[thecavemaster]

Who are you supposed to thank, the federal government?

The idea that stuffing the pockets of the uber rich, I don't mean you, Kimball, despite your success in the mercantile game, means all boats rise doesn't bear out. Ronald Reagan blocked increases to the minimum wage, which meant that the real value of the minimum wage was eroded each year by inflation. Average American workers saw their real wages stagnate between 1980 and 1995. Because many people were losing income, borrowing was the only way they could maintain their standard of living. People borrowed on credit cards and home equity, and there were spikes in student-loan debt. There had been increases in borrowing relative to household income since the 1950's, but the rise had been relatively slow until the 80's. Prior to the 1980's, home equity loans had been rare. You'd get one morgage and keep it until you moved or paid it off. Refinancing became even more common in the nineties.