• Politics and policy are being broadly influenced by a middle class that sees itself falling behind and unable to catch up. Look no further than the present presidential elections for manifestations.
There is a corollary issue -- stocks are primarily owned by people who tend to be wealthier, male and white. This is a topic worthy of another column entirely.
In the meantime, falling equity ownership may well point to very big problems down the road.
Barry Ritholtz started the Big Picture blog in 2003 and is the founder of Ritholtz Wealth Management, an asset management and financial planning firm.