[quote=CA renter]I think that asset price deflation hits the rich more than the poor. While “the rich” do generally have more cash than poor people, more of their money is tied up in assets (stocks, bonds, housing, etc.) than poor people. Workers get their “wealth” from wages, not capital gains…[/quote]
CAR – I’d add that with the phenomena of zero down, NINA loans, the poor were able to buy houses (assets) and not just rely on wages b/c there was equity withdrawal, as well.
