Every Now And Then I Encounter Someone Who Is So Stupid It Takes My Breath Away!!!
Here Is A Guy Who Shares His Utter Ignorance On The Business Insider.

You are familiar with the Pew Research charts from an earlier entry here.  Just ask your self these questions, over and over again, as you read his whining:  Who wrote the No Down/Interest Only loans, and Who wrote the contracts that are so convoluted that even the bankers don't understand them and Who got rich off the fees and bundled mortgages?
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The Middle Class Are Blaming The Wrong People For Their Three Lost Decade!!

Mike "Mish" Shedlock

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Mike "Mish" Shedlock Mish is an investment advisor at Sitka Pacific Capital. He writes the widely read Mish's Global Economic Trend Analysis.

ass.

Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future.

These stark assessments are based on findings from a new nationally representative Pew Research Center survey that includes 1,287 adults who describe themselves as middle class, supplemented by the Center’s analysis of data from the U.S. Census Bureau and Federal Reserve Board of Governors.

Median Income

Median Net Worth

Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say “a lot” of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot.

Who Is To Blame?

Three Lost Decades! 
Median net worth is back to a level first seen in the 1980s. By that measure, the US has had three lost decades. Wow.
62% Blame Politicians, Only 8% Blame Themselves
Note that 62% blame politicians and 54% blame financial institutions, but only 8% blame themselves.
Five Questions
Median net worth is back to a level first seen in the 1980s. By that measure, the US has had three lost decades. Wow.

62% Blame Politicians, Only 8% Blame Themselves

Note that 62% blame politicians and 54% blame financial institutions, but only 8% blame themselves.

Five Questions

1. Did banks force people to take out loans they could not pay back, or did people do so voluntarily?
2. Who elects congress? 
3. Do people make enough effort to understand interest rates, debt, the economic policies of politicians, exponential math and its implications, the untenable nature of public union pension plans and promises?
4. Do a significant number of people (if not the majority) get their economic views (assuming they have any economic views) from The View, Oprah, The Talk, or CNBC?
5. Why did PEW leave off the Fed and Fractional Reserve Lending from the list of answers?

Two Bonus Questions

1. Would the majority of respondents know anything at all about the Fed and Fractional Reserve lending had the PEW listed those options?
2. Who is really to blame for what is happening?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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