No wonder the wealthiest
ten percent feel so clever, and even perhaps triumphant.
The collapse caused by the widespread
banking fraud has barely affected them, whereas it wiped out most of the last ten years of growth in the middle
class and the poor.
In my considered opinion this is largely
the result of policy and tax decisions that have been made by the government
over the past twenty or
more years, in which they fostered a financially predatory economy.
Financial bubbles are often
wealth transfer mechanisms, and in this case it appears that
you can also keep what
Sufi, Professor of Finance at
the University of Chicago.
Net Wealth Shock
in US, by Net Worth Percentile