Family net worth retreats to early 1990's levels

[asterism]

No blaming Bush here.....This is all on Obama's watch..
Family Net Worth Drops to Level of Early

From your own link:

The crash of housing prices explained three-quarters of the loss.

The losses of income and wealth fell most heavily on the middle class.

One reason for this disproportion is that the middle class puts its wealth in housing, and the median amount of home equity dropped to $75,000 in 2010 from $110,000 in 2007.

That is a direct effect of what happened on Bush's watch.


Do you fools just read the headlines and think, "Oh, it must be Obama"?

It may be a direct effect of what happened on Bush's watch but Obama's policies promised to fix things and didn't. Therefore it's Obama's fault there is no recovery.

 

[g5000]

It may be a direct effect of what happened on Bush's watch but Obama's policies promised to fix things and didn't. Therefore it's Obama's fault there is no recovery.

Agreed, but at least we have an understanding now that we did not get here because of Obama. We are still here because of Obama, but we got here because of Bush.

 

[g5000]

Any second now, those people who were just blaming Obama for everything who are now seeing that Bush got us here are going to start saying it wasn't all Bush and that he had help.

Three...two...one...

 

[chesswarsnow]

Sorry bout that,

No blaming Bush here.....This is all on Obama's watch..
Family Net Worth Drops to Level of Early

1. Last three years my incomes dropped at least 50%.
2. And I shit you not!


Regards,
SirJamesofTexas

 

[thanatos144]

Which policies that Obama has enacted has caused this to happen? Specifically and how?

Really? I will give you two right now. Frank Dodd and The affordable heath care act.

Another RW whiner who is scared to confront the problems that caused this, an unstable corrupt financial system and a health care system that drives many thousands into bankruptcy, congratulations on blaming the half-assed cures rather than the disease.

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

 

[g5000]

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

Irony!

 

[Annie]

Which policies that Obama has enacted has caused this to happen? Specifically and how?

Frightening that you must ask that.
Ok.....
A projected $15 trillion deficit over the next ten years.
A lagging economy which is held back by uncertainty produced by Administration's policies.
Obamacare. New and higher taxes. The federal reserve's inability or unwillingness to stay out of the way of the economy. This proposal of another round of "quantitative easing" has the markets in limbo.
The Administration's unwillingness to allow the housing market to bottom out.
"The private sector is doing fine"...Obama's words.

In other words ... you can't name one Obama policy that led to this affect.

Actually his health care reform contributed mightily. He could have waited for recovery. He could have been personally involved instead of making it a bill of Pelosi and Reid. He didn't.

 

[BlindBoo]

I think I'll blame the Republicans in Congress for their obstructionism and failure to compromise.

40 bills in the last year and a half, all have died in the Senate.

You go right ahead and blame republicans. I never get in the way of a good delusion.

I think partisan obstructionism and failure to compromise played a major role in why the Senate didn't pass much of anything to for the President to sign. What is delusional is thinking that it is all the President fault.

 

[occupied]

Really? I will give you two right now. Frank Dodd and The affordable heath care act.

Another RW whiner who is scared to confront the problems that caused this, an unstable corrupt financial system and a health care system that drives many thousands into bankruptcy, congratulations on blaming the half-assed cures rather than the disease.

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

The Dodd Frank reform bill is still awaiting implementation on many key aspects, wow that must be some powerful liberal voodoo to kill things and not even be in force yet due to a house that just loves a corrupt financial system.

 

[DontBeStupid]

Really? I will give you two right now. Frank Dodd and The affordable heath care act.

Another RW whiner who is scared to confront the problems that caused this, an unstable corrupt financial system and a health care system that drives many thousands into bankruptcy, congratulations on blaming the half-assed cures rather than the disease.

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

Dodd-Frank was signed into law July of 2010.

The article uses numbers up to 2010.

So, please explain how Dodd-Frank, in a matter of months, wiped out all wealth gains from the past 2 decades.

 

[DontBeStupid]

Frightening that you must ask that.
Ok.....
A projected $15 trillion deficit over the next ten years.
A lagging economy which is held back by uncertainty produced by Administration's policies.
Obamacare. New and higher taxes. The federal reserve's inability or unwillingness to stay out of the way of the economy. This proposal of another round of "quantitative easing" has the markets in limbo.
The Administration's unwillingness to allow the housing market to bottom out.
"The private sector is doing fine"...Obama's words.

In other words ... you can't name one Obama policy that led to this affect.

Actually his health care reform contributed mightily. He could have waited for recovery. He could have been personally involved instead of making it a bill of Pelosi and Reid. He didn't.

How? How did the Healthcare Law wipe out 2 decades of wealth growth in a year and a half?

 

[RDD_1210]

In other words ... you can't name one Obama policy that led to this affect.

Actually his health care reform contributed mightily. He could have waited for recovery. He could have been personally involved instead of making it a bill of Pelosi and Reid. He didn't.

