark G.

    I played bass guitar in a punk rock band….

    Too cool.

    I want the record.

  46. Anonymous[425] • Disclaimer says:
    @anonymous

    Yes it is, that has happened maybe once or twice in a country of 300,000,000. The vast majority of people will never be trans and those that will, definitely need to have their medicine, no matter how in denial and ashamed daddy is of his genes.

    You alt-righters gotta stop focusing on these remote issues. It has been killing you for years.

  47. @Caspar Von Everec

    Iran was right about the Great Satan?

  48. Feryl says:
    @Mark G.

    Later Boomers dominated the 80’s metal scene as artists, though gen X was the primary audience for 80’s music. Punk was an exception to the general rule that the dominant artists of a new and popular genre are 5-10 years older than the target audience of teenagers (virtually all of the 1st wave punk bands were in their late teens and very early 20’s when they got big). I’ve heard some late Boomer metal artists say that they were influences by, and even played in, punk bands but the scene got stale fast. Punk eventually mutated into thrash metal, which was influenced by 60’s psychadelia and 70’s prog in addition to punk and early metal. And other late Boomers made the glam metal scene big; basically it was their version of arena/classic rock, but on a much smaller budget and with less pretentions than the indulgent navel gazing 70’s rock culture.

    And really, the mid-late 1980’s were the peak of late Boomer artistic dominance yet nobody thinks of this as the “Boomer era”. Indeed, critical appraisal of the period is utterly merciless, with both the creators and the audience lambasted as shallow and hedonistic to the point of nihilism*. But this fits with the narrative that late Boomers have gotten rough treatment in many respects.

    *Meanwhile the early 90’s (when Gen X got their foot in the door as artists) turn toward existential no fun angst is generally praised by cultural critics.

    • Thanks: V. K. Ovelund
  49. Feryl says:
    @Mark G.

    Very late Boomers are big in the blogosphere because they were socialized in the 70’s and 80’s, decades that were less pretentious and divisive than the 1960’s and 1990’s. The 1990’s made Gen X almost as unbearable as the 60’s generation. And of course the 2020’s are going to make Gen Z a pain in the ass.

  50. dfordoom says: • Website
    @V. K. Ovelund

    If Millennials and Zoomers think they’ve had a raw deal why aren’t they out on the streets protesting against the policies that have shafted them, such as mass immigration? Why aren’t they expressing opposition to neo-liberalism? Why do they continue to support the policies that have made their lives so awful?

    The policies that are wrecking modern society have enormous support from these very Millennials and Zoomers.

    I personally do think they’ve had a raw deal but they aren’t doing anything about it other than crying a lot. It’s hard to have respect for such people.

    And you can’t blame Boomers for immigration. I don’t remember Boomers back in the 60s and 70s marching in the streets demanding open borders.

    • Replies: @Audacious Epigone
  51. dfordoom says: • Website
    @V. K. Ovelund

    Though a borderline Boomer, myself,

    You need to stop feeling guilty about it. Irrational feelings of guilt aren’t helpful.

    Looking back I can see that the war babies and the early Boomers were wrong about many things, and they were right about many things. And since I grew up despising those people (as most Late Boomers despised the Early Boomers) it’s hard for me to admit that they were right about many things.

    They were right to oppose the Vietnam War (which did more to wreck society than any other event since 1945) and they were right to oppose American imperialism. They were right to hate the military-industrial complex and they were right to hate the FBI and the CIA. They were right to hate militarism. They were right to oppose censorship.

    On other issues they were at least half-right. They were half-right about the Sexual Revolution. Some loosening of sexual mores was a good thing. It was a good thing to oppose Christian Puritanism. The Sexual Revolution went too far but some reaction against irrational guilt about sex was a good thing.

    The depressing thing about Millennials and Zoomers as a whole is that although they’re often very pleasant people their opinions on almost everything are entirely wrong.

    • Thanks: Audacious Epigone
    • Replies: @V. K. Ovelund
  52. dfordoom says: • Website
    @Mark G.

