The Future of the Middle Class

The Future of the Middle Class

There are 34 comments on the www.theatlantic.com story from Feb 2, 2011, titled The Future of the Middle Class. In it, www.theatlantic.com reports that:

Perhaps the most important questions for the America economy are: Why did the middle class meltdown happen, and can we fix it?

Derek has also written for BusinessWeek , Slate , and The Daily Beast . Derek Thompson is a blogger at TheAtlantic.com and an associate editor for the Business Channel, where he writes about economic policy, technology, and the media industry.

Join the discussion below, or Read more at www.theatlantic.com.

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Tired of the BS

Saint Louis, MO

#1 Feb 2, 2011
Nope cause I am broke the GOP fixed it for us you are either RICH or PO, I am the later there is no more middle class anything!

And truth be known NO one seems to care about it anymore but it will not be fixed, the REPS now fixing to cut everything that ain't nailed down so forget being rich be happy if you break even!

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#2 Feb 2, 2011
Tired of the BS wrote:
Nope cause I am broke the GOP fixed it for us you are either RICH or PO, I am the later there is no more middle class anything!
And truth be known NO one seems to care about it anymore but it will not be fixed, the REPS now fixing to cut everything that ain't nailed down so forget being rich be happy if you break even!
There goes the "safety net."
AntiMelting

Buffalo, MN

#3 Feb 2, 2011
Tired of the BS wrote:
Nope cause I am broke the GOP fixed it for us you are either RICH or PO, I am the later there is no more middle class anything!
And truth be known NO one seems to care about it anymore but it will not be fixed, the REPS now fixing to cut everything that ain't nailed down so forget being rich be happy if you break even!
You're "PO" because you've voted Liberal your entire life.

“Open your eyes”

Since: Sep 09

Central Florida

#4 Feb 2, 2011
The future of the middle class.

Well, there is no future. The middle class is dieing a slow death and will be completely dead before long. The death of the middle class started under Nixon with the off-shoaring of jobs. That continued and the borrowing of money from the Federal Reserve at interest picked up for special entitlement programs.

It really became a big deal under Clinton. Since daddy Bush could not get us out of the debt issue from Reagan's deficit spending on defense, Clinton, Gore, Alan Greenspan, and Ken Ley of Enron got together and gave us derivatives. Established these derivative markets based only on speculation and were paying out dividends of 1000 to 1. But it was all BS.

Come 2008, there was a run on the money market accounts of $587B in the matter of 3 hours on 15 Sept 2008. This crashed the derivative markets where all of our assets and the worlds assets were being held. Hence the global recession. A decent amount of middle class families then lost everything due to the falsehood of the derivative markets. That was the final nail in the coffin.
Justin

Richmond, VA

#5 Feb 2, 2011
Credit cards, adjustable rate mortgages, healthcare costs, and taxes ...

First, the middle class hasn't melted down. There are a lot of Americans who thought they were middle class, because they were approved for a student loan, a new car loan, and then a mortgage. If you have a college degree, drive a new car, and live in a three badroom home, that means you're middle class right?

Actually... No. Not if it's all financed.

They managed to keep up appearances for a few years, even fooling themselves in the process, but when the bills started to come due, they couldn't break even.
Justin

Richmond, VA

#6 Feb 2, 2011
Both the Democrats and Republicans have been taken to the prom by the credit card industry for the past 20 years.
Oregon Is Disgusting

United States

#7 Feb 2, 2011
AntiMelting wrote:
<quoted text>
You're "PO" because you've voted Liberal your entire life.
LIAR.

It is the right wing that has destroyed the American Middle Class.

Anyone who votes right wing is anti-American, anti-democracy and anti-republican...with a little R.

80% of Americans are fighting over 15% of the wealth.

