Showing posts with label Economic Royalists. Show all posts
Showing posts with label Economic Royalists. Show all posts

Tuesday, September 23, 2008

I'm no finance wizard...

I’m by no means an expert in economics, but isn’t the larger story of the financial crisis, the underlying story, something like:

1. The median wage hasn’t kept up with the median home price, or anything else, for 30 years, because the benefits of economic growth have pretty much (aside from a brief two or three years in the late 90s) all gone to the top of the income scale;
2. Rather than address the median wage problem by, you know, raising it, the Powers-That-Be instead;
3. Came up with ever-more-exotic ways to saddle the median worker with ever-more-crushing amount of debt until;
4. The Median-wage-earner-who-hasn’t-had-a-raise-in-years is finally, in fact and predictably, crushed by his ruinous debt?

And now we need to bail out Wall-Street, enablers and cheerleaders of the ones who haven’t given their workers a real raise in years, because otherwise they’ll ruin the economy? Am I missing something or is that about the size of it??