“A Day that will live in Infamy”, original words used by Democrat President Franklin Delano Roosevelt to describe the atrocity of the Japanese attack on Pearl Harbor December 7, 1941, is eerily an appropriate description of the year 2020. And it is barely half over.
Enjoying the benefit of a soaring economy with a record number of Americans gainfully employed, President Trump began the year enjoying the adoration of his supporters at political rallies all over the country and the scorn of his detractors, while enjoying life and playing as much golf as he could feasibly fit into his schedule.
But much like at Pearl Harbor, we suddenly came face to face with an enemy whose intent is to kill. But instead of being a killer that you can see, Coronavirus thrives where it cannot be seen. No matter how much the President denied its prevalence and severity assuring Americans that by June this killer will just sort of “go away”, it hit swiftly. Confident he had done all that was necessary by blocking flights into the U.S. from China, the President emceed daily briefings assuring all of us that “we will beat Covid 19”. Four months later we are nearing 117,000 lives lost to Covid19 nationwide.
Here we are, half way through 2020 with over 40 million workers unemployed and in many cases tempted to stay that way by $600 per week of Federal government benefits that, when added to state paid unemployment benefits, mean a pay raise for over half of the workers receiving the benefits. But being laid off and hungry during a Pandemic is a tragedy and something had to be done. Equal blame goes to liberals and conservatives for poor leadership.
But here we are. The stock market has nearly returned to pre-Pandemic levels, interest rates are bouncing along at historic lows, homes or apartments for rent are scarce and when they do become available rental prices have increased 10-20%. And among the paranoia of living and moving during a pandemic, homes are selling at rates not seen in years. Which makes little sense considering so many are not working and many who are working have seen their hours reduced or, if in commission sales, smaller paychecks because people just are not spending, supposedly.
One of the theories I have come up with from my 35 years in the mortgage business is that unemployment is a major factor that impacts the real estate market. I have observed that there have been times when interest rates were considered low, but the real estate market was slow. During these times unemployment had increased to more than 6%. I observed during these times that there was a lack of first-time homebuyers. Worried that the threat of unemployment would hinder their ability to service a long-term debt like a mortgage payment, they delayed their decision to buy. Renting a home is less of a commitment.
Without first time buyers you cannot have move up buyers. I have assisted a first-time buyer that was the first domino that needed to fall for two, three, or even four other transactions to come to fruition. For the very reason a person makes the decision to purchase their first home, established homeowners sell and move on to other homes; a comfortable place to live and the opportunity to build equity and a place to live rent or mortgage free by the time they retire.
But here we are. During a pandemic, social distancing, protecting our mouth and nose to not infect others while unknowingly being infected ourselves, and hand washing and using hand sanitizer until our skin cracks. Cautiously moving about in our world constantly aware that anyone we come in contact with could be the reason we have to go into solitary confinement in our own home, or maybe worse, end up in a hospital; alone, without human contact with our loved ones.
Adding to the trials and tribulations of adjusting to Pandemic Life comes the heinous, senseless murder of George Floyd by a rogue police officer. This was not the first questionable killing of an unarmed black man by police officers. But this was different in that it was not over in a flash. There was no incredulous second guessing of “what could he possibly have been thinking during that instant?”
This incident went on for over eight and a half minutes. Oblivious to the pleas of onlookers, the knee of authority slowly and deliberately took the breath and life from George Floyd. Justice will be served if we let it. A large festering scab of racism and police brutality has been torn off in our country. Now we must live with the consequences.
Unfortunately, the actions of one law enforcement officer whose prior professional behavior should have been some indicator is now the reason for those who have felt oppressed to demonstrate their displeasure. Most are doing so in peaceful and legal ways respectful of their Constitutional right to do so. But just like the actions of a single rogue police officer are wrong, there are groups of people who lack respect for anything using this event to do harm and damage to people and property to promote their agenda. And how about those in authority who look the other way for political gain.
t’s sad that one person or a small group of persons can destroy the reputation of all and change forever how all persons associated are perceived. Not all law enforcement professionals are racists. Not all law enforcement organizations are systemically racist. Not all protesters are rioting criminal anarchists. There is blame on many sides for the anarchy we are confronting but we are all being drawn into warring camps. Black/ White, Liberal/Conservative, Gay/Straight, Republican/ Democrat, becomes the mutually exclusive label that we own whether we like it or not. Like trying to put a square peg in a round hole many will just not fit the way they are supposed to.
We Americans are diverse, and we all need to embrace the uniqueness of our differences. Who doesn’t want to make America great again?! Consensus comes from respectful and collegial debates where both sides listen, without downgrading others’ input, and make compromise for the greater good, not just what is good for me.
I sure hope that by the end of 2020 we will have a clearer vision of America’s future because the first half of 2020 has been very cloudy.
Mr. Rowe is Vice President/Lending for Bay Capital Mortgage Corp. with offices in Easton and Annapolis. He has lived in Caroline for his entire life and supports the county by volunteering in a variety of ways. He currently lives near Greensboro with his wife Jeanne and daughter Kelsey.
To Tolbert Rowe: While your monthly columns are not really that informative, they do convey your irrational disdain for our President and his administration policies. The Caroline Review should not be available for you as a means of pushing your bias and political agenda. If you have relevant, factual information to convey it should be presented in a more professional manner, without your snarky comments about President Trump. Your pettiness reduces what should be a helpful feature into nothing more than an opinion piece.