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Housing bubble had. back in the early '80s and '9 ', between $90,000 and $100,000. >> steve, can i take you back to the left? so when does that steep incline begin in the 1990s? what year is that? >> it begins in about 1993, 1994 during the clinton years. that's not a political statement. that's just to say we had an era of prosperity in the '90s. >> it was in the explosion of i.t. it was the i.t. revolution that really started taking off. >> high productivity, high economic growth, i.t. it was prosperity, stock market was going up, it was a good time for everyone. >> can we keep that chart up...

Very, very fragile. this comes at a very difficult time, doesn't it? >> exactly. i'm still laughing at jonas and talking about so many turns, and i lost him at about the third juncture and somehow we managed to make it, it's a good inning, that our wages are going up. but apart from that, brenda, you hit the nail on the head. and toby, to a certain extent. hey, it's no big deal. yeah, normally fthis was the internet bubble not a big deal, but you hit it. we're in a tenuous recovery and every dollar matters. and economists say we're going to lose 400,000 jobs, right now we don't have a lot of j...

These things. >> yes. >> my entire life. but now it seems that it's more dire. i said earlier, shrinking. it's all but disappearing in some places it seems. >> your point is entirely right in that this is not just a product of the past ten years. although it is a first decade where this has gone. >> sure. >> income has shrunk. it's really been happening since the 1970s when the rust belt went away. >> yeah. >> the internet bubble in the '90s and the housing bubble in the 2,000s we were able to avoid that recognition of middle class wages going stagnant and down and very few people doing well. ...

This is bad for president obama. going into november, there's one month before the country -- a month and a half before the country goes off the fiscal cliff. $1.2 trillion is coming out of the economy. it will throw us right back into recession. >> can i make one point? when bill clinton raised taxes on rich people, just that small percentage of people at the top, he created 22.7 million jobs. when george bush cut taxes on rich people he created 1 million jobs. >> okay, hold on. using your favorite word, the -- that -- bill clinton's efforts that then fueled the internet bubble but caused the...

This is bad for president obama. going into november, there's one month before the country -- a month and a half before the country goes off the fiscal cliff. $1.2 trillion is coming out of the economy. it will throw us right back into recession. >> can i make one point? when bill clinton raised taxes on rich people, just that small percentage of people at the top, he created 22.7 million jobs. when george bush cut taxes on rich people he created 1 million jobs. >> okay, hold on. using your favorite word, the -- that -- bill clinton's efforts that then fueled the internet bubble but caused the...