Monday, November 1, 2010

Wealth Creation

Did anyone see David Stockman on 60 Minutes last evening? He was the former budget director under Ronald Reagan.  Here is what he said,

"In 1985, the top five percent of the households, wealthiest five percent, had net worth of $8 trillion, which is a lot. Today, after serial bubble after serial bubble, the top five percent have net worth of $40 trillion," he explained. "The top five percent have gained more wealth than the whole human race had created prior to 1980."
Does anyone remember the first piggy bank that got raided?  Remember what S&L's primary missions were to customers?

If you were born prior to 1980, did you take part in this great wealth expansion?  Where have you gone middle class?

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