Millions of Americans did everything right. They diversified their assets: purchased homes, contributed to 401ks or IRAs, worked hard, saved for rainy days, invested in bonds and stocks.
Millions of Americans made mistakes: they underestimated the cost of owning their own homes, used credit cards too freely, spent more than they saved.
Millions of Americans made one huge mistake - they bought into the dream. The dream that anyone could become rich. The dream that they would be better off than their parents. The dream that the real estate market and the stock market could go up forever.
The dream that all the cards were dealt from the top of a thoroughly shuffled deck. The dream the officials they elected represented THEM. The dream that a system based upon ever increasing consumption could go on forever.
Here's what I think...
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