America - The Official Thread
- Thread starter ///M-Spec
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- 3,757
- Hoboken, New Jersey
Don't think it's been mentioned yet, but I figured I'd bring up the train derailment that occurred in northeastern Ohio, causing hazardous chemicals to catch fire and explode, risking exposure of toxic fumes. While no one has died, the event has sparked controversy due to potential of widespread contamination, the widely condemned arrest of a reporter covering the incident, and the general negligence of the rail industry which could have prevented this.
The Trump admin. rolled back a DoT rule, at the behest of lobbying from the rail and oil industry, that requires stronger brakes for trains carrying explosive fuels. And "amid the lobbying blitz against stronger transportation safety regulations, Norfolk Southern paid executives millions and spent billions on stock buybacks — all while the company shed thousands of employees despite warnings that understaffing is intensifying safety risks. Norfolk Southern officials also fought off a shareholder initiative that could have required company executives to “assess, review, and mitigate risks of hazardous material transportation." The Biden administration has not moved to reinstate the brake rule or expand the kinds of trains subjected to tougher safety regulations.
"Prior to the stock buyback era, railroads agreed that ECP brakes were a good thing,” said Ron Kaminkow, a longtime railroad worker and organizer with Railroad Workers United. "The railroads hadn’t yet come to the realization that they could do whatever they wanted. ECP brakes were on the drawing board, then off". "The railroads, including Norfolk Southern, were initially outspoken advocates of the new equipment. Electronic brakes were so safe, the companies argued, that regulators could exempt upgraded trains from other safety mandates, saving time and money on frequent stops for safety inspections. Alongside their campaign to kill the brake rule, industry lobbyists pushed to limit the types of chemical compounds that would be covered by new regulations, including the brake rule. They proposed limiting the definition of “high-hazard flammable trains,” or HHFT, mostly to cover oil trains — but not trains carrying the industrial chemical on the Norfolk Southern train that necessitated evacuations in Ohio".
"As the industry has resisted safety measures and shed staff, rail companies have increased the length of trains. Norfolk Southern was the leader in this category as of 2021, with an average train length of over 7,000 feet — which is 1.3 miles, or more than 100 rail cars. The Norfolk Southern train that derailed in Ohio was 9,300 feet long, or nearly 1.8 miles. Concerns about train length and public safety prompted federal funding for a study on the issue in the 2021 infrastructure bill. On Tuesday, residents of East Palestine filed suit against Norfolk Southern in a U.S. District Court, alleging negligence".
tl;dr: Another example of good 'ol corporate greed putting profitability before safety.
Source: https://www.levernews.com/rail-companies-blocked-safety-rules-before-ohio-derailment/
As for the arrested reporter, Evan Lambert of NewsNation was encountered by police for allegedly being too loud during Ohio governor Mike DeWine's press conference. After Lambert began to raise his voice, a national guard adjutant pushed him in the chest, while he continued to plea that he has not committed a crime. Officers subsequently pushed Lambert to the ground, handcuffed and arrested him for disorderly conduct. He was released later that day.
Gov. DeWine, a Republican, claimed that Lambert had every right to be there, and spoke out against his arrest. The Ohio attorney general is opening an investigation as a result of the circumstances.
www.cnn.com
The Trump admin. rolled back a DoT rule, at the behest of lobbying from the rail and oil industry, that requires stronger brakes for trains carrying explosive fuels. And "amid the lobbying blitz against stronger transportation safety regulations, Norfolk Southern paid executives millions and spent billions on stock buybacks — all while the company shed thousands of employees despite warnings that understaffing is intensifying safety risks. Norfolk Southern officials also fought off a shareholder initiative that could have required company executives to “assess, review, and mitigate risks of hazardous material transportation." The Biden administration has not moved to reinstate the brake rule or expand the kinds of trains subjected to tougher safety regulations.
"Prior to the stock buyback era, railroads agreed that ECP brakes were a good thing,” said Ron Kaminkow, a longtime railroad worker and organizer with Railroad Workers United. "The railroads hadn’t yet come to the realization that they could do whatever they wanted. ECP brakes were on the drawing board, then off". "The railroads, including Norfolk Southern, were initially outspoken advocates of the new equipment. Electronic brakes were so safe, the companies argued, that regulators could exempt upgraded trains from other safety mandates, saving time and money on frequent stops for safety inspections. Alongside their campaign to kill the brake rule, industry lobbyists pushed to limit the types of chemical compounds that would be covered by new regulations, including the brake rule. They proposed limiting the definition of “high-hazard flammable trains,” or HHFT, mostly to cover oil trains — but not trains carrying the industrial chemical on the Norfolk Southern train that necessitated evacuations in Ohio".
"As the industry has resisted safety measures and shed staff, rail companies have increased the length of trains. Norfolk Southern was the leader in this category as of 2021, with an average train length of over 7,000 feet — which is 1.3 miles, or more than 100 rail cars. The Norfolk Southern train that derailed in Ohio was 9,300 feet long, or nearly 1.8 miles. Concerns about train length and public safety prompted federal funding for a study on the issue in the 2021 infrastructure bill. On Tuesday, residents of East Palestine filed suit against Norfolk Southern in a U.S. District Court, alleging negligence".
tl;dr: Another example of good 'ol corporate greed putting profitability before safety.
