The burden of paying for the financial crisis pretty much lies squarely on the shoulders of the middle class. The uber wealthy are too smart, too well advised and too mobile to get caught up in the mundane business of paying for the mistakes of politicians, regulators and rogue banks. They also have the resources to exploit the uplift offered by QE. Generally speaking, and this is very general, the poor mostly have a safety net. It's not a great safety net but in terms of the fall in living standards it's the middle class who are taking it on the chin. Unfortunately, in tough times doors also slam shut on the opportunity of the poor to climb out and up into prosperity.
It's generally thought though, that the baby boomer generation was given everything on a plate and enjoyed a fantastic one way street to prosperity and rises in living standards, asset prices and are now reaping the benefit of gilt edged final salary pensions. Not quite true...... this was the most read story on Bloomberg yesterday and actually, apart from being profoundly depressing from a pension funding perspective, (thanks for nothing Mr Brown), it is quite uplifting. Step forward Mr Palome,