Milken: Too much focus on big homes, fancy cars

He tells CNBC today that priorities have been out of whack, though given the last couple of years his comments seem a bit outdated:

We've told middle class America that you can go out there and buy a larger house than you need. Take 2,500 square feet instead of 1,300. I grew up with my brother, my sister, my parents, in 1,300 square feet - it was fine. Middle class America is allocating too much of its resources to housing and transportation. You cannot allocate 50 percent of your resources to transportation and housing.

In case you forgot, Milken grew up in Encino.