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DiabloViejo
06-12-2012, 01:37 PM
FED: BUSH ECONOMIC CRISIS “WIPED OUT NEARLY TWO DECADES OF AMERICANS’ WEALTH”
June 12, 2012
Class Warfare Exists (http://www.classwarfareexists.com/fed-bush-economic-crisis-wiped-out-nearly-two-decades-of-americans-wealth/)

http://www.classwarfareexists.com/wp-content/uploads/2012/06/Chart-income-and-net-worth-changes.jpg

<span style="color: #000099">“It’s hard to overstate how serious the collapse in the economy was. We were in free fall.”
~Mark Zandi, chief economist for Moody’s Analytics </span>

The Federal Reserve put out an 80 page report on wealth and income and the impact of the Bush economic crisis on Monday. In summary – everyone was affected in a negative way when you compare incomes and net worth in 2010 vs. 2001 except for the net worth of the top 10% of Americans. And … you can be sure the vast, vast majority of that wealth creation came among the 1% wealthiest households. After the Bush economic crisis hit – Americans wealth were back on par with where they were in 1992 … almost 2 decades behind. That’s pretty serious.

The Washington Post has the story HERE (http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html) :

<span style="color: #000099">The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.</span>

Binyamin Applebaum from Economix points out HERE (http://economix.blogs.nytimes.com/2012/06/11/where-wealth-declined-most-and-an-income-riddle/) :

<span style="color: #000099"><u>The middle 60 percent of American families had a larger decline in wealth and income on a percentage basis than the very wealthy or the very poor.</u>

The explanation for the disproportionate loss of wealth is relatively straightforward. As I wrote in my article about the new data, the middle class puts wealth in housing, and the median amount of home equity dropped to $75,000 in 2010 from $110,000 in 2007. While other investments have recovered much of the value lost in the depths of the crisis, housing prices have hardly budged.</span>

http://graphics8.nytimes.com/images/2012/06/11/business/economy/11economix-fed/11economix-fed-blog480-v2.jpg

You can find the FED report HERE (http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf) – an excerpt:

<span style="color: #000099">"Overall, both median and mean net worth also fell dramatically over this period—38.8 percent and 14.7 percent, respectively. Changes in housing wealth and business equity were key drivers in those wealth changes. The preceding three years had seen only small changes in median and mean income and in median net worth, but a sizable gain in mean net worth." </span>

Source for above chart HERE (http://www.motherjones.com/kevin-drum/2012/06/fed-income-and-wealth-have-plummeted)

Gayle in MD
06-12-2012, 03:15 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: DiabloViejo</div><div class="ubbcode-body">FED: BUSH ECONOMIC CRISIS “WIPED OUT NEARLY TWO DECADES OF AMERICANS’ WEALTH”
June 12, 2012
Class Warfare Exists (http://www.classwarfareexists.com/fed-bush-economic-crisis-wiped-out-nearly-two-decades-of-americans-wealth/)

http://www.classwarfareexists.com/wp-content/uploads/2012/06/Chart-income-and-net-worth-changes.jpg

<span style="color: #000099">“It’s hard to overstate how serious the collapse in the economy was. We were in free fall.”
~Mark Zandi, chief economist for Moody’s Analytics </span>

The Federal Reserve put out an 80 page report on wealth and income and the impact of the Bush economic crisis on Monday. In summary – everyone was affected in a negative way when you compare incomes and net worth in 2010 vs. 2001 except for the net worth of the top 10% of Americans. And … you can be sure the vast, vast majority of that wealth creation came among the 1% wealthiest households. After the Bush economic crisis hit – Americans wealth were back on par with where they were in 1992 … almost 2 decades behind. That’s pretty serious.

The Washington Post has the story HERE (http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html) :

<span style="color: #000099">The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The findings underscore the depth of the wounds of the financial crisis and how far many families remain from healing. If the recession set Americans back 20 years, economists say, the road forward is sure to be a long one. And so far, the country has seen only a halting recovery.</span>

Binyamin Applebaum from Economix points out HERE (http://economix.blogs.nytimes.com/2012/06/11/where-wealth-declined-most-and-an-income-riddle/) :

<span style="color: #000099"><u>The middle 60 percent of American families had a larger decline in wealth and income on a percentage basis than the very wealthy or the very poor.</u>

The explanation for the disproportionate loss of wealth is relatively straightforward. As I wrote in my article about the new data, the middle class puts wealth in housing, and the median amount of home equity dropped to $75,000 in 2010 from $110,000 in 2007. While other investments have recovered much of the value lost in the depths of the crisis, housing prices have hardly budged.</span>

http://graphics8.nytimes.com/images/2012/06/11/business/economy/11economix-fed/11economix-fed-blog480-v2.jpg

You can find the FED report HERE (http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf) – an excerpt:

<span style="color: #000099">"Overall, both median and mean net worth also fell dramatically over this period—38.8 percent and 14.7 percent, respectively. Changes in housing wealth and business equity were key drivers in those wealth changes. The preceding three years had seen only small changes in median and mean income and in median net worth, but a sizable gain in mean net worth." </span>

Source for above chart HERE (http://www.motherjones.com/kevin-drum/2012/06/fed-income-and-wealth-have-plummeted) </div></div>

To quote one of my favorites, Bill Maher:

Republicans are always whining that Government doesn't work. Then they get into office and prove it! /forums/images/%%GRAEMLIN_URL%%/grin.gif

George W. Bush damaged this country more than any previous President, and failed to protect our citizens, even after a hurricane, he couldn't perform as the CIC.

