When people stop participating in their own servitude, then things change.
A dedicated cadre of readers is devoted to reminding me that I’ve been wrong since 2009, as stocks, housing and GDP have all soared. We skeptics and doom-and-gloomers have all been wrong, and when stocks briefly dip, we’re identified as broken clocks–right on occasion but not for being “right.”
These readers are of course doing well. None are in the bottom 50% of Americans who have already experienced the crash. But since the top 10% dominate the media, both legacy and social media, and they’ve done splendidly in the Everything Bubble that’s been inflating for the past 16 years, then they don’t see the crash the 50% have experienced, for the top 10% live in a completely different world from the bottom 50%, whose experience tracks a third-world country far removed from jetting around the world and complaining about high taxes.
The bottom 90% have lost ground. And it's not because they're not working hard enough.
Just because we didn't experience it doesn't mean there was no crash. Is this uncomfortable? Undoubtedly. But more importantly--what's our response?
