The fat cats on Wall St. can’t seem to figure out why the middle class is angry at them. Let’s look at the nest eggs that the middle class has been hoping will comfort them in their waning years:
Their 401k’s: Years ago, people had pensions, but boomers and the rest of us have pretty much accepted that they won’t be getting pensions. Instead, we have been contributing to 401k’s. But we all know what the stock market has been doing for the past 4 years. And if we slip back into another recession, it could be a lost decade.
Their homes: The housing market has made the stock market seem like a good investment. It will take a few more years to get back to where they were 5 years ago. In the meantime, dreams of downsizing and cashing out have evaporated.
Their Social Security and Medicare: Now on the chopping block and both parties are on board.
Add to that the high level of unemployment in general and the issues that people laid off in their 50′s face trying to get another job, and it is hard to believe that the protests aren’t larger and more aggressive than they already are.