A Surge In Wealth Has Boosted Most US Households Since 2020

[hadit]

Just stop. You know the MAGA’s don’t care about what normal people want. They want Trumpian chaos.

You need to get out and meet some real people.

 

[g5000]

The current housing problem has been caused by people like me.

Just prior to Trump's economic crash, I foresaw it and refinanced my mortgage through my credit union. By the time I had jumped through all the paperwork hoops, the economy had tanked and I got an interest rate of 1.9%. I even took the trouble to come on this forum and recommend all of you do the same.

Millions of Americans did the same, and we are all sitting pretty. For obvious reasons, we also are not putting our houses on the market, and this has caused a housing shortage which in turn has caused house prices to substantially increase.

This has provided a double bonus for people like me. First, we have an embarrassingly small house payment. Second, due to rising house prices, we are sitting on a giant pile of equity. I have more equity than what I paid for my house!

There is now a massive home building surge going on, driven by these market forces. Eventually, this will mitigate the shortage and rising prices.

Those who are stuck in a 6 percent mortgage will refinance in a couple years. You will see a boom in refinancing at that time.

 

[g5000]

If you are confident America will continue to prosper, now is a good time to invest in equities. A 401(k) or an IRA Roth.

If you are not confident in America, now is a good time to invest in Certificates of Deposit. Their current rate is 5.5 percent if you shop around.

In other words, you better put your money where your mouth is. That's the best way to find out who has been lying to you.

 

[MarathonMike]

A surge in wealth has boosted most US households since 2020 and helped sustain economic growth

The net worth of the typical U.S. household grew at the fastest pace in more than three decades from 2020 through 2022, while relatively low interest rates at that time made it easier for households to pay their debts.

apnews.com

Wealth for the median household — the midpoint between the richest and poorest households — jumped 37% during those three years, the Federal Reserve reported, to nearly $193,000. (The figures are adjusted for inflation.) The increase reflected primarily a jump in home values and higher stock prices and a rise in the proportion of Americans who own homes and stocks.


More good news:

Pay Raises Are Finally Beating Inflation After Two Years of Falling Behind​

​

Still more good news:
US Unemployment Rate Holds at 3.8%

Yet more good news. The Dow is at 33,000. That's 14 percent higher than during the peak of the Trump administration.




And the success keeps coming: We are producing more oil than ever before.

U.S. Energy Independence Soars To Highest Level In Over 70 Years​

The U.S. is pumping oil faster than ever. Republicans don’t care.​

I expect the reaction by those hoping for America to fail will be

More voodoo economics from Democrat stat spinners. More homeless, more people behind on their rent and debts, more old people eating catfood and not buying meds they need, etc. etc. But sure, hide behind bogus statistics and claim everything is rosey.

 

[g5000]

More voodoo economics from Democrat stat spinners. More homeless, more people behind on their rent and debts, more old people eating catfood and not buying meds they need, etc. etc. But sure, hide behind bogus statistics and claim everything is rosey.

Whatever happened to Trump's promise to lower drug prices?

Hmmm...

 

[MarathonMike]

The current housing problem has been caused by people like me.

Just prior to Trump's economic crash, I foresaw it and refinanced my mortgage through my credit union. By the time I had jumped through all the paperwork hoops, the economy had tanked and I got an interest rate of 1.9%. I even took the trouble to come on this forum and recommend all of you do the same.

Millions of Americans did the same, and we are all sitting pretty. For obvious reasons, we also are not putting our houses on the market, and this has caused a housing shortage which in turn has caused house prices to substantially increase.

This has provided a double bonus for people like me. First, we have an embarrassingly small house payment. Second, due to rising house prices, we are sitting on a giant pile of equity. I have more equity than what I paid for my house!

There is now a massive home building surge going on, driven by these market forces. Eventually, this will mitigate the shortage and rising prices.

Those who are stuck in a 6 percent mortgage will refinance in a couple years. You will see a boom in refinancing at that time.

