Chuckie is spewing the typical brain dead liebral class warfare crap.

What a nice, well-reasoned statement.

The vast majority of people do not stay in one income bracket throughout
their lives.

Facts??


wrote:
....most of the people leaving the middle class are worse off now
than they were a decade ago.


Sure looks that way to me.

Watch what happens when the RE bubble bursts. All those folks with what
they think is a huge asset (suburban McMansion) and almost no net worth
(refinanced 2,3,4 times to sustain consumer spending in an environment
where housing costs are soaring and wages are essentially flat). You
think we've got po' folk now?
Just wait.

You guys know darn well what's on the horizon, and the recent changes
making it
almost impossible to declare a personal bankruptcy are an indicator.
Some of these people will be working the rest of their lives to pay off
the debt on a soon to be repossesed house


And when it gets repossessed, the market value doesn't go up to suit the
mortgage holder's whim. If you think about it for a second, you know
exactly what's going to happen to those suburban McMansions... the same
fate that befell all the turn-of-the-last-century suburban grand old
Victorian homes... divided up into little apartments.


When they put these heavily refi'd houses on the market and discover
nobody is willing to pay enough to break them out of their
indebtedness, there will be more examples of "people not remaining in a
single economic class for an entire lifetime."


It won't even take that long. When interest rates start to climb, the
refi industry screeches to a halt, the consumer based economy slows
down, and market values start to stagnate just from the lack of
financability of a greater proportion of buyers... that's when you're
looking down from the top of a slippery slope.

But hey, there's a built-in bottom end to the market, too. It's all
happened before and will undoubetly happen again. It'll be a huge shock
to those who genuinely believe the hucksters claims, just like the
dot-bomb fiasco (which some sectors of the economy still haven't
recovered from) was a huge shock to those who believed the hucksters
claims that it was impossible to lose money in the stock market.

DSK