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The top 10% is pissed at the top 0.01%. And rightly so...

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Cujo359's picture
Submitted by Cujo359 on

I'd done a similar, but less exhaustive, analysis of housing prices, and come to the same conclusion before the bottom dropped out of the housing market. It seemed perfectly obvious, because house prices were going up much faster than income, that there was a problem. I'm not an economist - this particular economic trend was so obvious that someone who was neither an economist nor an expert in anything related to this subject could see it clearly.

An economist, or a bond rater, who wasn't able to see this didn't want to see it.

It's a bit surprising to hear someone say so blatantly that these folks are either corrupt or stupid, but that really is a reasonable conclusion.