Who Will Suffer in the 2007 Housing Bust?
According to this essay, by Charles Huge Smith, it will be the lower-middle class, a group who, he claims, fell victim to the "con" that was the housing boom. In this well thought-out essay on his blog, he does a good job of walking the reader through the thought process for his proclamations, using exhibits and charts, and his analysis makes sense. Definitely a worthwhile read.
Excerpt:
As I highlighted yesterday, it isn't the top 10% of households who will suffer in the 2007 housing bust recession. They control over 2/3 of the private wealth of the nation No, it's the 50% of households whose share of national wealth is a meager 2.5%. That 50% comes to about 150 million people.
