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  •  Housing wealth isn't wealth to 90% of the people (0+ / 0-)

    Robert Reich is wrong, when he implies, that high house prices are good for most people. Houses are essentially not an asset, but a long term consumption product. Of course some people may profit from high house prices, but only when they scale down their housing consumption aka moving into a smaller flat.
    But usually the person who buys the house will as well be from the 90% non-rich Americans. For the buyer high house prices are a downside, at least, if he is an 'up-scaler' moving from a smaller house into a bigger one. So often this means, that old people will make some more money, but their children needing space for the grandchildren make a bad deal.

    While indeed many Americans do own houses, about 40% don't. Reich is a defender of the middle class and often this is good as well for the poor class, but in this special instance it isn't.

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