Inequality & the credit crisis

Here is an article from the Interfluidity blog. Steve Waldman writes about the credit crisis and the tension between the middle class dreams and the reality of being in an economically polarized nation. I don’t agree with everything Steve says but I think his view is very different from what we hear on the news. His words also remind me of the Jim Rogers interview on CNBC. (Click here to skip intro and read article)

Article Introduction (via Interfluidity):

“It’s a cliché, of course, that the 2000s are the new Gilded Age, that inequality in America is at levels not seen since the original Gilded Age, which you may recall was ended by a terrible depression.”

Article Excerpts (via Interfluidity):

“During this decade’s tiresome debates about inequality, the don’t-worry-be-happy side of the argument frequently, and correctly, noted that income inequality statistics overstate the lived experience of inequality, since the poor spent more than they earn and the rich spent less.”

“In a way, the credit crisis comes out of a tension between the broad-middle-class America of our collective imagination and the economically polarized nation we have in fact come to be.”

Click here to read the article from Interfluidity

Relevant Links:

Click here to watch Jim Rogers on CNBC

Click here to watch Jim Rogers most recent talk on CNBC

Click here to watch Charlie Rose on Freddie Mac and Fannie Mae