the visible hand

it is the theory which decides what can be observed – einstein

The coming collapse of the middle class…

Posted by ecoshift on June 20, 2008

Here’s a very interesting video on the changes in the economic position of a family with 2 kids over the past 30 plus years. It’s about an hour long, but it’s worth it. A very effective presentation that shows clearly how financial conditions for the typical American family have significantly worsened in recent decades.

YouTube – The Coming Collapse of the Middle Class

Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America’s credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class. Series: “UC Berkeley Graduate Council Lectures”

Makes a good companion piece to a “This American Life” program: The Giant Pool of Money. The video above gives a good sense of where the giant pool of money discussed in the link below came from…

This American Life
The Giant Pool of Money

A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money.

Listen now…


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2 Responses to “The coming collapse of the middle class…”

  1. outoftownerDSR said

    Powerful stuff. You would think everyone would know all this already, but I found it eye-opening and, frankly, frightening.

  2. ecoshift said

    Outoftowner:

    Thanks for checking in.

    I find it quite amazing that so many discussions on the state of the American family and the US economy can take place without summarizing the basic facts of the situation. Makes it just about impossible to assess the effect of various candidate proposals for change.

    It’s almost as if all the talk about Family values and concern for the working middle class is just rhetoric.

    Empirically yours,

    ~e

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