Seriously, you should come talk to some actual people who make $30,000/yr. Most of them are incredibly hard-working and, despite not having much education, pretty savvy about how things work.
Once the recession hits, we’ll see exactly how ‘rich’ all those home-debtors with their fancy toys are. The sad irony is that those 30k wage earners that rent in the ghetto actually have *more* real wealth than the typical SoCal debt slave.
Since any credit crisis’ are deflationary in nature, I fully expect the cost of living to go down over the next few years in the area. There will be some inflation in food, energy and basic goods I think, but RE and luxury assets should plummet.
Btw, one of the richest people in American, Jim Simons, has a PhD in math.