    I’m a late Boomer and I’ve noticed among my same age friends that many of them are conservative but have older brothers and sisters who believe in sixties counterculture liberalism. My friends rejected that form of liberalism and even the dress and music of their older siblings. When they reached their teenage years instead of wearing long hair, hippie clothing and listening to peace and love rock music they were listening to angry leather jacket wearing punk rockers.

    Yep. I’m a Late Boomer and we despised hippies and hippie culture. I was a punk. Nobody hated hippies more than the punks did.

    And Late Boomers went through the misery of the economic crises of the 70s. We just don’t cry about it all the time.

  53. Alden says:
    @Anonymous

    White women can’t reproduce without White men. It takes a man and a woman to make a baby. I believe google can direct you to articles about human reproduction.

  54. Alden says:
    @SafeNow

    Female, male, all Asian tenants, bring friends and relatives to live in their one bedroom apartments. 14 people living in a one bedroom apartment raise the water use and subsequent cost significantly. Plus the cost of renting another dumpster or 2 or 3 because of The Asian Way of crowding as many people possible into a one bedroom apartment.

    That’s how California, NYC, Chicago, any landlords in high Asian immigration areas discover how many people are actually living in small 6 unit one bedroom apartment buildings.

  55. @dfordoom

    The depressing thing about Millennials and Zoomers as a whole is that although they’re often very pleasant people their opinions on almost everything are entirely wrong.

    You have a point here.

    I don’t want to make excuses for anybody. There is enough blame to go around, but I will note that Millennials in the United States were raised on obviously schizophrenic nonsense in school and then, upon coming of age, inherited a clown world that made no sense. So, yes, their opinions on almost everything are bound to be entirely wrong.

    But the smartest of them are doing something your generation (late Boomer) and mine (borderline Boomer/X) lacked the motivation and basis to do: they’re rethinking clown world. They’re excavating and examining lost premises. Some are even reading forgotten authors like Evola and Carlyle, trying to reach back beyond the roots of the present madness. The same smart Millennials—among the younger Millennials and Zoomers, at any rate—tend to think seriously from a young age about how to make large families, yet they’re simultaneously reëxamining Christianity and the wretched ways in which Christian churches are run. It’s an extremely promising development.

    • Replies: @dfordoom
  56. dfordoom says: • Website
    @V. K. Ovelund

    But the smartest of them are doing something your generation (late Boomer) and mine (borderline Boomer/X) lacked the motivation and basis to do: they’re rethinking clown world.

    A tiny handful might be rethinking clown world. But in every generation (including the evil wicked nasty Boomers) there’s been a small minority of people who have deeply questioned the assumptions on which society is built. In the late 19th century, in the 1920s, in the 1930s, in the 1950s, in the 1970s, there were people who gave a great deal of thought to such questions.

    The counter-culture that emerged in the late 1950s was all about questioning the assumptions that underpinned society. They saw the society of that time as being a kind of clown world, and they were right. All societies are to some extent clown world because all societies are based on the unthinking acceptance by most members of society of assumptions that are in fact absurd.

    The Founding Fathers of the United States came to the conclusion that living as subjects of George III was tantamount to living in clown world. They were the counter-culture of the late 18th century and they just wanted to smash the system, man. Tear it all down and create a new society from scratch.

    Wanting to smash the system, man has been a recurring theme of western civilisation since the Reformation. Martin Luther just wanted to smash the system, man. So did Cromwell.

    In every generation since the Reformation there’s been a small minority who have regarded the existing order as a clown world that needs to be swept away. And in every generation most people have accepted the version of clown world in which they lived as being part of the natural order that should not be questioned.

    The difference with Millennials/Zoomers is that the minority who are asking searching questions seems to be so very small. Among the Silent Generation and the War Babies and the Boomers the proportion prepared to ask awkward questions seems to have been rather larger.

    Society today is much more conformist than society in the 1950s and that’s because young people today are in general more conformist. Of course there are exceptions.

