It’s a pretty interesting comment.
2007/08 were you buying or selling stocks?
I was selling in 2007 with 25% invested and 75% cash.
2008 0% invested and 100% cash.
2009 I began buying as the market was tanking. Lost a little but was fully invested by the end of 2009.
Results I made a ton of money.
What did the average person not paying attention do? Sold in 2009, lost their shirts.
What did the wealthy do? They invested. Made a boatload of money.
The other problem was the Federal reserves ZIRP policy which has been killing savers/middle class for 9 years.
The wealthy have more money today and the middle class less.
The reality is that in addition to the bust, business off shored jobs as government taxes, regulations, wages, benefits made American labor and products difficult to compete with foreign competition. Isn’t free trade wonderful? We trade cheap imports for US dollars or raw materials.
Sorry but it still applies, everyone uses government, very on should pay for government. Not that it matters as one day the 20+ trillion in debt will demand repayment as investors demand a risk premium for treasuries. If the treasury says no the investors will give the US government the middl finger and move on. Today we are the prettiest pig in the pen, that will not last forever.