Net worth of U.S. family drops 40% in 3 years

[get_involved]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

 

[OohPooPahDoo]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

 

[Clementine]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

Well, then you obviously didn't invest in any of the green companies, like Solyndra, that Obama supported.

Most I know are worse off. Even those still working don't have as much money left over with the rising cost of everything.

There have been increases in welfare spending, so I am sure some people have more than a few years ago.

 

[OohPooPahDoo]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

Well, then you obviously didn't invest in any of the green companies, like Solyndra, that Obama supported.

Most I know are worse off. Even those still working don't have as much money left over with the rising cost of everything.

There have been increases in welfare spending, so I am sure some people have more than a few years ago.

I guess I just worked harder and had more personal responsibility than every one else, right?
That IS the right wing view of things, right?

 

[editec]

The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.

Median income fell nearly 8 percent, to $45,800, in 2010.

The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.

The median value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.

Does this have anything to do with their failure to take personal responsibility for their lives?

Of course not.

The people hurt by this economic machination created by handful of international BANKSTERS are the very people who created the American wealth that these criminals have basically stolen.

How was this done?

By manipulating of the amount currency circulating in our economy.

Until the USA finds the political will to take control over the amount of specie in circulation, the BANKSTERS will have the ability to ramp up the economy by adding money to the system, and then when they feel that its time to sieze the assets created during those halcyon days, they can gain control over that newly created wealth by once again reducing the amount of money in circulation.

On this issue of curency manipilation , both the rightests and the leftests who study the macro-economy agree, folks.

Our current economic system is NOT a capitalist system, folks.

Neither is it a socialist or communist system.

I'm not sure we even have a name for this swindle.

But our economy is entirely the puppet of the manipulators of the currency, kiddies.

 

[OohPooPahDoo]

I'm not sure we even have a name for this swindle.

The United States of America

 

[g5000]

The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.

Median income fell nearly 8 percent, to $45,800, in 2010.

The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.

The median value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.

The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.

Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?

College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?

Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?



Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.

 

[The Rabbi]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

That's because you found a quarter on the street 6 months ago.

 

[OohPooPahDoo]

The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.

Median income fell nearly 8 percent, to $45,800, in 2010.

The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.

The median value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.

The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.

Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?

College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?

Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?



Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.

How do we fix it?

 

[g5000]

The derivatives bubble enabled trillions and trillions and trillions of dollars to be lent to high risk borrowers. Home buyers, corporations, and governments.

The risk of lending to these high risk borrowers was transferred from the lenders (the broker-dealers) and dropped into the laps of investors (pension funds, retirement funds, insurance investment funds, college endowment funds, city treasury investment accounts, etc., etc., etc.). The level of toxicity of this risk was kept from the investors. In some cases, the banks not only kept the toxicity a secret, they then bet against the very products they had created and sold to investors.

 

[OohPooPahDoo]

The derivatives bubble enabled trillions and trillions and trillions of dollars to be lent to high risk borrowers. Home buyers, corporations, and governments.

The risk of lending to these high risk borrowers was transferred from the lenders (the broker-dealers) and dropped into the laps of investors (pension funds, retirement funds, insurance investment funds, college endowment funds, city treasury investment accounts, etc., etc., etc.). The level of toxicity of this risk was kept from the investors. In some cases, the banks not only kept the toxicity a secret, they then bet against the very products they had created and sold to investors.

But how do we fix it?

I'm not being fecetious. I really wanna know! Derivatives aren't bad when they are in the right hands. The same instruments can also, for example, allow pension funds to manage risk in positive ways (like limiting the downside of the fund for a small premium)

So what's the right balance?

 

[g5000]

The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.

The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.

Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?

College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?

Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?



Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.

How do we fix it?

1. Repeal FSMA of 1999 and the CFMA of 2000.

2. Regulate CDS the same way insurance is regulated, and ban naked CDS outright. A buyer of CDS must establish an insurable interest.