Seems he never bothered with heeding warnings of coming disasters, ever!

Eventually, he became a disaster personified. He's still living in his bubble, believing that history will be kind to him.

Gee, another bad call Dubya, History, isn't a CEO.

G.

LWW
06-12-2012, 07:12 PM
Put your dunce cap back on and go sit in the corner.

Which party took over congress in 2007?

You can figure this out, I have faith in you, and you may use google.

LWW
06-13-2012, 05:05 AM
ACTUALLY (http://tucsoncitizen.com/arizona-news/2012/06/11/fed-reports-u-s-families-lost-39-of-worth-in-recession/) This discussion proves how ravenous you are for spoon fed "TRUTH" from your party masters.

Although technically their tle is true, they added in the years from 2001 to 2006 in order to pimp the dembot simpletons ... the actual drop came in the 2007 - 2010 era, but abhor visually lack the intellectual curiosity to ever question the spoon.

DiabloViejo
06-13-2012, 06:23 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body"> ACTUALLY (http://tucsoncitizen.com/arizona-news/2012/06/11/fed-reports-u-s-families-lost-39-of-worth-in-recession/) This discussion proves how ravenous you are for spoon fed "TRUTH" from your party masters.

Although technically their tle is true, they added in the years from 2001 to 2006 in order to pimp the dembot simpletons ... the actual drop came in the 2007 - 2010 era, but abhor visually lack the intellectual curiosity to ever question the spoon. </div></div>

Have you suffered a stroke recently? I'm seriously thinking that it's either that, or alcohol/drugs, affecting your comprehension and communication skills. Your posts as of late are composed of incomprehensible gibberish.

I'm actually worried about your health (physical and mental), see, unlike you, and as much as I've come to dislike you, I would never wish for anything bad to happen to you. I don't need any bad karma. And unlike you, <u>I would never wish for someone's death as you wished for mine</u>.

In any case, you were proven wrong. So get over it and man up, 'cause no one is paying attention to your BS anymore. Do us all a favor.. pick up your toys and go play with your suck-up friends in the AZ NPR cesspool.

DiabloViejo
06-13-2012, 07:07 PM
And BTW since you had help from the admin in pulling my post which proved you wrong..HERE IT IS AGAIN!:

"The economy began its nose dive when Democrats took control of Congress in January 2007."
Virginia Foxx on Tuesday, March 9th, 2010 in a speech on the House floor

Foxx blames recession on Democratic Congressional takeover

PolitiFact.com Truth-O-Meter (http://www.politifact.com/truth-o-meter/statements/2010/mar/15/virginia-foxx/foxx-blames-recession-democratic-congressional-tak/)

<span style='font-size: 14pt'>The evidence shows that the economy did not "nose dive" for at least a year after the Democrats took control of Congress, and experts of various ideological backgrounds agree that long-term trends in the housing and energy markets played a bigger role in directly causing the recession. While what happens in Washington can certainly influence the economy, it is only one of many factors. We believe it is the height of partisan wishful thinking to imply that one party's accession to power in Congress is to blame for a major recession. <span style="color: #FF0000">Pants on Fire!
</span> </span>

The Democrats never engaged in the kind of malignant obstructionism typified by the GOP's current "Starve the Beast" game plan.

Like I said..GO DON <u>YOUR</u> DUNCE CAP AND SIT IN THE CORNER!

BTW go run to the admin again and tell them I hurt your widdle feelings, you pathetic wussy loser!

Gayle in MD
06-14-2012, 08:40 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: DiabloViejo</div><div class="ubbcode-body">And BTW since you had help from the admin in pulling my post which proved you wrong..HERE IT IS AGAIN!:

"The economy began its nose dive when Democrats took control of Congress in January 2007."
Virginia Foxx on Tuesday, March 9th, 2010 in a speech on the House floor

Foxx blames recession on Democratic Congressional takeover

PolitiFact.com Truth-O-Meter (http://www.politifact.com/truth-o-meter/statements/2010/mar/15/virginia-foxx/foxx-blames-recession-democratic-congressional-tak/)

<span style='font-size: 14pt'>The evidence shows that the economy did not "nose dive" for at least a year after the Democrats took control of Congress, and experts of various ideological backgrounds agree that long-term trends in the housing and energy markets played a bigger role in directly causing the recession. While what happens in Washington can certainly influence the economy, it is only one of many factors. We believe it is the height of partisan wishful thinking to imply that one party's accession to power in Congress is to blame for a major recession. <span style="color: #FF0000">Pants on Fire!
</span> </span>

The Democrats never engaged in the kind of malignant obstructionism typified by the GOP's current "Starve the Beast" game plan.

Like I said..GO DON <u>YOUR</u> DUNCE CAP AND SIT IN THE CORNER!

BTW go run to the admin again and tell them I hurt your widdle feelings, you pathetic wussy loser! </div></div>

Tap! Tap! Tap!

OMG! Virginia Foxx! That woman is a pathological liar, and she looks just like a chicken!

/forums/images/%%GRAEMLIN_URL%%/grin.gif