Video: The collapse of the middle class Part 2: Revealing lecture by Elizabeth Warren

Think about what that means. That means over the last 30 years in terms of a shift, the family spent everything that moms income added to the family fisc. Spent everything they used to save, that 11% they used to put away, and went into debt another 15% of income on top of that, they spent it all. What did they spend it on? -Elizabeth Warren, around 13 minutes in

From YouTube(1/31/08):

Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class. Series: "UC Berkeley Graduate Council Lectures"

This is important to see what is happening and some of the reasons why, like what we are spending it on, its around an hour if you have the time, and the lecture starts at 4:45

The comparison is the middle class family of the 70's as opposed to the middle class family of the 2000's

The Economist's View article (4/10/08)