Meanwhile, Deutsche Bank did a study on wealth inequality in the US over the last 100 years. The results were... disturbing.
(Image is hidden because it's large.)
The top 0.1% of households in the US (top
0.1%, not top 5% or top 1%, top
0.1%) currently have almost as much wealth as the bottom 90%. The last time that happened was in the run-up to the Great Depression.
When did the gap grow in favour of the bottom 90%? When the New Deal was in effect, the "Golden Age of Economic Expansion". Strict banking regulations, strong unions, high top marginal tax rates, high corporate tax rates...
When did it begin to decline? When Reaganomics fully kicked in, followed by the policies of Bush Sr., Clinton, Bush Jr., and Obama.
The US is heading for a crash that will make 2008 look like a love tap.