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In America, Prisoners with Money Can Pay Their Way to a Nicer Stay | Alternet
Apparently, near LA there are some private jails with lots of luxuries (including work release) that charge the prisoner $100/day.
wealth  prison  law  via:reddit 
3 days ago by mcherm
Record inequality: The top 1% controls 38.6% of America's wealth - Sep. 27, 2017
The bottom 90% of families now hold just 22.8% of the wealth, down from about one-third in 1989 when the Fed started tracking this measure.
wealth 
7 days ago by 4Iron
The Rate of Return on Everything, 1870-2015
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive dataset for all major asset classes, including—for the first time—total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new insights and puzzles.

https://www.washingtonpost.com/news/wonk/wp/2018/01/04/massive-new-data-set-suggests-inequality-is-about-to-get-even-worse/
comparative  economic_history  wealth  inequality  econometrics 
8 days ago by rvenkat
I Want it All Now! Documentary on Marin County (1978) - YouTube
"From deep in NBC's archives, a funky '70s documentary which brought Marin County, California to national attention, from its fucked up deadbeat parents to its misguided fascination with mystical oriental ooga-booga horseshit. If you ever wondered why people associate peacock feathers and suicide with Marin, this is why. Strangely, Tupac Shakur does not make a cameo.

Each story in this film is an accurate depiction of everyone in Marin and does not deviate from any Marinite's experience, without exception."

[Via: ".@NBCNews did an extraordinary profile of Marin County 40 years ago:" https://twitter.com/nikosleverenz/status/950213237236117504

in response to: "In the 1960s, Marin County pioneered slow-growth environmentalism. Today the county's also home to some of the nation's highest housing costs, decades-old patterns of segregation and has the state's largest racial disparities http://www.latimes.com/politics/la-pol-ca-marin-county-affordable-housing-20170107-story.html "
https://twitter.com/dillonliam/status/950046576554029056 ]
marin  towatch  1978  bayarea  marincounty  1970s  1960s  history  narcissism  wealth  happiness  psychology  self  self-help  selfishness  race  racism  suburbs  sanfrancisco  capitalism  californianideology 
8 days ago by robertogreco
Land Is Underrated as a Source of Wealth - Bloomberg
But even with somewhat different numbers, the broad lesson would be clear -- over the long term, housing has been a great investment. That doesn’t mean that investors should ditch their stocks and run out to buy houses -- liquidity is a real issue, property taxes are substantial and it’s harder to diversify a real estate portfolio than a stock portfolio. But it does mean that a wise investor should diversify into land by buying things like real estate investment trusts.

The more important implication, however, is for inequality. To some degree, housing acts as an equalizer between the rich and the middle-class, since the latter puts more of its wealth into real estate by virtue of buying homes. But many big landlords are very rich. And homeownership is a way that the middle class and upper-middle class pull away from the working class and poor, a larger portion of which can't afford to buy and must rent. The ownership disparity is also responsible for a big share of the racial wealth gap. As economist Matt Rognlie has found, the return to land is responsible for the lion’s share of the increase in wealth inequality documented by French economist Thomas Piketty.

So in order to address wealth inequality, it’s important to focus on land. Even after the rise of the modern corporate economy, unequal ownership of the most basic and ancient asset of them all is still creating big divisions in our society.
property  investment  realestate  advocacy  wealth  incomeinequality  author:NoahSmith  Bloomberg  2018 
13 days ago by inspiral

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