Goldman Sachs is effing you and you don't even know it.
Oregon Is Disgusting

United States

#8 Feb 2, 2011
Justin wrote:
Credit cards, adjustable rate mortgages, healthcare costs, and taxes ...
First, the middle class hasn't melted down. There are a lot of Americans who thought they were middle class, because they were approved for a student loan, a new car loan, and then a mortgage. If you have a college degree, drive a new car, and live in a three badroom home, that means you're middle class right?
Actually... No. Not if it's all financed.
They managed to keep up appearances for a few years, even fooling themselves in the process, but when the bills started to come due, they couldn't break even.
The bottom 40% of Americans have NO WEALTH.

What do soup kitchen lines look like when they contain 120 million people?

Eristotle

Goldsmith, IN

#9 Feb 2, 2011
Oregon Is Disgusting wrote:
<quoted text>
LIAR.
It is the right wing that has destroyed the American Middle Class.
Anyone who votes right wing is anti-American, anti-democracy and anti-republican...with a little R.
80% of Americans are fighting over 15% of the wealth.
Goldman Sachs is effing you and you don't even know it.
Maybe you'd care to explain why large metropolitan areas, with large populations of blacks, who have traditionally voted for Democrat representation, are failing so badly in terms of high unemployment (20%+), low graduation rates (47%), high out-of-wedlock birth rates (70-80%) and high crime rates ((65% of murders in Indianapolis caused by blacks who are only 15% of total population)...how exactly has Liberal leadership helped these people?
Senior Citizen

Clifton Park, NY

#11 Feb 2, 2011
Eristotle wrote:
<quoted text>
Maybe you'd care to explain why large metropolitan areas, with large populations of blacks, who have traditionally voted for Democrat representation, are failing so badly in terms of high unemployment (20%+), low graduation rates (47%), high out-of-wedlock birth rates (70-80%) and high crime rates ((65% of murders in Indianapolis caused by blacks who are only 15% of total population)...how exactly has Liberal leadership helped these people?
Don't even go there because YOU, as a rethuglican, are to blame for the mess that has happened over the past 30 years. Your "god", ronald reagan, made it real easy for big business to screw every honest person in this country. He also "took the teeth out" our FDA and left them with a bunch of rules and regulations they could NOT enforce! Perhaps you need to think for yourself intead of drinking your party's kool aid.
Oregon Is Disgusting

United States

#12 Feb 2, 2011
Eristotle wrote:
<quoted text>
Maybe you'd care to explain why large metropolitan areas, with large populations of blacks, who have traditionally voted for Democrat representation, are failing so badly in terms of high unemployment (20%+), low graduation rates (47%), high out-of-wedlock birth rates (70-80%) and high crime rates ((65% of murders in Indianapolis caused by blacks who are only 15% of total population)...how exactly has Liberal leadership helped these people?
Liberal?

The USA has been going to the right wing dogs for 30 years an entire generation and then some.

What planet do you live on?

Why did the right wing leadership of Wall Street end up with this:

AIG =$185 BILLION in corporate welfare just to keep the doors open.

The financial meltdown is yet another failure of right wing leadersuck.
Eristotle

Goldsmith, IN

#13 Feb 2, 2011
Senior Citizen wrote:
<quoted text>Don't even go there because YOU, as a rethuglican, are to blame for the mess that has happened over the past 30 years. Your "god", ronald reagan, made it real easy for big business to screw every honest person in this country. He also "took the teeth out" our FDA and left them with a bunch of rules and regulations they could NOT enforce! Perhaps you need to think for yourself intead of drinking your party's kool aid.
Good answer...you should try out for Wheel of Fortune.
Eristotle

Goldsmith, IN

#14 Feb 2, 2011
Oregon Is Disgusting wrote:
<quoted text>
Liberal?
The USA has been going to the right wing dogs for 30 years an entire generation and then some.
What planet do you live on?
Why did the right wing leadership of Wall Street end up with this:
AIG =$185 BILLION in corporate welfare just to keep the doors open.
The financial meltdown is yet another failure of right wing leadersuck.
Do you know who AIG is or what they do?

Who's policies demanded banks loan mortgage money to people who couldn't afford a down payment?

You've avoided my question.

