Since November is already at a close, it’s time for another round of reads from the team at Fort Pitt. Check it out:
First up is Beth Reinhard and Damian Paletta’s Wall Street Journal article, “How the economy is stoking voter anger at incumbent governors,” which examines the US economic recovery. While unemployment is down and consumer confidence is up, wages have fallen and a great number of people only work temporary jobs. “I feel pretty disconnected from the so-called recovery, and I don’t believe either side of the aisle has a solution,” says one source.
Tyler Durden’s “The Election (In 1 ‘uncomfortable divided’ nation chart),” illustrates the large electoral disparity between the generation that has seen the largest job growth during the recovery (older folks, generally) and the younger generation that continues to drown in student debt.
Next is “Underwriting the next housing crisis,” by Peter J. Wallison of The New York Times. While regulators believe that lower underwriting standards promote homeownership, they also drive house prices up, making them less affordable for low and moderate-income buyers. In the late 1980s, down payments were 10 to 20 percent of home values. Homeownership was at 64 percent, about where it is now, and 90 percent of the housing market was considered affordable. Fast forward to 2014, and only 34 percent of the market is considered affordable, even though down payments are much smaller.
The final piece, “A popular currency trading website vanished overnight and $1 billion disappeared with it,” by Mike Bird outlines the disappearance of Secure Investments, a currency trading website that gained popularity with small investors. The site was linked to a fake address in Panama, as well as fake offices in Hong Kong, Singapore, and London.