Mod Note: This is a syndication from jamesaltucher.com
1) The middle class is dead. A few weeks ago I visited a friend of mine who manages a trillion dollars. No joke. A trillion. If I told you the name of the family he worked for you would say, "they have a trillion? Really?" But that's what happens when ten million dollars compounds at 2% over 200 years.
He said, "look out the windows". We looked out at all the office buildings around us. "What do you see?" he said. "I don't know." "They're empty! All the cubicles are empty. The middle class is being hollowed out." And I took a closer look. Entire floors were dark. Or there were floors with one or two cubicles but the rest empty. "It's all outsourced or technology has taken over for the paper shufflers," he said.
"Not all the news is bad," he said. "More people entered the upper class than ever last year." But, he said, more people are temp staffers than ever.
And that's the new paradigm. The middle class has died. The American Dream never really existed. It was a marketing scam.