The collapse caused by the widespread banking fraud has barely affected them, whereas it wiped out most of the last ten years of growth in the middle class and the poor.

In my considered opinion this is largely the result of policy and tax decisions that have been made by the government over the past twenty or more years, in which they fostered a financially predatory economy.

Financial bubbles are often wealth transfer mechanisms, and in this case it appears that you can also keep what you kill.

From Amir Sufi, Professor of Finance at the University of Chicago.

Net Wealth Shock in US, by Net Worth Percentile

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

roviding information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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