Other than needing an editor for my prior post (I apologize for the glaring grammatical errors) I actually looked up the US Census Bureau website. Here take a look –
I understand that this is just raw data, but the median income has generally increased over the years even when accounting for inflation. True, when compared to the raise in GDP during this same period the median income should have been much higher. No doubt, the rich got richer.
KPMG screwed up, just like a ton of organizations that got pulled into this sub-prime quagmire. However, neither the congress, nor the media wants to talk about the fact that Janet Reno, under the direction of Bill Clinton, was the start of all this sh!t when she sued Fannie Mae/Freddie Mac to FORCE them to make crappy loans to people who wouldn’t have qualified. In other words, make business decisions that were otherwise indefensible. Do businesses like to risk their capital on losers that won’t repay loans? No, but when Uncle Sam says you must and makes it ok…well then everyone and their uncle will be falling over themselves to beat the competing lender to the next bad loan. What a freaking mess. Sack the congress, sack President B.O. and get some people in there that understand business and risk. Elect more insurance veterans!!
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Other than needing an editor for my prior post (I apologize for the glaring grammatical errors) I actually looked up the US Census Bureau website. Here take a look –
http://www.census.gov/hhes/www/income/histinc/f07ar.html
I understand that this is just raw data, but the median income has generally increased over the years even when accounting for inflation. True, when compared to the raise in GDP during this same period the median income should have been much higher. No doubt, the rich got richer.
There a lot of increased expenses that arent even figured in to inflation as you may know.
So really, the middle class makes less now than it did in the early 1970’s.
KPMG screwed up, just like a ton of organizations that got pulled into this sub-prime quagmire. However, neither the congress, nor the media wants to talk about the fact that Janet Reno, under the direction of Bill Clinton, was the start of all this sh!t when she sued Fannie Mae/Freddie Mac to FORCE them to make crappy loans to people who wouldn’t have qualified. In other words, make business decisions that were otherwise indefensible. Do businesses like to risk their capital on losers that won’t repay loans? No, but when Uncle Sam says you must and makes it ok…well then everyone and their uncle will be falling over themselves to beat the competing lender to the next bad loan. What a freaking mess. Sack the congress, sack President B.O. and get some people in there that understand business and risk. Elect more insurance veterans!!