Related: Robbery Makes Americans Happy
What I suspect here is that the ELITE have accrued such wealth out of this Grand Depression that their avarice is covering the miserable lot of the rest of us.
"Household wealth rises for first time since ’07; Stocks helped to lead rebound" by Jeannine Aversa, Associated Press | September 18, 2009
WASHINGTON - For the first time in two years, Americans increased their net worth, as household wealth grew by $2 trillion, or about 4 percent, this spring, the Federal Reserve reported yesterday....
Despite all the job losses and despite all the foreclosures, etc, etc.?
Stock portfolios rebounded this spring after the market hit its lows for the year in March, and home prices have stabilized.
I haven't seen it!! Then we have this pesky problem of a .
But the collective American wallet is still almost 20 percent thinner than it was when net worth peaked two years ago.
Try 80% (keep reading).
Some analysts say it could take as long as four years for households to recoup trillions in losses and get back to where they were before the downturn struck in December 2007.
You are never going to see that again, folks.
Oh, here is where your pension actually went: VenCap Vroom-Vroom
Yeah, that's right, it was STOLEN!
“Households saw $14 trillion of wealth get blown away by the recession, and they recouped $2 trillion of that in the second quarter. That’s good news,’’ said Brian Bethune, an economist at IHS Global Insight.
That's not 20% thinner, that's 80% thinner!
And that is the GOOD NEWS?
“But they still have another $12 trillion to go to get back to where they were.’’
Many analysts expect the economic recovery to be lethargic, limiting further gains in the stock and housing markets. Even if the economy continues to improve, analysts say the erosion of wealth will keep Americans thrifty for years.
Well, not everyone.
Related: The Return of the Million-Dollar Bonus
In fact, even as wealth grew, Americans trimmed their spending slightly in the spring.
Which means MOST OF US SLID BACKWARD EVEN MORE!!
The ONLY WEALTH that GREW was BANK PROFITS!!!
That is WHERE YOUR BAILOUT MONEY WENT, 'murkn, and THIS IS WHAT IT BOUGHT!!!
The increase in wealth in the second quarter was led by stock portfolios, the Fed report said. The value of Americans’ stock holdings rose almost 22 percent from the first quarter - the first increase in two years. Higher home prices helped, too....
Pffft!
Yeah, that is if you could keep the home.
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