Wow, it's like you condensed 4 years of my writing into one post.
I am astounded at not only the information you disseminate here, but also the clarity and logic with which you present these economic realities. One problem is that the public didn't see through many economic moves by government, beginning with in New York City in the '80's. The mass conversion of mediocre housing stock from rentals to "coops" ruined affordable housing all over the city. I was living in one such apartment house at the time. It had the original oil burner from the 1930's, and was like a deteriorated grand old dame, once having been a luxury building owned by Joan Payson, one of the original owners of the Mets. The fact that this building, which did not become a slum thanks to activist tenants (including myself and others), was allowed to be put on the market and sold as shares, was incredible. Every building was going coop. Fake engineers' reports were filed, landlords tried and sometimes succeeded in harrassing out tenants, and neighborhoods became unaffordable. At the same time, manufacturing jobs were disappearing in both the city and state, and a service industry took up the slack. How were you able to sum up the past 25 years of economic reality so well? How did Alan Greenspan miss all this or know and not care or warn the government about reckless spending, which is now rampant? Are you an economist at heart? Fantastic post!!
Wow! Great analysis.....
Wow...
You are already one of my favorite education bloggers, but now I can add you to my favorite housing bubble blogs.
I think Wall Street is going to get its comeuppance though. The housing crash is going to be the worst in history.
You should check out patrick.net or thehousingbubbleblog.com
Weingarten bragged about the no-layoff clause, slipping in the proviso "as long as there isn't a fiscal crisis." Remembering 1975 when contracts were rendered moot, this post is very apt.
The UFT in defending the open market system always points to the no-layoff clause, somewhat moot with so many new teachers recruited each year. They argue that ATR's always will have a job. In '75 as teachers were excessed, they had seniority to protect them. What would happen today if there were a fiscal crises of the same scope?
I was at Madison Sq. Garden when they shouted "NO LAYOFFS!"
In 75 I was laid off. And, seniority did not protect teachers who were out of license at the time. I also know of many 5 year teachers who were excessed from Jr H. when they cut back on the department they were teaching in.
But then the UFT contacted all of us, sent us to courses, and got us recertified to teach other subjects. I got my Math position that way until I was laid off again. (This is why I hated Lindsey so much)
At least the UFT tried to be more proactive to their members back then.
People like, Phyllis (I like to see my name in print)Murray have no idea how the union once worked. But she has caught on to the fact that always agreeing can land you a second pension.
I also hope our economy stays strong because our pensions and TDA depend on that. I started investing in the early 90s, but I knew I was in it for the long run. The problem with too many investors today is that they sell too quickly rather than ride out the storm.
Also, when I first started teaching, no company would give me a credit card. Today a dog can get one, and it puts people in debt. A great documentary, MAXXED OUT, is a must see. Credit card companies do not want laws changed that would make it impossible for anyone to receive credit if their income does not meet a certain level. That is why so many college kids are in debt.
I was also at Madison Sq. Garden with the then opposition with boxes of leaflets calling for a NO vote but it was hopeless. Shanker was forced into the strike, did his jail time and killed whatever militancy there had been to hold out.
Thirteen people were excessed in my elementary school in '75 - they got down to 2 from me and I started in '67. We never saw some of them again. It was like they disappeared off the face of the earth.
School ended at 2:15 on Mon and Friday and we had to stay as they were our preps. We got one more during the week. We used to use the time to have wine and cheese parties, making the best of a bad situation as it was the one time everyone was free at the same time. I got to know people in those years who I barely knew before and some are still friends. I don't think we saw a raise for many years. Many people laid off never came back while others were embittered for many years.
Of course the city closed down and/or sold off a number of schools. We had 3 in Williamsburg that were snapped up by the Hassidic community for a song as they had 3 members of the school board. Worse than selling schools was the lack of repair which caused so many problems years later even through the mid 90's.
Another trauma like that would be much worse today.
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