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Dec 10, 2012

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Mike Aubrey

Note that the drop is during the 2000-2001 economic problems, but there was no equivalent drop during the Great Recession that we've just been through. That says to me that the most wealthy didn't really aren't the suffering job creators that they're pretending to be. Rather, they've been enjoying a profoundly successful and profitable period while everyone else has been struggling.

Michael W. Kruse

The 2000-2001 bubble was tech stock related. I suspect it hit the wealth of people at the top harder because they are the ones who own stocks and mutual funds. This recession is different. It was a housing bubble.

Hinted at in the abstract, is that homes made up nearly all of wealth of many people in the bottom half of the distribution. Homes are not the only, or even the biggest, asset in the portfolio of the top half. So housing bubble bursts and economy tanks. Investment income has seen a recovery but homes have not. That has a disproportionate wealth impact on folks at the bottom. That would mean a thinning in the middle of the wealth distribution. Some going up in the continuum and and some going down, but the middle shrinking. Not certain, but I strongly suspect it.

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