Source: https://www.levernews.com/rail-companies-blocked-safety-rules-before-ohio-derailment/
As for the arrested reporter, Evan Lambert of NewsNation was encountered by police for allegedly being too loud during Ohio governor Mike DeWine's press conference. After Lambert began to raise his voice, a national guard adjutant pushed him in the chest, while he continued to plea that he has not committed a crime. Officers subsequently pushed Lambert to the ground, handcuffed and arrested him for disorderly conduct. He was released later that day.
Gov. DeWine, a Republican, claimed that Lambert had every right to be there, and spoke out against his arrest. The Ohio attorney general is opening an investigation as a result of the circumstances.
NewsNation reporter was pushed by National Guard official during an argument before his arrest at an Ohio news conference, video shows | CNN
Body camera footage from Wednesday's arrest of a NewsNation correspondent shows the Ohio National Guard's adjutant general pushing the reporter during an argument at a press conference that state authorities held about a train derailment.
Scaff
Moderator
- 29,599
- He/Him
- ScaffUK
Another example of self-regulation working so well... (/sarcasm - just in case)
- 437
- Merseyside
- merseyxshore
Don't worry, in about ten years we will have a really solemn Netflix docudrama about it.
- 320
- Michigan
- xIX_CJ83_XIx
- xIX_CJ83_XIx
- 437
- Merseyside
- merseyxshore
- 320
- Michigan
- xIX_CJ83_XIx
- xIX_CJ83_XIx
Exactly. It happens so often here that it's not even news anymore.....
Joey D
Premium
- 47,441
- Lakes of the North, MI
- GTP_Joey
- GTP Joey
It's been rough, especially since the Oxford shooting is still pretty fresh. I have so many friends with nieces, nephews, brothers, and sisters that go there that it's been a big concern. I'm grateful that none of them are among the injured or killed, but I certainly feel for the families that are getting the horrible news.
- 320
- Michigan
- xIX_CJ83_XIx
- xIX_CJ83_XIx
- 13,164
- Seattle-ish
This survivor of the MSU shooting is also the survivor of the Sandy Hook mass shooting where her first grade teacher died. People are experiencing multiple mass shooting, we have so many of them.
A Michigan lawmaker who has had enough (spoiler tagged for language)
A Michigan lawmaker who has had enough (spoiler tagged for language)
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Joey D
Premium
- 47,441
- Lakes of the North, MI
- GTP_Joey
- GTP Joey
And here's the thing with Michigan. Right now, the Democrats have the majority in Congress and the governor is a Democrat as well, so if they don't do something, they only have themselves to blame.
I know they've floated red flag and self storage laws, but we will see if that happens or not.
I know they've floated red flag and self storage laws, but we will see if that happens or not.
Keef
Premium
- 25,104
- Dayton, OH
- GTP_KeefRacer
- GTP Keef
Does anybody in here have more housing market insight than the average Youtube channel? I'm in the market to buy a house, from a timing perspective ideally within the next couple months, but if the market is actually going to do anything drastic then I could wait until later this year. Ultimately I don't super duper care because I plan to buy well within my means, although I just won't be getting a ton for my money. The Dayton, OH market never really boomed like other traditionally affordable places (like Florida) so it's not like I'm getting mega screwed on value. My new income level should give me a healthy safety margin when it comes to dropping home values.
Edit: Apparently the 2008 drop and return cycle took ten years to complete so if this is going to be another disaster (I don't think it will be) I don't think waiting a year will matter at all. I just need a roof over my head. Plus, in ten years my income will be more than double what it is now.
Edit: Apparently the 2008 drop and return cycle took ten years to complete so if this is going to be another disaster (I don't think it will be) I don't think waiting a year will matter at all. I just need a roof over my head. Plus, in ten years my income will be more than double what it is now.
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Danoff
Premium
- 34,011
- Mile High City
The video is not super convincing. The situation in 2008 was very different form the situation today, and there is some evidence that after the pandemic, people are simply willing to spend more on housing than they were before. It's not really clear whether that's going to reverse. I'm not sure how much you should bet on prices coming down.
But let's suppose everything in that video is right, he's talking about a 5 year downturn. Are you willing to wait 5 years to save 10%?
- 3,757
- Hoboken, New Jersey
The Dayton housing market, like many ones in the rust belt, seems to be great on paper as an outsider. The average cost of a home according to the 2020 census in Dayton (thus before the housing boom) is a mere $68,000. That’s about seven times less than the average suburban town here in NJ. Even today, there are a plethora of livable homes in safe neighborhoods that are under $100k in Dayton, a quick search reveals. It definitely seems like a livable place if you have a decent, stable job, even if wages are lower than more booming parts of the state like Cincinnati or Columbus. No wonder that many rust belt cities, even very poor ones like Flint, have pretty high homeownership rates (between 55-75% generally). And as you hinted at, rust belt markets are very resistant price shocks. As home prices have soared up as much as 50% in some Florida markets (especially Jacksonville and Miami), prices in these markets barely moved; most saw increases of 5% or less. There are a few instances of home values in rust belt cities continuing to fall despite the nationwide housing boom, like in Decatur and Danville, IL for example.
