We have been living in a bubble for the past 25+ years...
You guys for the most part still don't see that we have been living in
a bubble for the past 25+ years when our economy grew not because of
anything we made and exported as happened from the end of WWII to the
early 80s, but by the accumulation of DEBT.
We are still living in a bubble and the Dot Com and RE bubbles were more like zits that popped up and then disappeared as a result of medication, in the form of more debt.
401K and IRA legislation helped cause the transfer of wealth from the middle class to those of the wealthier class working on Wall Street, in the hopes THEY could make us (the middle class) rich because of their special powers and knowledge. Have you seen how much wealth they created for us? Not. Wall Streeters made themselves wealthy because they win no matter what happens ala Madoff.
The only reason the middle class hasn't fallen off the edge of the cliff
yet is because of dual income families. I can remember a time when only
ONE salary could support the family but that ended in the 70s when the
middle class started their upwardly mobile American Dream decline.
I don't have any answers of how to fix the mess the USA is in but I can
tell you that there are some very big shoes that are going to fall in
the not too distant future such as all the state and municipal pension
benefit guarantees that cannot be fulfilled as a result of
over-optimistic calculations by actuaries and insufficient payments to
the funds.
I wasn't always a pessimist but I was ALWAYS a realist. It's only been in the past 15 years of so that all the data I had been reading led me to see what was really happening, especially during the Dot Com fiasco.
I hope I am wrong, but if history is a guide, I don't think so.
MikefromNYC
http://www.marketwatch.com/story/another-man-made-market-bubble-lurks-2009-10-14
a bubble for the past 25+ years when our economy grew not because of
anything we made and exported as happened from the end of WWII to the
early 80s, but by the accumulation of DEBT.
We are still living in a bubble and the Dot Com and RE bubbles were more like zits that popped up and then disappeared as a result of medication, in the form of more debt.
401K and IRA legislation helped cause the transfer of wealth from the middle class to those of the wealthier class working on Wall Street, in the hopes THEY could make us (the middle class) rich because of their special powers and knowledge. Have you seen how much wealth they created for us? Not. Wall Streeters made themselves wealthy because they win no matter what happens ala Madoff.
The only reason the middle class hasn't fallen off the edge of the cliff
yet is because of dual income families. I can remember a time when only
ONE salary could support the family but that ended in the 70s when the
middle class started their upwardly mobile American Dream decline.
I don't have any answers of how to fix the mess the USA is in but I can
tell you that there are some very big shoes that are going to fall in
the not too distant future such as all the state and municipal pension
benefit guarantees that cannot be fulfilled as a result of
over-optimistic calculations by actuaries and insufficient payments to
the funds.
I wasn't always a pessimist but I was ALWAYS a realist. It's only been in the past 15 years of so that all the data I had been reading led me to see what was really happening, especially during the Dot Com fiasco.
I hope I am wrong, but if history is a guide, I don't think so.
MikefromNYC
http://www.marketwatch.com/story/another-man-made-market-bubble-lurks-2009-10-14
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