Why are inner city blacks so much worse off now than when Johnson started his War on Poverty, when for generations those cities have been run by Liberal Democrats?
Oregon Is Disgusting

United States

#15 Feb 2, 2011
Eristotle wrote:
<quoted text>
Do you know who AIG is or what they do?
Who's policies demanded banks loan mortgage money to people who couldn't afford a down payment?
You've avoided my question.
Why are inner city blacks so much worse off now than when Johnson started his War on Poverty, when for generations those cities have been run by Liberal Democrats?
I do but obviously you do not. You want to pin the blame on what, red lining?

You love to blame the homeowners don't you. So let us blame Juan the strawberry picker who never earned more than $14K/year. Let us blame him for forcing a professional loan officer at a major bank with lots of expensive MBA management to provide him a teaser-rate, adjustable rate mortgage for 100% of a bubble-priced $750K development house.

Yes let us be amazed at how financially brilliant Juan the strawberry picker is as he conducts his financial machinations against the professional mortgage industry. Do you think he threatened to beat up the loan officers and bank management if they did not give him the loan?

Well, do ya?

Bwhahahahahahaha...
Oregon Is Disgusting

United States

#16 Feb 2, 2011
Eristotle wrote:
<quoted text>
Do you know who AIG is or what they do?
Who's policies demanded banks loan mortgage money to people who couldn't afford a down payment?
You've avoided my question.
Why are inner city blacks so much worse off now than when Johnson started his War on Poverty, when for generations those cities have been run by Liberal Democrats?
Why were we the world's largest creditor before Ronald I have Alzheimer's but I won't admit it Reagan and the world's largest debtor after Ronnie Chimpboy?

Why did Bumbya Bush take 30 years of ReaganWrongics and demolish what was left of the US economy? You do understand that we are not out of the woods don't you?

Don't you?

Bwahahahahahha
NUMBER NINE

Ashford, AL

#18 Feb 3, 2011
da dreadnaught ( a known criminal organization) is destroyer class
LMAO

Irvington, KY

#19 Feb 3, 2011
Watch this to the end, The look on Slick Willys face is priceless, no clue.

32.5 Million JOBS that left was the ""Giant Sucking Sound "" that's Ross Perot was talking about, you called him a " NUT "

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#20 Feb 3, 2011
Justin wrote:
Both the Democrats and Republicans have been taken to the prom by the credit card industry for the past 20 years.
That's right. Time to repeal Reagan's ruling that the "Comprtoller of the Currency" controlls credit rates, and return this usurped function to the states.
Eristotle

Goldsmith, IN

#21 Feb 3, 2011
Oregon Is Disgusting wrote:
<quoted text>
I do but obviously you do not. You want to pin the blame on what, red lining?
You love to blame the homeowners don't you. So let us blame Juan the strawberry picker who never earned more than $14K/year. Let us blame him for forcing a professional loan officer at a major bank with lots of expensive MBA management to provide him a teaser-rate, adjustable rate mortgage for 100% of a bubble-priced $750K development house.
Yes let us be amazed at how financially brilliant Juan the strawberry picker is as he conducts his financial machinations against the professional mortgage industry. Do you think he threatened to beat up the loan officers and bank management if they did not give him the loan?
Well, do ya?
Bwhahahahahahaha...
So, all bankers and loan officers are Republicans?



Video compiled from C-Span cameras...not that I'd expect you will watch...
Eristotle

Goldsmith, IN

#22 Feb 3, 2011
Mr_Bill wrote:
<quoted text>
That's right. Time to repeal Reagan's ruling that the "Comprtoller of the Currency" controlls credit rates, and return this usurped function to the states.
http://en.wikipedia.org/wiki/Office_of_the_Co...

Preemption of state banking regulation

In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.[1] Despite opposition from the National Conference of State Legislatures[2], the OCC's regulations went into effect. In Watters v. Wachovia Bank, N.A. in 2007 the United States Supreme Court validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight":

...State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.

Democrats can't resist the urge to micro-manage something regardless of their qualifications to do so...that's why we lost the Viet Nam war without ever losing a major battle.

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