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- 909
- Scotland
- Gremlin100
From a UK perspective you are already halfway there by acknowledging you are sticking well within budget.
The only advice I would give is play it safe financially, make sure you still have a healthy amount left over after bills and buy the property that suits your needs. If you are into cars, then a large driveway is very handy, as is a garage to keep tools and stuff.
Another thing is nearly everyone has a friend who is into money related matters (I got some excellent advice from a friend who watches the money markets/investment area), so take him for a beer and pick their brain.
If you are looking to make money to springboard into a bigger or better home down the line, then I dont have any advice for you, as I've had friends who did that and won, and some who didnt make as much as they would have liked.
If you are looking to move to a house that's a keeper for many many years, then choose something that has the features you want, as getting the builders in can be expensive later down the line.
Okay I had more advice than I thought I did. Best of luck
- 3,757
- Hoboken, New Jersey
Coward Schultz.
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- 11,853
- Marin County
I bought fairly close to the peak (probably 15 months prior to it) in one of the frothiest markets out there. I paid a good bit, but I don't think I overspent (it wasn't a bidding war). Now that I own it, I don't think too much about the value. Whatever ups and downs the market might have in the short term, there will always be a sort of floor on the prices based on local income and rents. I, for one, love owning my own place and don't regret it at all. I think I would regret it more if I didn't buy when interest rates were low (I ended up getting 2.7%). I know people here in the bay area that bought in like late 2007 and weathered massive on-paper losses to their equity...but by 2021 they were up 50%. The thing about on-paper losses is that they aren't real and with the real estate market...all signs point to things going up again, eventually. Land is a finite resource which is getting scarcer by the day.
- 23,975
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- GTP_TheCracker
I don't know what your current situation is, but say at the moment you are paying $1k rent a month and the property you are looking to buy is $1k a month in mortgage repayments. If the ultimate goal of property ownership is to pay that off and own your property outright, lets say with a 20 year mortgage, then a year of paying off some of that loan is better than wasting that money on a year's rent which isn't benefiting your own financial future in any way* In a year property prices may be a bit cheaper - but that's a complete unknown, you'll already be a year into paying your loan/mortgage off. It's a simplistic overview, i know, but the logic is sound.
*other than not tying you down to mortgage payments for 20 years - but if home ownership is going to be your ultimate goal anyway... its better to be adding to your financial future than adding to some landlords financial future.
Keef
Premium
- 25,104
- Dayton, OH
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- GTP Keef
Absolutely not and that's mainly why I'm wondering how screwed I'm going to get as it's unlucky timing regardless.
Those numbers don't tell the whole story...I'm thinking median home price might be more appropriate, and also you have to look at the metro area including all the suburbs, not just Dayton city proper. The vast majority of houses within Dayton city limits are in poor condition, undermaintained even for their age, and in very undesirable neighborhoods.
That said, some of those neighborhoods are blossoming slowly but surely and I hope this downturn doesn't slow the progress. This area in particular is a neighborhood where my dad bought his first house back in 1969 or so. At the time is was a perfectly decent neighborhood but we also know what was happening politically and geographically around that time. By 1977 my parents had moved to the burbs and this neighborhood had fallen into disrepair and has been known as a the hood ever since. There have always been tiny pockets of really nice houses but it wasn't the norm. This is where you'll find those "$68,000" houses which typically are in severe disrepair. They're all being snatched up by flippers and made back into fairly nice houses. That whole area is a desirable location relative to downtown but became a hoodified food desert and has stayed that way for 40 years at least. Even the Salem Mall shut down when I was a kid in the 90s, long before the shopping mall crisis, due to crime and, er, corporate racism I suppose. The green circles are holdouts of really nice houses that have been maintained well enough but have still suffered plenty of value loss. A 2500 sqft house on a hill can be had here for $200,000. Something similar would be minimum $500,000 in Oakwood, a small suburb bordering the south end of downtown Dayton where wealth has concentrated over the years. That's where all the bougie whites live who don't mow the grass with their shirt off (it's a law).
Edit: I got the price right but that house is 3,100 sqft lmao hell yeah
In reality, a fully livable "normal" house throughout the Dayton area averages about $175,000-$200,000. Which is still really good of course.
My goal doesn't really have anything to do with wealth, just privacy, comfort, and free space for storage and activities. Plus the mortgage and collateral seem to offer expanded credit and finance opportunities. Over here, 30 years mortgages are the standard, anything less is too risky month-to-month. The benefits vastly outweigh the extra mortgage cost.
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- 11,853
- Marin County
As long as you aren't stretching yourself severely to afford the mortgage, I wouldn't worry too much about timing, particularly if this is not strictly an investment. Trust me, the run up to getting a (first) house is far more stressful than actually having the thing and making mortgage payments.
