Should be an interesting Monday, stock-wise and otherwise...

Then again - Buffett is so freaking wealthy & probably made a few bucks in this mess to begin with - I don't trust him anymore than I trust Alan Greenspan or Phil Graham. I've heard commentators & economists say that even if this bail out passes, it will still kill the economy - either way, middle America is screwed. I've heard arguments by the same types (who know more than I do) that the tax payers didn't create this mess, so we shouldn't have to pay to fix the mess - that these institutions should be made to fix themselves, crash or not.
I've also heard smart people say that when they tell us this bail out HAS to be put through very fast 'or else' - be very, very afraid - what's the rush? Why the rush?

If we divide the income earning population into thirds, and accept the "middle" third as "middle class" then that ranges between $25,000 and $50,000 a year for each individual income in the class:
http://en.wikipedia.org/wiki/Image:Personal_Household_Income_U.png

Of course, if you are making $100,000 a year as an individual you probably still consider yourself as middle class (even if you are earning more than 80% of all individuals earning incomes).

Heck, if you are earning $150,000 a year (like a couple of the managers of Toledo's government) you probably just consider yourself an "average Joe" who can get your hands dirty with the rest of them. But you are different. You have the additional income to invest for the future. I doubt that someone in the bottom third of those earning an income (below $25,000 a year) has much "disposable" income to invest in a 401-K (with its present worries).

Of course, maybe you're in the bottom third for income, but raised in a decent, God-fearing family and decided to devote yourself to your fellow man (as a social worker or minister), and now (in your late 30's or early 40's) realize that caring for others will leave you destitute in your old age. You should have been a doctor (in the upper third of income) and helped your fellow man (and made a few bucks in the process). Well, you're f-cked.

Myself (as a retiree) just scrape into the middle third of income earners, but I have a paid up house, no kids (although I help out sundry relatives), and a computer on which I can pontificate. Yippee, I'm middle-class. I'm not "high class" like Paris Hilton.

Of course, we could consider the middle class as the middle quintile. This covers a range of $50,000 to $75,000 a year (the "middle income" range between the extremes). Sixteen (16%) of individuals earning an income are in this range. Doesn't really look like "middle class" to me if such a small percentage are part of it, does it? One in six American income earners are in this range. I doubt they are "comfortable" in this range even though they can afford a new car every few years and probably go out to eat a couple of times a week.

That top one-third (those making over $50,000 a year) better get off their asses, and start spending money. Lots of us (those making $24,000 or less a year) need incomes so we can stay in our rented hovels and eat less than nutritious (but cheap) food.