3. Require OTC derivatives to be traded on a public exchange.


Wall Street will fight this tooth and nail, of course. That last one particularly bites into their profits because the current structure prevents a price point from being established, which means they can rape the living shit out of their clients. It also means they have to put up collateral for every deal they make, thus making defaulting on a triggered credit event less likely. Which is as it should be.

 

[Vast LWC]

And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...

How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?

Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.

 

[Vast LWC]

1. Repeal FSMA of 1999 and the CFMA of 2000.

2. Regulate CDS the same way insurance is regulated, and ban naked CDS outright. A buyer of CDS must establish an insurable interest.

3. Require OTC derivatives to be traded on a public exchange.


Wall Street will fight this tooth and nail, of course. That last one particularly bites into their profits because the current structure prevents a price point from being established, which means they can rape the living shit out of their clients. It also means they have to put up collateral for every deal they make, thus making defaulting on a triggered event less likely. Which is as it should be.

Best fucking post I've seen in a while.

It's a shame I've given you rep too recently.

 

[OohPooPahDoo]

The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.

Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?

College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?

Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?



Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.

How do we fix it?

1. Repeal FSMA of 1999 and the CFMA of 2000.

2. Regulate CDS the same way insurance is regulated, and ban naked CDS outright. A buyer of CDS must establish an insurable interest.

3. Require OTC derivatives to be traded on a public exchange.


Wall Street will fight this tooth and nail, of course. That last one particularly bites into their profits because the current structure prevents a price point from being established, which means they can rape the living shit out of their clients. It also means they have to put up collateral for every deal they make, thus making defaulting on a triggered credit event less likely. Which is as it should be.

Sounds reasonable. I particularly like the last one. Any time you can make a market behave better by making information MORE available to its participants, only the greedy profiteers have any real right to complain. I know when I go online to trade a stock option (which happens like once or twice a year ) I can see the open interest on the option so I know how many other folks are in it. Are you saying if I traded CDS's that wouldn't be the case under current law?

 

[The Rabbi]

And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...

How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?

Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.

It's a 3yr nosedive because of his policies. We should have seen a sharp recovery after a sharp recession. That is the history. This time it's different because Obama and his economic team are the biggest bunch of pathetic blunderers to disgrace the White House in some time.

 

[LilOlLady]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

Mine has also even though I am retired on SS. Those that are negatively affected by the recession is partly the blame because they live far beyond the means. borrowing just because they can and spending money they don't have. I save $500 out of my SS each month and don't spend just because I have it. I have seen my family live beyond their means and now they are paying for it and blaming Obama.

 

[OohPooPahDoo]

Americans saw wealth plummet 40*percent from 2007 to 2010, Federal Reserve says - The Washington Post

My net worth has soared compared to 3 years ago.

Mine has also even though I am retired on SS. Those that are negatively affected by the recession is partly the blame because they live far beyond the means. borrowing just because they can and spending money they don't have. I save $500 out of my SS each month and don't spend just because I have it. I have seen my family live beyond their means and now they are paying for it and blaming Obama.

My wife and I's total income has increased about 66% since we got married 5 years ago - but our spending has maybe gone up 10%. As a consequence we were able to make a 20% down payment on duplex (home + rental unit) and have a sizeable "emergency" fund.

Of course we're about to have our first kid so I'm sure that will change as the great sucking of money begins.

 

[OohPooPahDoo]

And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...

How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?

Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.

It's a 3yr nosedive because of his policies. We should have seen a sharp recovery after a sharp recession. That is the history.

"That is the history" ? What does that even mean? Do I need to actually point out the numerous instances where that did not happen?

 

[The Rabbi]

And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...

How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?

Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.

It's a 3yr nosedive because of his policies. We should have seen a sharp recovery after a sharp recession. That is the history.

"That is the history" ? What does that even mean? Do I need to actually point out the numerous instances where that did not happen?

By all means go ahead.
The sharper the recession, the sharper the recovery. We should have had a great recovery with UE about 6% by now and GDP growth north of 4%. Instead we've got the shittiest recovery on record and the deficit to show for it.