Why Middle Class Has Taken A Big Hit

cnn.com — The Federal Reserve's newly released Survey of Consumer Finances confirmed what most of us already knew: The middle class has taken a really big hit. The Fed's survey is picking up on the huge effect of the collapse of the housing bubble. For many middle class families, their home is by far their largest financial asset. For decades, people were encouraged to believe that it was the safest way to save for retirement or other purposes. Unfortunately, tens of millions of Americans listened to experts such as former Federal Reserve Chairman Alan Greenspan, who assured the country that there was no housing bubble. According to reports, Greenspan has a very nice pension and a job that pays more than $1 million a year. He certainly doesn't have to worry like the typical American family. It is difficult to read through the Fed survey and not get angry at the wreckage from a completely preventable disaster.

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