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Investor class, investor nation: America is becoming an 'ownership society,' a seismic development.(Cover Story)
IT was not hard to find, during our recent bear market, a certain schadenfreude abroad in the land. We had been warned that the previous boom was fated to end; that the boom was, indeed, an illusion, a bubble that would burst any day now; and that all the people who had put their money in the markets without a care would discover to their horror that they could go down as well as up, and pull out their money. When the market started to fall, everyone who had been a bear amid the bulls felt entitled to say: I told you so. Such people should not be begrudged what joy they are capable of experiencing.
Sometimes, the recriminations took on a more ideological cast. ...
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