I have often told my friends and colleagues that the I disagree with the idea of home ownership being the American Dream or a path to personal wealth. I have cited that even in the best markets, the actual rate of the return in too low. Home ownership also makes the workforce less mobile which causes other problems for our economy. Brett Arends of the Wall Street Journal agrees.
My favorite American General and Statesman, Colin Powell was interviewed on this morning’s episode of Face the Nation. The interview was more backward than forward looking than I would have liked. Powell insisted that he is still a member of the Republican Party and hope the party will broaden its base by becoming more inclusive. He took the high road when speaking about the recent criticism he has received from Rush Limbaugh and Dick Cheney. He also discussed Guantanamo Bay and enhanced interrogation techniques.
I am not a fan of the show and only saw him perform a few songs, but he defied the odds and became this year’s American Idol. I have never met him, but a few friends of mine that I take very seriously hold him in very high regard.
A friend passed this story on to me via Facebook. The story is based on data from the US Bureau of Labor that was compiled by DC’s McClatchy. I remember discussing this phenomenon during my sociology studies and I really don’t find this at all surprising. Lower income people are more likely to empathize with their fellow poor. They are also less likely to fear further destitution.
I am scheduled to complete my Masters of Business Administration degree this August. Matthew Stewart believes I would have been much better off studying philosophy. I agree with some of his points. Although I consider my masters education as more of a tool to to round out my highly specialized business education; I am confident I made a good choice.