Elizabeth Warren, Chair of the Congressional Oversight Panel that is responsible for monitoring TARP funds discusses the successes and failures of the bank bailout, TARP going forward, and what is going on with the middle class in America.
Death of the Middle Class
-One in Five are unemployed
-One in Nine Can’t Pay Credit Cards
-One in Eight on Food Stamps
-One in Eight Mortgages in Default or Foreclosure
While it may be premature to say that the middle class is effectively dead, it can be argued that the middle class is in a coma and on life support, and the prognosis is not good. With no end to the turmoil in sight the end result certainly seems as if it will be a flatline.
Elizabeth Warren is a consumer advocate who seems to have been a pretty good choice as the Chair of the Congressional Oversight committee for TARP. For an excellent documentary featuring Elizabeth Warren, we recommend readers check out Maxed Out, a thought-provoking documentary that unveils the consequences of our collective addiction to debt. Available for instant viewing at Netflix.com.