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Spend money – to make money. I thought, we went through that, already.
invite response
2012 Feb 10, 2:47pm 3,919 views 7 comments
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bubblesitter
2012 Feb 11, 5:24am
What he failed to explain is,why the out of whack situation from 2002-2007 was necessary? huh?
Patrick
2012 Feb 11, 5:44am
The situation in 2002-2007 was necessary to mask the vast transfer of income upward from the middle class to the 1%.
The middle class didn't care so much about that transfer as long as it could borrow to maintain its standard of living.
bubblesitter
2012 Feb 11, 6:26am
The situation in 2002-2007 was necessary to mask the vast transfer of income upward from the middle class to the 1%.
The middle class didn't care so much about that transfer as long as it could borrow to maintain its standard of living.
Oh, I see. Once the banks and some wall street firms started failing burden goes on taxpayers - top 1% escaped. :)
REpro
2012 Feb 11, 6:55am
1% sucked money from middle class to the max through extended hours of labor, outsourcings, debts and bail-outs. Now they don’t have to care what will happen here anymore, because they have enough money to invest in other developing countries and suck them too. Yet, pay only 15% tax here.
He estimates the decline in home prices has resulted in more than $7 trillion in lost household wealth.
It is a wealth was NOT there to start with.
It is just like the 1.5+ trillion dollars he printed last year.
Now he is printing and giving to Europe.
This is sick.
"It appears the recent declines in housing wealth may be reducing consumer spending between $200 billion and $375 billion per year," he said. "That reduction corresponds to lower living standards for many Americans."
http://money.cnn.com/2012/02/10/news/economy/bernanke_housing/index.htm?iid=HP_River
#housing