Saturday, August 22, 2009

The Evaporation of the Middle Class

Hello All

This is a long video but its well worth watching. Harvard professor Elizabeth Warren does a wonderful job describing how we are slowly becoming a two class system in this country.

The bankers have essentially destroyed the middle class by stuffing them with oodles of debt. Families in this country now need two jobs in order to just survive.

One thing to note in this speech is that the cost of owning a home has risen by 76% versus a generation ago.

Whats interesting is this lecture was given in 2007. Its amazing to see how Dr. Warren's concerns have now become a reality.

Enjoy!

10 comments:

Peter said...

Very interesting video. I believe I have stated it on this blog before, there will only be poor and elite in this country if this continues.

The key to this happening is that our school system is so horrible. This has made the average American so stupid he can't figure out how bad things have gotten. We should be living at twice the standard we were half a century ago but instead we are up to our necks in debt. Then to top it off our children are raised by strangers.

It's hard to believe that this is an accident. Families are too busy trying to make ends meet to even keep up with politics and world events. We look to the government to make all our decisions so we can pick the kids up at childcare, grab some McDonalds and get an hour or two to watch American Idol. I believe this was always the plan.

Man do I wish I had lived in the 50s. Personal responsibility and Sinatra to boot.

eh said...

...which has made the average living standard unaffordable.

Perhaps this needs to be reworded.

Anonymous said...

I get tired of the trash talk about public schools. I've been a public school teacher for 12 years. Do you know what contributes to kids not doing well in school more than anything else? Parents who are not doing their job as parents. I have not seen any other factor that comes even close to the effect parents have on their kids. Race and socioeconomics do not even come close. What we are seeing is parents who do not think education is important so we get kids who do not think education is important. With a lot of special attention I can get a few of these checked out kids to do their best. But once the extra attention is gone they quickly return to doing nothing. I have 180+ other students.

getyourselfconnected said...

Jeff,
I am glad you are all set up on Seeking Alpha. I hope your writing reaches more eyes. Just back from vacation yesterday, so I am a bit out of the loop.

jeff said...

Peter

I agree.

Keep the serfs uneducated so they are less of a threat.

the '50's was the last time the people runnuing this country actually had morals.

Jeff said...

Eh

Thanks.

Done. In a rush this weekend. Been very busy

Jeff said...

Anon

My mom is a teacher and I understand your point of view.

Parents nowadays have spoiled their kids to death and will blame the teacher versus their kid if they don't do well in school.

She gets very frustrated atr times.

Jeff said...

Get

Yeah.

thanks tyo you I am all setup over their.

I appreciate your help and welcome back.

You haven't missed much. The fraud continues to roll on.

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rbarnett said...

Dear,
I'm pleased to invite you to become part of the Seeking Alpha team,
and would like to request your permission to repost some of your
articles (those that are relevant to our content). In exchange, you
will benefit from widespread exposure of your material on Seeking
Alpha and our partners' sites, including Yahoo! Finance, E*Trade, and
Reuters, etc. In addition, every article of yours that we repost will
include a personalized article sidebar with links back to your site,
blog or business, as well as a link to your Seeking Alpha author page
(a sample author page: http://seekingalpha.com/author/david-fry). Our
authors are also eligible for a number of other benefits as well
(http://seekingalpha.com/page/contributor-benefits).
Please let me know if you are interested in joining our team of
contributors, and I'll let you know exactly how it works. Do feel
free to contact me at rbarnett@seekingalpha.com at any time with any questions or concerns.

All the best,
Rebecca Barnett,
Contributor Relations Department,
Seeking Alpha