Quite simply; he doesn't understand the problems of the middle class in America.
He is also a bank apologist as you'll hear in this interview back in 2009 where he and Elizabeth Warren get into a HEATED exchange. If you want to understand just how out of touch Davidson is you HAVE to listen to the podcast itself to gauge the
anger. It's a classic that enraged the vast majority of NPR listeners and forced Davidson into a public apology.
http://www.npr.org/blogs/ombudsman/2009/06/planet_money_meltdown.html