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Pew: 93% Of Households Lost Net Worth 2009-11

apdst said:
As soon as Obamacare is fully implemented and Americans have LESS access to healthcare, we'll some bad results.
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Your opinion is based on partisan rhetoric and not valid economic analysis. Hence, it will be taken with a grain of salt.
 
Visbek said:
You're reading the chart wrong, it does correctly indicate Reagan-Bush until 1994. The tick mark is for 1995.
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No, you have your facts wrong. By the time 1994 rolled around, Bush had already been out of office for two years.
 
I might not be understanding exactly what you are trying to convey. You don't think my $10K Visa card plan would hav worked? Remember, you couldn't use it as cah, so you couldn't make your payments with it. It would only be useful if you bought something.

The housing bubble really distorted everything. People borrowed against their new paper wealth only to have the wealth evaporate. Now, they are playing catch-up.



Kushinator said:
A heavily indebted society is more likely to pay down debt with windfall proceeds. This can be observed by the Bush tax cuts throughout the 2000's. When Americans lose $15 trillion in net wealth, it is hard to believe they will alter their consumption patterns in a way that circumvents an economic downturn.
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specklebang said:
I might not be understanding exactly what you are trying to convey. You don't think my $10K Visa card plan would hav worked? Remember, you couldn't use it as cah, so you couldn't make your payments with it. It would only be useful if you bought something.

The housing bubble really distorted everything. People borrowed against their new paper wealth only to have the wealth evaporate. Now, they are playing catch-up.
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Yes it would have worked.

Would have sold lots of cars,home repairs,tvs etc!

Instead we kept too big to fail & the good old boys

network flush with $ !

Arrgh!
 
Said it before, say it now, and will say it in 6 months--if you want to see massive economic growth in the private sector, have the fed start raising the interest rates.
 
Taylor said:
No, you have your facts wrong. By the time 1994 rolled around, Bush had already been out of office for two years.
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My bad.

Still, feel free to pull up any chart of US GINI. It's the same.
 
specklebang said:
I might not be understanding exactly what you are trying to convey. You don't think my $10K Visa card plan would hav worked? Remember, you couldn't use it as cah, so you couldn't make your payments with it. It would only be useful if you bought something.
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I pay all my bills with my American Express and/or discover, so how would you be able to stop electronic fund transfers of the consumers choice? The government would have to create an entirely new payment system that restricts payments to specific entities; a most difficult task when time is of the essence. People who were losing their homes would have little use for consumable goods outside of necessities. Telling them they can purchase a television made in China, but cannot get caught up on their mortgage or credit cards would create quite the outrage.
 
specklebang said:
I find it a bit ominous that they (the USG) even has this information. How do they know what I'm worth? Did they scan my bank accounts, value my car, list my real estate, check my credit card balances, review any loans I might have and then use that information to average me out with all you guys. Where is all that information? Of course, they know what we earn (unless we don't tell them) but all the rest of this data?
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Just try not to think about it.

It's worse than you think.
 
The Prof said:
usatoday tuesday, an ap story



Pew: 93% of households lost net worth 2009-11

the top 7% are 8 million households, whose avg worth grew from 2.5M to 3.2

the rest of us 93 are 111 million strong, we own 134K but we used to sit on 140

the rich are 24:1 bigger than us, 18:1 in 09

that's net worth

look at incomes

october: Under Obama, Poor, Middle Class Incomes Fall Sharply, Rich Get Richer - Investors.com

and wages? the la times reported in august that 58% of the way too few jobs created in the "obama recovery" pay between 8 and 12 dollars per hour

Majority of new jobs in recovery are low-paying, study finds - Los Angeles Times

who's lying to you?

are you sure this guy knows what he's doing?
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That is because most people don't invest or save. Those said people tend to buy assets that do nothing but depreciate over time.

What do you think happens in a materialistic society???

I bet if you asked these 93% 5-years ago - what would they rather have a) a $30,000 chunk of gold and drive a $3,000 car or b) have a $33,000 car - 90% would choose B..
 
Visbek said:
I think we can make some educated guesses, at least if their campaign rhetoric is to be believed.
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If you believe Obama's campaign rhetoric, you know, the balance the budget stuff, and a rather lengthy list of transgressions, then perhaps you can believe McCain's, or Romney's. The point remains that you don't know whether they would have done worse, or better, or marginally the same. It's pure conjecture.
 
Anybody receiving $10K, regardless of limitations, that is outraged could just cut up the card. Mt heart would not go out to them. And I'll be stunned if you pay your mortgage with a credit card. And if the presumption is that all money flows out to imports was correct, then we might as well close up our country. Even a TV "made in China" has the majority of its price going to advertising and distribution. That's why we are known as a "consumer economy".

No worries though. They didn't accept my plan. Instead, they printed up a Trill or so for ????

Kushinator said:
I pay all my bills with my American Express and/or discover, so how would you be able to stop electronic fund transfers of the consumers choice? The government would have to create an entirely new payment system that restricts payments to specific entities; a most difficult task when time is of the essence. People who were losing their homes would have little use for consumable goods outside of necessities. Telling them they can purchase a television made in China, but cannot get caught up on their mortgage or credit cards would create quite the outrage.
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Private sector? We don't need no stinkin' private sector.

Fisher said:
Said it before, say it now, and will say it in 6 months--if you want to see massive economic growth in the private sector, have the fed start raising the interest rates.
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specklebang said:
Private sector? We don't need no stinkin' private sector.
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We need somebody to oppress the masses since the government can't any more. ;)
 
the majority of the net worth decline is directly tied to depressed real estate value
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yes, and declining NET incomes and wages are also major factors

obama's hamp, home affordability mortgage program, was such "a dismal failure," as tarp inspector general neil barofsky testified (a long time ago)---fully HALF of our friends and neighbors hamped had by then ALREADY RE-DEFAULTED

bear in mind, many of these neighbors, friends, family members, fellow workers, in laws, sons, daughters and grandkids are living in homes bigger, newer and shinier than YOURS

or at least they were

links above---la times and bloomberg
 
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