The American Dream is taking a nap!

What has alway been the difference between Europe and the United States? Well there are many, but one of the main ones is that there was always upward mobility for people who worked hard and saved, regardless of social background. We did not have a caste system. However, one of the effects of this crazy asset economy has been the tremendous concentration of wealth by the elite. I am sure supply side economics, deregulation and tax cuts on capital gains and dividens all helped. This article points out very nicely how young working people are at enormous disadvantage as compared to previous generations. It's H. Ross Perot all over again, two bubbles removed. One of the interesting points it makes is that homeownership among younger people is way down, due to the enormous run up in prices. The only people that can get in are those with wealthy parents who give down payments. Peole like to say America is a meritocracy, and in many ways it is. But it is becomming more apparent that we have become a lot more like a European-style asset oligarchy.

Greenspan Screwed Working People