    • Replies: @V. K. Ovelund
  57. @dfordoom

    Society today is much more conformist than society in the 1950s and that’s because young people today are in general more conformist.

    The thousands of Millennials I instructed at the university were indeed noticeably more conformist than their elders at the same age had been. I never knew why, but one could see it.

    [MORE]

    Largely irrelevantly, but incidentally convenient to an instructor at times, the conformism made it easier for the instructor to keep classroom discussions railed on the instructor’s desired track—which in turn made larger class sections more practicable, which in turn should have, but did not, reduce costs. (Having been a STEM instructor as a major state school, I make no comment regarding the ideal of liberal education at private colleges. When you’re talking about loads on a bridge or such, though, freewheeling discussions though not always worthless tend to waste classmates’ valuable time.) Students brought a little more whinging to the instructor’s desk at office than one would like, but not extremely so, while to compensate, classroom rebellions were not much of a phenomenon.

    What makes that generation restless in my experience, oddly enough, is when you don’t tell them en masse what to think.

    However, I believe that you have missed a crucial distinction regarding the younger generation’s thought leaders, at least in the United States. The thoughts of the thought leaders are more interesting, and better grounded, than the thoughts of any generation’s thought leaders in a century. They’re reading Carlyle and Heidegger, not Marcuse or Timothy Leary—and they’re doing it despite practically all mention of such interesting authors as Carlyle having been purged from textbooks and curricula since the 1930s.

    In my opinion, a qualitative difference separates the leading thought of the Millennials from the leading thought of any of the several generations preceding. The leading thought of the Millennials links deeply, consciously to forgotten traditions. The leading thought fundamentally opposes the bright ideas of the day.

    This is something Anglo Saxon civilization has not seen much of in a long time.

    I will not deny the existence of the burn-it-all-down element to which you refer, nor of mere petulant resistance against one’s father, but these are hardly new factors, as you yourself note. Meanwhile, Carlyle is no arsonist.

    • Replies: @dfordoom
  58. dfordoom says: • Website
    @V. K. Ovelund

    The thousands of Millennials I instructed at the university were indeed noticeably more conformist than their elders at the same age had been.

    What I notice about Millennials/Zoomers is that they’re not just conformist. They’re horrified and terrified by the idea that opposing viewpoints exist.

    The young of the 1960s and 1970s (both War Babies and Boomers) understood that no matter how passionately they felt about some subjects there were people who disagreed with them.

    What’s really interesting is that the tiny minority of Millennials/Zoomers who are right-wing political dissidents are just as bad. They cannot cope with having people disagree with them.

    In my opinion, a qualitative difference separates the leading thought of the Millennials from the leading thought of any of the several generations preceding. The leading thought of the Millennials links deeply, consciously to forgotten traditions.

    That can be a good thing or a bad thing. It can be very negative. Looking backwards is not necessarily a good thing. It can be a kind of retreat from reality.

    The leading thought fundamentally opposes the bright ideas of the day.

    In every generation the leading thought has fundamentally opposed the bright ideas of the day.

    The difference with Millennials/Zoomers is that there are so very few of them who fundamentally oppose the bright ideas of the day.

  59. @MattinLA

    At the risk of sounding vain, we weren’t predicting it here until late 2018.

    But if mutli-trillion dollar unfunded spending bills have no real downside to the domestic population, why not UBI and Medicare for all now?

  60. @Magic Dirt Resident

    There are single family homes all over the country that have increased in assessed value more than a full-time minimum wage earner makes in a year. Your generation’s situation really sucks.

  61. @V. K. Ovelund

    1) PMI offers a soft version of that at 80%. It’s racist, of course. But better than throwing the standard out because of disparate impact would be to give a direct subsidy to non-Asian minorities to get them to 20% or 40% in a down payment.

    2) Agree. Lender beware is a great idea in all situations.

    3) Same for apartment complexes?

    4) Perhaps slightly less obvious but as important–end the Fed’s forever easy money policy.

