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This week, a few stories circulated around our office that generated some discussion. One was a piece in The New Yorker by Nick Paumgarten on commuting in America entitled "There and Back Again". The tease at the beginning sums up the entire piece: "People may endure miserable commutes out of an inability to weigh their general well-being against quantifiable material gains."
In this story, the writer accompanies commuters in Manhattan and Atlanta while attempting to understand the life of an "extreme commuter."
Scrambling to grab that elusive “American Dream” of homeownership, millions plunged into the subprime mortgage market to build wealth through appreciation (if not speculation). Pundits cheered as the ownership rate crept up, lauding the pluck of aspirational minority and immigrant families.
There’s a reason it is called subprime, though. Lenders offered a smorgasborg of loan “products,” but the bottom line was that they are all very costly for the borrower – often entailing adjustable-rate surprises in the 30 percent or higher range.