There’ll probably always be some doubt as to whether the $11 trillion housing bubble was merely an accident of misguided monetary policy or if it was part of a larger plan to shift wealth from the middle class to the ultra-rich.
By seducing working class people with low interest rates, policymakers were able conceal the real effects of the unfunded tax cuts, currency deregulation, and the humongous trade deficits. As time goes by, however, the effects of those changes are becoming more apparent.
The country has undergone an unprecedented expansion of personal debt which has engendered the greatest wealth gap since the Gilded Age.
The deep economic divisions are creating problems that could end in political turmoil. The present uneven distribution of wealth is inimical to democratic institutions.
We should anticipate trouble ahead.