> We've just witnessed a large transfer of wealth to the lower and middle classes, and the economy is booming. Nonsense. The wealthy have a diversified portfol

> We've just witnessed a large transfer of wealth to the lower and middle classes, and the economy is booming. Nonsense. The wealthy have a diversified portfolio of assets, not just money in a bank account. Most of these assets are at least hedged against inflation, if not appreciating over time. The lower and middle classes then take debt to buy some of these assets from the rich.