Congrats on your financial health. Unfortunately there are millions MORE people struggling month to month than ever before thanks to Bidenomics. It hasn't hurt people like you and me, but maybe you could empathize with the American poor and what they face.

 

[Meister]

Whatever happened to Trump's promise to lower drug prices?

Hmmm...

Is this about Trump, or the surge of wealth since 2020?
I'm all confused.

 

[Magnus]

A surge in wealth has boosted most US households since 2020 and helped sustain economic growth

The net worth of the typical U.S. household grew at the fastest pace in more than three decades from 2020 through 2022, while relatively low interest rates at that time made it easier for households to pay their debts.

apnews.com

Wealth for the median household — the midpoint between the richest and poorest households — jumped 37% during those three years, the Federal Reserve reported, to nearly $193,000. (The figures are adjusted for inflation.) The increase reflected primarily a jump in home values and higher stock prices and a rise in the proportion of Americans who own homes and stocks.


More good news:

Pay Raises Are Finally Beating Inflation After Two Years of Falling Behind​

​

Still more good news:
US Unemployment Rate Holds at 3.8%

Yet more good news. The Dow is at 33,000. That's 14 percent higher than during the peak of the Trump administration.




And the success keeps coming: We are producing more oil than ever before.

U.S. Energy Independence Soars To Highest Level In Over 70 Years​

The U.S. is pumping oil faster than ever. Republicans don’t care.​

I expect the reaction by those hoping for America to fail will be

But...but...Biden's laptop!

 

[MarathonMike]

Whatever happened to Trump's promise to lower drug prices?

Hmmm...

The tangled mess that Obamacare created might be a factor.

 

[Markle]

Yes, I understand you want America to fail.

Yeah, our country is running soooo much better with President Biden and his family in charge.

Americans falling behind on auto loan payments at record pace

The number of auto borrowers who were at least 60 days behind on their bills hit a record high in September as high borrowing costs squeeze millions of Americans.

www.foxbusiness.com

 

[g5000]

Congrats on your financial health. Unfortunately there are millions MORE people struggling month to month than ever before thanks to Bidenomics. It hasn't hurt people like you and me, but maybe you could empathize with the American poor and what they face.

Since when has the organization formerly known as the Republican Party EVER given a shit about the poor?

 

[g5000]

Yeah, our country is running soooo much better with President Biden and his family in charge.

Americans falling behind on auto loan payments at record pace

The number of auto borrowers who were at least 60 days behind on their bills hit a record high in September as high borrowing costs squeeze millions of Americans.

www.foxbusiness.com

This is very unfortunate and bad for America. However, this is a natural result of record car sales after the pandemic.

There was a lot of pent up demand which let loose after the economy began recovering. You couldn't even find a used car on many lots, and even new cars were hard to come by.

Last February:

Luxury Auto Sales Hit Record Despite High Rates and Prices​

This trend in new car sales has raised concerns among banks, as car buyers’ debt load is increasing even as the price of used cars is decreasing. When car owners owe more than the vehicle is worth, that can create difficulties for both borrowers and lenders.


Pretty prescient.

 

[Meister]

Since when has the organization formerly known as the Republican Party EVER given a shit about the poor?

I agree, but the same can be said about the democrats. It's just one of many symptoms of the swamp.

 

[g5000]

The tangled mess that Obamacare created might be a factor.

How are you enjoying Trump's "beautiful" Obamacare replacement?

Thanks to Trump, Obamacare is now immortal. A third rail.

At least until it is replaced by UHC which Trump has made inevitable.

Trump has always been bigly in favor of UHC, you know.

I tried to warn you all, but you didn't listen.

 

[Meister]

This is very unfortunate and bad for America. However, this is a natural result of record car sales after the pandemic.

There was a lot of pent up demand which let loose after the economy began recovering. You couldn't even find a used car on many lots, and even new cars were hard to come by.

Chips were hard to come by which impacted auto sales.
So glad to hear that the EV are so popular, I'm sure sales will surge because of it.

 

[g5000]

I agree, but the same can be said about the democrats. It's just one of many symptoms of the swamp.

