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??
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