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Great Recession erased nearly 40% of family wealth

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posted on Jun, 11 2012 @ 06:10 PM
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Great Recession erased nearly 40% of family wealth
(latimes.com)


The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s.

The Federal Reserve said in a new report Monday that median family net worth, the point smack in the middle of those richer and poorer, fell to $77,300 in 2010 from $126,400 three years earlier after adjusting for inflation.

The fall came with the collapse in the housing market and massive layoffs that slashed people’s incomes, and the pain was felt by families across the board -- young and old, well-educated and less so, with children or not.


Corporate profits have hit record highs, CEOs are back to earning their million-dollar bonuses (on top of their enormous salaries), and Wall Street banks continue to gamble with other people's money. So who really paid the price for the "great recession" of 2007-2010? The Middle Class. All the wealth they lost has been effectively transferred up to the wealthiest class and the power-brokers. Congress, instead of putting in place rules to prevent another "great recession" has instead used the recession as an excuse to strip the middle class of its benefits and wages.




posted on Jun, 11 2012 @ 06:33 PM
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reply to post by Blackmarketeer
 


But yet the stock market is only 400 points below where it was at its height... And that has only happened in the last week.

Funny... I don't think 400 points is 40% of the Dow. Lol. The great recession only ever was a recession for families, never corporations or the government.

edit on 11-6-2012 by KnawLick because: (no reason given)



posted on Jun, 11 2012 @ 06:34 PM
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reply to post by Blackmarketeer
 


Well that would explain it. I have increased my salary by about 15% since 2007 however I seem to find myself struggling to maintain the same standard of living. I have even moved to a lower cost of living area and moved closer to work and I still find it hard to maintain the same standard of living.

Guess I know why.



posted on Jun, 11 2012 @ 06:35 PM
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In recession wealth is not erased, it is transfered to the wealthy.



posted on Jun, 11 2012 @ 06:37 PM
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reply to post by Blackmarketeer
 

Yup, and let me guess who was president during the last three years???
The headline should be;

American's Net Worth Drops 40% On Obama's Watch



But I guess the truth hurts too much to his supporters in the media.



posted on Jun, 11 2012 @ 06:58 PM
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Originally posted by Thunderheart
reply to post by Blackmarketeer
 

Yup, and let me guess who was president during the last three years???
The headline should be;

American's Net Worth Drops 40% On Obama's Watch



But I guess the truth hurts too much to his supporters in the media.


Bush and Clinton are equally responsible. Policies during both administrations helped facilitate the current climate. So if it's just a pointless blame game you are looking you need more fingers for pointing.



posted on Jun, 11 2012 @ 07:04 PM
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Hey don't leave Regan out of this he set everything up for our fall. Yes think back a decade or 2



posted on Jun, 11 2012 @ 07:05 PM
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Originally posted by Thunderheart
reply to post by Blackmarketeer
 

Yup, and let me guess who was president during the last three years???
The headline should be;

American's Net Worth Drops 40% On Obama's Watch



But I guess the truth hurts too much to his supporters in the media.


Bush was president when the recession began, why is it hard for you guys to remember this. The recession was well underway when Obama was sworn is as president.



posted on Jun, 11 2012 @ 08:17 PM
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Originally posted by LDragonFire

Originally posted by Thunderheart
reply to post by Blackmarketeer
 

Yup, and let me guess who was president during the last three years???
The headline should be;

American's Net Worth Drops 40% On Obama's Watch



But I guess the truth hurts too much to his supporters in the media.


Bush was president when the recession began, why is it hard for you guys to remember this. The recession was well underway when Obama was sworn is as president.


It was Santa's fault!!!!

Really ppl? Who gives a crap if it was obama, bush or elvis?!? In the end they all suck and I am poorer.

ETA: Sorry Elvis, you didn't suck (in case you are reading ATS). The other guys did though.
edit on 11-6-2012 by Bakatono because: (no reason given)

edit on 11-6-2012 by Bakatono because: (no reason given)



posted on Jun, 11 2012 @ 08:45 PM
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And what has sneakie Obama been up to ?

Fixing and helping ?

