Since approximately 2008, consumers in the United States have seen the majority of their wealth disappear.  David Dayen, in his new post, “A Needless Default“, states that according to economists Emmanuel Saez and Gabriel Zucman, the bottom 90% of Americans have seen at least one-third of their wealth disappear.  That is a staggering number. It means that the middle class is disappearing.  That is one of the reasons why the economy is growing so slowly.  According to John Maynard Keynes, a stable middle class consumption is needed in order to grow investment.  The middle class has always been the backbone of the economy.  Knowing this, why would an Administration favor bailing out the financial industry and not the middle class?

So what happened in the past several years.  For one thing, the financial industry drove the world’s economy to the edge of a very high precipice.  Spurred by the temptation…