http://www.washingtonpost.com/busine...CVV_story.htmlOriginally Posted by Washington Post
So what are the issues here - certainly the recession is part of this. I think that people realized that they had to pay down some of their debt so some of their wealth went into that. The next issue is the REAL unemployment numbers which is around 14% because some have dropped out of the job market and no longer collect unemployment. Next is the housing down turn - wealth inevitably also includes assets... and since the housing market down turn and foreclosures have over the past 4 years been very high, that wealth also takes a hit there. We needed a leader to address jobs and the economy in 2008; we didn't get that. Damn you hindsight for being 20/20.