Well, like I always say, if your neighbor (the Democrats) invites in a guest (BLM/Antifa) who then shits all over the furniture, you would have a pretty low opinion of that guest.

But if you (the Republicans) invite a guest (Donald Trump) who then shits all over the furniture, you would be a lot more upset at your guest than with your neighbor's guest.

This is exactly why I am a Never Trumper. That shitbird came into MY house and shit all over MY furniture.

Unfortunately, Trump was made to feel welcome by all the other shitbirds who came first. That's why he switched parties. He knew he would be more welcome in the sewer the GOP had become before his arrival.

 

[Meister]

Well, like I always say, if your neighbor (the Democrats) invites in a guest (BLM/Antifa) who then shits all over the furniture, you would have a pretty low opinion of that guest.

But if you (the Republicans) invite a guest (Donald Trump) who then shits all over the furniture, you would be a lot more upset at your guest than with your neighbor's guest.

This is exactly why I am a Never Trumper. That shitbird came into MY house and shit all over MY furniture.

Unfortunately, Trump was made to feel welcome by all the other shitbirds who came first. That's why he switched parties. He knew he would be more welcome in the sewer the GOP had become before his arrival.

That's what you always say huh?
Shows me you have no discernment, I wouldn't invite either of them in my house.

 

[Markle]

Neither evictions, nor foreclosures are anywhere near the high that was achieved in 2008 and 2009 after W’s economic crash, and the Housing Bubble collapse.

You just can't help lying, can you?

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
https://archives.hud.gov/news/1997/pr97-135.cfm

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New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
Fannie Mae Eases Credit To Aid Mortgage Lending (Published 1999)

###

President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

###

By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
Bloomberg Politics - Bloomberg

Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.

Bloomberg News -
How the Democrats Created the Financial Crisis -

Bloomberg Politics - Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to politics

www.bloomberg.com

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Democrats in their own words covering up the Fannie Mae, Freddie Mac


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Timeline shows Bush, McCain warning Democrats of Financial Crisis


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From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,

Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Read more:

New Agency Proposed to Oversee Freddie Mac and Fannie Mae (Published 2003)

Bush administration proposes new agency be created within Treasury Department to assume supervision of Fannie Mae and Freddie Mac, House Financial Services Committee hearing; new agency would have authority, which now rests with Congress, to set one of two capital-reserve requirements for...

www.nytimes.com

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From USNews and World Report
Barney Frank's Fannie and Freddie Muddle
By Sam Dealey
September 10, 2008

[…]

So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

[…]

http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle

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Wall Street Journal Barney’s Rubble – September 17, 2008

http://online.wsj.com/news/articles/SB122161010874845645

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Barney Frank in 2005: What Housing Bubble?



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Democrats Were Wrong on Fannie Mae and Freddie Mac
The White House called for tighter regulation 17 times.

https://www.usnews.com/opinion/blogs/barone/2008/10/06/democrats-were-wrong-on-fannie-mae-and-freddie-mac

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Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis -
https://www.cbsnews.com/news/the-bet-that-blew-up-wall-street/

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All this, in addition to the repeal of the Glass-Steagall Act by President William Jefferson Clinton caused the meltdown.

It COULD have been stopped or greatly reduced. Democrats fought that every step of the way and the Republicans wilted under the barrage of being called racist and worse.

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[Markle]

Not really, from 2019.

View attachment 848365

https://content.schwab.com/web/retail/public/about-schwab/Charles-Schwab-2019-Modern-Wealth-Survey-findings-0519-9JBP.pdf

From 59% to 78% in a 33% increase. To you that's trivial? TEN PERCENT HIGHER EACH YEAR SINCE PRESIDENT BIDEN TOOK OFFICE. Of that you're proud?

 

[LordBrownTrout]

From 59% to 78% in a 33% increase. To you that's trivial? TEN PERCENT HIGHER EACH YEAR SINCE PRESIDENT BIDEN TOOK OFFICE. Of that you're proud?

No, lol, Its bad. Thats what I was saying.