Oh.............almost forgot............its,
DISAPPROVAL RATE update time............................
DISAPPROVAL RATE update time............................
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Americans are $2 trillion wealthier
Soaring stock market boosts household net worth for the first time since the fall of 2007. Real estate holdings rise in value too.
feed://rss.cnn.com/rss/money_topstories.rss
See all CNNMoney.com RSS FEEDS (close) By Tami Luhby, CNNMoney.com senior writer
Last Updated: September 17, 2009: 3:52 PM ET
NEW YORK (CNNMoney.com) -- Finally!
After nearly two years of declines, the net worth of Americans rose by $2 trillion to an estimated $53.1 trillion in the second quarter compared with the first three months of the year.
The soaring stock market accounted for much of the gain. Stock holdings rose by 22% to $6.3 trillion, while mutual funds' value jumped 15% to $3.7 trillion, according to a Federal Reserve report released Thursday.
To be sure, these are not exactly flush times for many people. Unemployment stands at 9.7%, the highest level in 26 years. And many people have yet to see their home values and portfolios recover from their recent trouncing.
Since only half of Americans own stocks, with even fewer having significant holdings, only a narrow group of people benefited from Wall Street's springtime gains. The Dow Jones industrial average and the Nasdaq had their best performances since 2003 and the broader S&P 500 since 1998.
Homeowners, who make up about two-thirds of the population, also saw a little relief. Real estate rose in value for the first time since the end of 2006, climbing 2% to $18.3 trillion.
Still, Americans have a long way to go before they recover the wealth they once had. U.S. net worth peaked at $65.3 trillion in the third quarter of 2007. That's 18.7% higher than the current level.
Much of the nation's wealth had been tied to the recent booms in the housing market and on Wall Street. At the end of 2006, Americans' homes were valued at nearly $22 trillion.
And in the following year, their stock holdings topped out at $10.2 trillion and their mutual fund portfolio at $4.9 trillion.
Thursday's report is not likely to prompt consumers to resume spending, said Scott Hoyt, senior director of consumer economics at Moody's Economy.com. Wealth is still down $12 trillion from its peak and many people may see the recent increase as a blip.
"Consumers are still focused on how much wealth they've lost," Hoyt said. "They still likely see themselves in a good-size hole."
Less debt
At the same time, consumers continue to pay off their bills. Household debt shrunk by an annual rate of 1.7% in the second quarter, the fourth consecutive decline. Debt loads had never contracted until the current downturn.
Businesses are also pulling back on the debt they carry. Debt contracted at an annual rate of 1.8%, the second decline in a row.
Governments, however, are loading up on debt as they try to prop up the economy. Federal government debt ballooned 28.2%, the fourth straight increase, while state and local governments increased their debt levels by 8.3%.
The right wing whines about the impending doom because President Obama raised the debt $2 Trillion
Did they whine when Americans lost $10 Trillion in personal wealth under Bush?
The economic recovery since TARP and Stimulus has already returned $2 Trillion in personal wealth to Americans
The right wing whines about the impending doom because President Obama raised the debt $2 Trillion
Did they whine when Americans lost $10 Trillion in personal wealth under Bush?
The economic recovery since TARP and Stimulus has already returned $2 Trillion in personal wealth to Americans
I'm sure that means a lot to all the recently unemployed...
No job, but hey the stock market is up so all the supposedly evil, greedy, rich corporations are getting richer... Cool, huh?
Daily Presidential Tracking Poll - Rasmussen Reports
Maybe he should try staying off the television because the more he talks about this plan the further he drops in the polls.
I'm sure that means a lot to all the recently unemployed...
No job, but hey the stock market is up so all the supposedly evil, greedy, rich corporations are getting richer... Cool, huh?
Yeah, it's all Obama's fault those rich bastards and Lehman Bros and AIG yadda, yadda, yadda, almost made your country bankrupt. After all, everybody knows that those CEOs making $10 million salaries plus that again in bonuses are diehard Dems.....
Obama was today at a town hall meeting. Americans are getting very weary of all the speeches. Obama has given more speeches to-date than the number of days he has been President. The other day 4 speeches in one single day. The perfectly pronounced speeches are no longer working.
Who enabled them to do that? The government did--when they deregulated the industry back in the 1990's.
and more was done in the 90'sWho enabled them to do that? The government did--when they deregulated the industry back in the 1990's.
Er, no, Raygun deregulated the industry in 1982.....
http://www.nytimes.com/2009/06/01/opinion/01krugman.html
I'm sure that means a lot to all the recently unemployed...
No job, but hey the stock market is up so all the supposedly evil, greedy, rich corporations are getting richer... Cool, huh?
Yeah, it's all Obama's fault those rich bastards and Lehman Bros and AIG yadda, yadda, yadda, almost made your country bankrupt. After all, everybody knows that those CEOs making $10 million salaries plus that again in bonuses are diehard Dems.....
http://www.nytimes.com/2009/06/01/opinion/01krugman.html
and more was done in the 90's
No, No sir... All corporations are owned by evil, money-hungry conservatives - everyone knows that.... Sure there are outliers, like George Soros and Bill Gates and Ben & Jerry and, well, you see what I mean... Outliers...
0bama is not to be blamed for any of this... Gorge Booooosh and his cronies are the sole cause... It matters not that the current President is expanding the debt and printing extra money... Those things are what is turning this country back on it's head again, yes sir... The value of the dollar is unimportant now... We can always just print some more up if we run out!
Yep, thinks are going great!
Oh.............almost forgot............its,
DISAPPROVAL RATE update time............................