 |
 |
||
|
|
|
 Americans’ Wealth Down for 7th Straight QuarterPosted on Jun 11, 2009
The latest Federal Reserve report indicates that U.S. household net worth has dropped for the seventh consecutive quarter, to reach $50.4 trillion, as stock market and house values continue to decline. Since the peak, Americans have seen 22 percent of their wealth disappear.
You can read the full report on the Fed’s Web site here. Advertisement Elsewhere: . CommentsAre you a Truthdig member yet? Login now, or register with Truthdig. Add Your Comment
|
HOME|Digs|Reports|Arts & Culture|Uncovered|Ear to the Ground|A/V Booth|Cartoons
Tags|Bazaar|Podcast|About Us|Contact Us|User Agreement|Privacy Policy|FAQ: Comments and Moderation 
A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
Copyright © 2009 Truthdig, L.L.C. All rights reserved. |
Single-Payer in Santa Monica
Email
Print
Share
BlinkList
del.icio.us
Digg
Facebook
Fark
Furl
Google
LinkedIn
Mixx
MySpace
NewsVine
NewsTrust
Propeller
Reddit
SphereIt
StumbleUpon
Technorati
TwitThis
YahooMyWeb
YahooBuzz
By mlb, June 12 at 6:54 pm #
Stock market decline?
In the last 3 months, the Dow Jones Industrial Average and S&P 500 are up about 20% and the Nasdaq about 30%, even as the economy has continued to drop like a boulder.
That stark discrepancy should disabuse the naive of the mistaken notion (purposely planted in their heads by Wall St.) that the stock market honestly and accurately reflects the health of the economy.
It also explains what the corporate media, government Wall Streeters like Geithner and Summers, and Wall St.‘s chief spokesman, Barack Obama, really mean when they talk about “green shoots” and “recovery just around the corner”. Theirs is the perverse perspective of the finance elite, who are cognizant of and care about the rest of the world only insofar as it affects their stock portfolios.
Report thisBy rage96, June 12 at 1:28 pm #
(Unregistered commenter)
That’s consistent with the fact that Amerika no longer grows anything or manufactures anything. Some idiocy about protectionism from all the countries to whom we’ve exported our jobs, from whom we import ever freaking thing! We’ve free traded our way clean into 3rd world poverty and ignorance. And, as much as I would love to blame that all on Dumya and Dick Vader, the primary beneficiaries of this ruse for the last 8 years, Big Dog Clinton actually had a hand in it too. As a matter of fact, every single administration since Nixon can accept a little blame for the laisez-faire free-trade debacle of anti-regulation that has subsequently tanked the global economy. Without question, Obama merely inherited this flaming barrel of rancid economic crap. However, Obama’s ability to demonstrate that he inherited the stinky barrel does not at all exonerate him from making a much greater effort to extinguish the blazing mess. He campaigned on promises to grow some jobs through productivity and farming. Now, he’s back-peddling a little more visibly everytime China, India, and every other nation enjoying newfound largesse from our outsourcing and importing cries ‘protectionism’ foul. I say not only let them cry foul, start targeting them for the excise of stiff tariffs on all their imports! Hell, we can make poisonous dog food, toys made from dangerous long chain carbon carcinogens painted with roofies, and killer baby formula just as well as they can.
Report thisBy Inherit The Wind, June 12 at 12:25 am #
Must be Obama’s fault. He was President during the last 2/3 of the 7th quarter. So….just cuz Botch was Pres for the first 6 1/3 quarters, it STILL must be Obama’s fault.
Report thisJust channeling the Rush/Sean/Bill/Newt/McConnell geist…...
By Folktruther, June 11 at 11:57 pm #
US industrial production is down to the 1998 level and still falling. I wonder if the Obama neoliberals have anything at all in mknd. I remind you that Rumsfield invaded Iraq without any plans whatever for occupying it. He fired Shinshiski when he told Congress the the US would need ‘several’ hundred thousand troops to occupy Iraq. I wonder if we have Rumsfields doing the economy.
Report thisBy Tommy, June 11 at 9:29 pm #
(Unregistered commenter)
ardee has a point, but this just a part of the great reckoning that was imminent. Don’t you worry, ardee, the “haves” are going to get theirs soon enough…in a much bigger way, physics being what it is…
Report thisBy ardee, June 11 at 8:12 pm #
No comment on the rather incredibly insensitive comment preceding this one..oops.
The wealth is not disappearing , instead it is migrating to fewer and fewer as the battle natural to unregulated capitalism plays itself out. So we migrate closer to third world status.
Report thisBy Ed Harges, June 11 at 5:08 pm #
Wow, are we going to see skinny poor people again in America?
Report this