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+--- Thread: which social class was affected the most by the market revolution? (/thread-8426.html)
which social class was affected the most by the market revolution? - me! =]] - 10-13-2012 10:38 AM
not the recent one
- Josef H - 10-13-2012 10:46 AM
are you referring to the 2008 market revolution going on right here and now? if so, do you also mean which social class in the U.S.A. or the world?
assuming you mean the 2008 fluctuations and the U.S.A.,
the answer would be - big surprise: the financial "new rich" class
has suffered from bankruptcies and consolidations of 100+ year old
venerated financial institutions such as Morgan Stanley, Citigroup,
Lehman Brothers. Keep following the news because history is being
MADE EVERY DAY. Watch Citigroup in particular. The only major investment firm left standing - Goldman Sachs - has been forced to rethink their future and is expected to layoff 10% of their workforce.
Overall, the people who will be affected most are the so-called "debt class". Whether it be working class, middle class, or upper-middle class, those who lived a lifestyle supported by borrowing are going to find a new world order emerging that will force them to change their ways. No longer will banks be so free to lend based on the equity of their home - i.e. mortgage. Credit card companies may not send out numerous high-limit cards to those with bad debt.