    • Replies: @V. K. Ovelund
  62. @dfordoom

    Part of the reason is because their frustrations are coopted by the neo-liberal establishment. They are out in the streets, protesting what they have been convinced is the cause of their problems. The powers that be work hard to make sure the perceived problems come from other powerless people with different social sensibilities than their own. The power structure loves the culture wars, because millennials (and other frustrated members of the precariat) don’t do things like the Tea Party or Occupy Wall Street when their are more important things like white supremacy in that rope somebody found in the parking garage down town!

    • Replies: @dfordoom
  63. @Audacious Epigone

    Same for apartment complexes?

    I doubt it, but like most other policies, one would need to observe the relevant policy in action to determine its practical effects. Perhaps some jurisdiction has already implemented it.

    If the existence of apartment complexes drives up the price of single-family homes, I am unaware of it.

  64. dfordoom says: • Website
    @Audacious Epigone

    Part of the reason is because their frustrations are coopted by the neo-liberal establishment. They are out in the streets, protesting what they have been convinced is the cause of their problems. The powers that be work hard to make sure the perceived problems come from other powerless people with different social sensibilities than their own.

    That’s true of course.

    It’s depressing to have to admit but the fact is that people on the whole are very naïve about politics. You can fool all of the people most of the time and you can fool most of the people all of the time.

    It’s not that people are stupid. Mostly they’re reasonably sensible when it comes to day-to-day life but the complexities of politics are beyond them. They want politics to be simple. The good guys in the white hats and the bad guys in the black hats. That’s one of the reasons that democracy can never work.

    The power structure loves the culture wars, because millennials (and other frustrated members of the precariat) don’t do things like the Tea Party or Occupy Wall Street when their are more important things like white supremacy in that rope somebody found in the parking garage down town!

    Yes.

    And both antifa and the dissident right are examples of the human propensity to fail to comprehend the complexity of politics and to fall for the confidence tricks of the Establishment.

    We’re still left with the question of why Millennials/Zoomers are more conformist than previous generations, and on the whole less capable of critical thinking.

    • Replies: @Audacious Epigone
  65. @dfordoom

    Part of it is because the consequences of failing to conform can be life-ruining. They live in constant anxiety that something they’ve said will come back to bite them in ways they are unable to anticipate at the moment. Agreeing to things that were part of Barack Obama’s presidential campaign, like opposition to same-sex marriage, will now get a working class stiff fired if he says them–or even more anxiety-inducing, if it is discovered he said them at the time Obama claimed to agree with him. That on top of the economic anxiety has rendered millennials a mess.

    • Replies: @A123
    , @dfordoom
  66. A123 says:
    @Audacious Epigone

    Part of it is because the consequences of failing to conform can be life-ruining.

    With fewer voices in open opposition, the SJW’s think they are winning. And, that makes them more extreme. It is a vicious cycle that will eventually blow up in their proverbial face.

    PEACE 😇

     

  67. dfordoom says: • Website
    @Audacious Epigone

    Part of it is because the consequences of failing to conform can be life-ruining. They live in constant anxiety that something they’ve said will come back to bite them in ways they are unable to anticipate at the moment.

    I’m not sure that I agree. My experiences with Millennials/Zoomers (and I know quite a few) does not support that theory. They don’t seem to be conforming out of fear.

    They seem to be genuinely unable to comprehend that differences of opinion are possible. They seem to genuinely believe that on all important political, social, cultural or economic questions there can only be one opinion.

    Diversity is good. Capitalism is good. The world’s climate is changing as a result of human actions. Homosexuality is normal. People can change their sex if they want to. The FBI is made up of good people who just want to keep Americans safe. America has a duty to tell other nations how to govern themselves.

    To Millennials/Zoomers these are self-evident facts, as obvious as the fact that water flows downhill.

    Anyone who holds a contrary opinion is insane, evil or a Nazi. This is also a self-evident fact.

    There are a few people who conform to the current orthodoxy out of fear but the majority (especially among those under 40) conform because non-conformity is simply unimaginable.

Comments are closed.

Subscribe to All Audacious Epigone Comments via RSS