We also get this doosey of a quote:
The concept is that if Americans felt richer because their 401Ks went up in value there would be a “wealth effect” encouraging the public to spend more money and businesses to increase capital investments. Unfortunately, this is like starting a barbeque with a flamethrower. You will surely create a fire, but it will probably burn down the neighborhood.As AK Fan and I discussed, what's the point in feeling richer when you have to pay the increased prices of eggs (up 87% in the last year), beef (35%), wheat (40%), and almost everything else up over 25%. Most Americans don't need their retirement accounts to go up right now, they just need to be able to earn an honest living so they can feed their families, save, pay off their house, car, student loans, ect, and then save for retirement!
What is it with Washington and Wall Street elitists that don't see things from the average American's perspective?