How? How did the Healthcare Law wipe out 2 decades of wealth growth in a year and a half?

A healthcare law that isn't even close to being fully implemented yet even now, nevermind in 2010.

 

[jiwozejy213]

Do you know that Federal Reserve is no more federal than Federal Express?
Yes, Federal Reserve is owned by private banks with very different goals than what their name masquerade makes you believe.

So what does that mean?
It means, just for starters, that every QE(Quantitative Easing) prescribed by the Fed chairman and his 'think tank' is a loan to finance their own bad debt. So a loan you think, well if they borrow money there must be interest, which somehow would constitute reparation or a fine for the incompetence that lead to the unstable banks. Dear reader, it is not they who are borrowing, You are...!!??!! The QE is a government loan that the Fed approves, and it is the tax payers who stand with the bill/have to pay the interest. Tax payers, You and me.

Hmmm...I wonder why the American people hasn't got any money...

 

[asterism]

It may be a direct effect of what happened on Bush's watch but Obama's policies promised to fix things and didn't. Therefore it's Obama's fault there is no recovery.

Agreed, but at least we have an understanding now that we did not get here because of Obama. We are still here because of Obama, but we got here because of Bush.

That's true.

It all starts with Sarbanes-Oxley, the bailouts, and the unsustainable bloat in government.

 

[thanatos144]

Another RW whiner who is scared to confront the problems that caused this, an unstable corrupt financial system and a health care system that drives many thousands into bankruptcy, congratulations on blaming the half-assed cures rather than the disease.

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

Dodd-Frank was signed into law July of 2010.

The article uses numbers up to 2010.

So, please explain how Dodd-Frank, in a matter of months, wiped out all wealth gains from the past 2 decades.

You do know it is 2012 right?

 

[Annie]

Actually his health care reform contributed mightily. He could have waited for recovery. He could have been personally involved instead of making it a bill of Pelosi and Reid. He didn't.

How? How did the Healthcare Law wipe out 2 decades of wealth growth in a year and a half?

A healthcare law that isn't even close to being fully implemented yet even now, nevermind in 2010.

Because it wasn't clear, defined, owned up to. It created uncertainty, in a climate that was fraught with chaos and uncertainty. Hell, just the idea that it may now be rendered unconstitutional is creating havoc. Perhaps you all would like to ignore? No time to get it right, just push it through.

Seriously if Obama loses in Nov., he'll have a record of getting the most legislation passed through Congress in the shortest time frame. Why? Ask yourself.

 

[TheGreatGatsby]

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

And it's way worse than all of that; because that does not account for inflation. That means that families are dipping into their savings AND having their remaining savings devalued so that Obama can have his party and buy votes for his party to continue. This article should convince even the most hardcore leftists that he needs to be booted. And any "independent" voting for him is not an f'ing independent. You vote for this clown and you may as well calll it official that you are are brain dead idiot.

 

[MikeK]

No blaming Bush here.....This is all on Obama's watch..
Family Net Worth Drops to Level of Early

Which policies that Obama has enacted has caused this to happen? Specifically and how?

Correct: This is what Obama meant by change....

I am no Obama fan but let's not deny factual reality. This economic crisis was prepped by the Reagan Administration and the Bush Administration nearly put the finishing touches on it. I fault Obama for not taking more aggressive action to repair the damage but there is no question that the Republicans in Congress have done all they could to impede him and to sabotage everything they could in the way of repair.

Obama is no FDR but he is a vast improvement over the elitist, corporatist sonofabitch he succeeded. With another Republican in Office we would be doing a lot worse.

What America needs now is a very strong socialist agenda to reverse the efforts of the right-wing corporatocracy, to constrain the bankers, and to rid us of the Wall Street sharks. We need to stop locking up pot dealers and start prosecuting those white-collar criminals who have methodically undermined the American Middle Class and damaged our Nation. Obama failed to do these things but I'm quite sure McCain wouldn't have done them either, nor would Romney. The only presidential candidate whom I believe would have and could have done those things is Dennis Kucinich. But he is an angry, unattractive little man.

 

[occupied]

Sometimes I wish the president had the dictatorial power over the economy that some seem to think he has.

 

[occupied]

More liberal proof that they no absolutely shit about making money and thus creating jobs. Frank-Dodd put to many regulations on how and who a bank can lend money to so it is just easier to not loan money. The AHC act has companies not investing in this country on the account that They MAY have to pay for this giant piece of shit. Thats just two thing that Obama signed that is causing the economy to tank instead of recover. Thus making family net worth les and less daily.........Now that I have educated you try to retain it though I have a feeling you wont be able to even understand it.

Dodd-Frank was signed into law July of 2010.

The article uses numbers up to 2010.

So, please explain how Dodd-Frank, in a matter of months, wiped out all wealth gains from the past 2 decades.

You do know it is 2012 right?

The figures in the OP were from 2010 so D-F and "obamacare" could not possibly have been a factor, the rest of us got the significance of that.