[Pops]

Bumper Sticker: See You Are Better Off – just borrow more!


How old are you PJ?

I assume you have seen RE cycles before, no? huge foreclosures, S&L deregulation scandals, negative amortization loans, new homes at auction?

Those rich middle class homeowners have a negative savings rate, are borrowing on that illusory equity to drive profits to someone who certainly doesn’t live on their block, owe an average of $9,000 on credit cards, are seeing their pitiful retirements evaporate because it is much more important to preserve shareholders’ investments than live up to the commitments the corporation made to their workers, are much less able to send their kids to college due to cutbacks to public universities, you get the idea.

All while the top 1% increases its concentration of wealth to points higher than the days of the Robber Barons and the middle just smiles vacantly and nods.


Don’t feel bad tho, lots of really smart people are working on helping everyone swallow the idea that the middle is doing fine and keep it voting the right way.

[Hawkcreek]

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