Well, I’d say 80% of the population that aren’t the top income earners aren’t really screwed if they know how to manage their money well. Their fate has very little to do with what ‘rich’ people do, or what politicians do, especially in this country.
[/quote]
OK, generally agree with you except the part where your say your fate doesn’t depend on what rich people do with their money. In one very important aspect it does – with real estate. If rich buy up the whole coast, it drives up RE prices all over and forces people to overspend on rent, housing and thus they are “stupid” money managers.
Of course if they don’t have in demand skills, etc they should move to nice places like Ann Arbor, Pittsburg, but that would require more than money management.
Vancouver just started 15% tax on foreign buyers and these buyers just stopped buying in Vancouver. [Funny when RE prices were moving up 20% a year, the buyers had no qualms, but now they don’t like being taxed]
Of course the tax was way too late, the bubble has been brewing for years. Now foreign buyers are headed to Toronto, but then tax may start in Toronto, so these buyers will just head to Carmel Valley and buy up everything and some people will have to commute from Barstow or Baker and then will get upset.
