S**t's gettin' better, for some...

bobabode · #1 05-30-2013, 02:40 PM

http://www.washingtonpost.com/busine...y.html?hpid=z1

"The research from the St. Louis Fed shows that households had accumulated net worth totaling $66 trillion at the end of last year. After adjusting for inflation and population growth, the bank found that meant families on average have only made up 45 percent of the decline in their net worth since the peak of the boom in 2007." WaPo

BlueStreak · #2 05-30-2013, 03:24 PM

That's not too good, Bob. But, I would wager that there's quite a few dragging that number down because they fell for all of the negativity and fearmongering. Yanked any investments they had off the market for fear of the "second dip", stopped looking for a job because some guy on the radio tells them there are none and making NO effort of starting a business because they have it in their heads that it "...just can't be done until that commie coon is out of the Whitehouse." Don't tell me they don't exist, because I've met them.

BTW, these types invariably vote for the "party of self reliance" and despise "whiners".

Dave

BlueStreak · #3 05-30-2013, 03:26 PM

Point #2.

What "........boom of 2007"?

I don't recall any "booms" of any sort in 2007. Do you?

bobabode · #4 05-30-2013, 03:53 PM

Quote:

Originally Posted by BlueStreak

Point #2.

What "........boom of 2007"?

I don't recall any "booms" of any sort in 2007. Do you?

I think they're talking about home values which really went into free fall in '07 from their overheated and unrealistic values.

bobabode · #5 05-30-2013, 03:55 PM

More from the WaPo article.
"In addition, most of the improvement was due to gains in the stock market, according to the report, primarily benefiting wealthy families. That means the recovery for most households was even weaker.
“A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the report stated."

piece-itpete · #6 05-31-2013, 10:59 AM

The stock market is usually the first to show gains.

There's other good (ish) news out there, the former hottest housing markets have turned back into sellers markets.

Tough row to hoe.

Pete

whell · #7 05-31-2013, 12:17 PM

Its the "new normal".

piece-itpete · #8 05-31-2013, 12:28 PM

Gosh I hope not. I see the EU hit 12.2% unemployment. At least India is booming.

Something I picked up a couple weeks ago - Zuckerman predicted that a large EU country will default within the next 12 months. Spain? France? Scary stuff.

Pete

bobabode · #9 05-31-2013, 12:40 PM

Austerity is working so well for them, eh? I just don't unnerstand why Uhmerica doesn't follow their lead. We need some riots to put down.

whell · #10 05-31-2013, 12:44 PM

Quote:

Originally Posted by piece-itpete

Gosh I hope not. I see the EU hit 12.2% unemployment. At least India is booming.

Something I picked up a couple weeks ago - Zuckerman predicted that a large EU country will default within the next 12 months. Spain? France? Scary stuff.

Pete

India's booming by comparison to the US economy (which is a sad statement), but even they may be slowing down: http://www.bbc.co.uk/news/business-22726279

France just adjusted their labor laws to become just a bit more "US - like". Of course, the way we're going, US labor laws and France labor laws might pass each other like two trucks going in opposite directions on the interstate.