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Family Net Worth Drops to Level of Early 90s, Fed Says (obamanomics at work)
NyTimes/Yahoo ^

Posted on 06/11/2012 4:24:33 PM PDT by Red in Blue PA

WASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday.

The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.

This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7 percent over the same period.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Front Page News; News/Current Events
KEYWORDS: economy; networth; obama; unemployment
More Hope and Change for you.
1 posted on 06/11/2012 4:24:36 PM PDT by Red in Blue PA
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To: Red in Blue PA

It’s a depression. I can’t see any other way of “splainen” it.


2 posted on 06/11/2012 4:29:11 PM PDT by Dallas59 (President Robert Gibbs 2009-2011)
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To: Red in Blue PA

“The recent financial crisis...”

Should be: The current financial crisis...


3 posted on 06/11/2012 4:30:58 PM PDT by Rennes Templar (No matter how cynical you get, it's never enough to keep up.)
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To: Red in Blue PA

My home has lost about 160k in value but it’s paid off and I don’t care what its worth because I’m here for the duration. Now my kids and grandkids may feel a bit differently. :-)


4 posted on 06/11/2012 4:36:11 PM PDT by jwalsh07 (.)
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To: Red in Blue PA

My home has lost about 160k in value but it’s paid off and I don’t care what its worth because I’m here for the duration. Now my kids and grandkids may feel a bit differently. :-)


5 posted on 06/11/2012 4:40:00 PM PDT by jwalsh07 (.)
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To: Red in Blue PA

Yeah and the private sector is “doing just fine”.


6 posted on 06/11/2012 4:42:19 PM PDT by Scott from the Left Coast
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To: Red in Blue PA
This is what Redistribution looks like.
7 posted on 06/11/2012 4:45:32 PM PDT by Mikey_1962 (Obama: The Affirmative Action President.)
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To: Red in Blue PA

Much as I think Obama’s been a dud, this drop in net worth is probably due to excessive spending during the internet and housing booms. People spent those stock option and home equity gains before they were realized by using credit cards and other loan vehicles and then saw their net worth plunge when stock prices and home prices cratered.


8 posted on 06/11/2012 5:06:41 PM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: Red in Blue PA

Net Worth of Households and Nonprofit Organizations(end of period).

2007 = $66.17 Trillion
2008 = $53.55 Trillion
2009 = $55.59 Trillion
2010 = $59.16 Trillion
2011 = $60.04 Trillion


9 posted on 06/11/2012 5:12:29 PM PDT by moonshot925
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To: Red in Blue PA

I don’t like thinking about the beating my net worth has taken but I’m fortunate to be able to say it’s still well into the positive. Little in the way of prospects to build it back thus far, although I’m trying. The decline in appraised value of my primary residence has been offset by eating into the remaining principal more quickly via a ten year refi with biweekly payments, so that’s something I guess.

It’s an effort to be able to save anything much, between fuel costs, groceries, electric rate increases and health insurance increases, with no raise in close to two years. But, I’m blessed to be employed and at least holding my own, four years into this near depression. I hope I can say that after another four years have passed.


10 posted on 06/11/2012 5:24:17 PM PDT by RegulatorCountry
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To: Red in Blue PA; originalbuckeye; blam; Quix; Alamo-Girl; M. Espinola; whitedog57; ...
In other words . . .

Great Recession erased nearly 40% of family wealth !

11 posted on 06/11/2012 6:33:31 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: jwalsh07

Your kids and grandkids have a safe place to go if the economy gets a lot worse... which is possible. Home paid off - that’s safety.


12 posted on 06/11/2012 7:09:51 PM PDT by GOPJ (Take your little hammer, little sickle and your scary red signs with a fist on it, and go home...)
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To: GOPJ

5 acres too. Complete with enough oak to keep warm for their lifetimes, a well with a manual pump for emergencies, deer, lots of the other white meat ( squirrel), some cleared land for growing and all the weapons and ammo they will need to hunt and defend.

Grammy and I are self sufficient types.


13 posted on 06/11/2012 7:16:05 PM PDT by jwalsh07 (.)
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To: GOPJ

Not really. Taxes on property. Broke state and local government. 90% inheritance taxes.

Rats won’t be happy until the government owns everything and theres no private wealth.


14 posted on 06/11/2012 8:02:20 PM PDT by TigerClaws (He)
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To: Red in Blue PA

All that wealth was stolen to bail out the big bankers with there corrupt schemes, The greatest transfer of wealth in all of history. But everyone go back to sleep.


15 posted on 06/11/2012 8:49:41 PM PDT by Revel
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To: Revel

Bingo.


16 posted on 06/11/2012 8:52:48 PM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: Revel

Democrats steal the money ...


17 posted on 06/12/2012 8:26:47 AM PDT by GOPJ (Take your little hammer, little sickle and your scary red signs with a fist on it, and go home...)
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