Doing the best possible job to help the majority of Americans ?

When they max out the binge spending by way of donkey economics, we can clearly see.





I think we've been "Donkey Konged" !!



how many votes will this cost ?



posted on Jun, 11 2012 @ 08:45 PM
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post removed for serious violation of ATS Terms & Conditions



posted on Jun, 11 2012 @ 08:49 PM
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Originally posted by hatezionist
the zionist jews are controlling the economy as usual. the jews should all be gassed for their crimes and manipulation.

Replace the word jews with the word blacks = get banned.

Double standard much?



posted on Jun, 11 2012 @ 08:51 PM
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Originally posted by Thunderheart
reply to post by Blackmarketeer
 

Yup, and let me guess who was president during the last three years???
The headline should be;

American's Net Worth Drops 40% On Obama's Watch



But I guess the truth hurts too much to his supporters in the media.


Sure. If your understanding of politics and economics is one big, lazy caricature. A better analysis would likely take into account Congress, the FED, world economic concerns, previous administrations (and Congresses') actions, etc etc etc.

But sure, if you want to pretend the economy is all about one guy, feel free. Just dont expect anyone to take you seriously.



posted on Jun, 11 2012 @ 09:08 PM
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reply to post by stanguilles7
 


But Romney will make it all better! It's all Obama's fault...anyone could fix this problem, obviously. Obama controls the world, European leaders and Asian markets tremble at the stroke of his pen, that's why this recession is so bad and also why it's his fault, entirely.




posted on Jun, 12 2012 @ 02:04 PM
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The trick of class war is not to let the victims know they're under attack. That's how, little by little, the owners of the planet take away what little we have.

Greg Palast


Consider the following....sound familiar?...


The supremacy of the free market. The market was to rule supreme, unrestrained by the intervention of government, labor unions, or anything else (other than corporate monopoly power) that constrained the operation of market forces, regardless of how much social disorder, suffering or exploitation results. Any undesirable effects are to be ascribed simply to "unidentified interventions" which, when they were identified, could be eliminated, and the problem solved thereby. Monopolies were simply assumed, against all evidence, to be self-limiting (though no one ever managed to explain how DeBeers Consolidated Mines had managed to create and maintain a worldwide monopoly on the diamond business for more than a century).

Cutting, and eliminating when possible, expenditure for social services. Again, in the name of reducing government interference in the market, it was not necessary for government to involve itself in social welfare programs. To explain the obvious sufferinng that results, it is therefore claimed that when the poor suffer, it is due to their own laziness that they do not better themselves. That the accumulation of money was equivalent to the accumulation of power, with its attendant distortion of the functionings of the market, was not a concern. That this led inevitably to the disempowerment of the poor was not a concern - the poor were blamed for their condition by claiming their "inferiority" or "bad decisions." Social justice was a non-issue.

Deregulation. If government is interfering in the market, it will only lead to a loss of profits, and therefore, government regulation had to be assumed to be bad. Therefore, it has to be reduced or eliminated, even in monopolistic situations. One neoliberal, Grover Norquist, an official in the George W. Bush administration commented that he wanted to reduce the size of government to the point where he "could drown it in the bathtub" - and then go on to do so.

Privatization. Since government is assumed, as a given, to be inefficient, lazy, bloated and uneconomical in the provisioning of goods and services, it was only reasonable to presume that private enterprise could and would perform the delivery of services in a more efficient manner, and hence any activity that delivers goods or services to citizens should and must be privatized. Never was an explanation offered for the contrary incentive of capitalism - that the capitalist's basic profit-driven incentive is to charge as much money as possible for providing as few goods and services as possible.

Elimination of the concept of "Community" or the "Common Good." Since this is antithetical to the notion of privatization and "rugged individualism," the concept of the commons (the air we must all breathe, the water we must all drink, etc.) to them, reeks faintly of Communism, it is assumed to be bad, wrong, and hence is oppositional to the "neoliberal" agenda. Such notions as public health, public education, etc., are to be replaced by private initiative, as anything else is simply considered to be a manifestation of lassitude, indolence and governmental dependence.

a 2002 essay explaining Chile but also what has been forced on America

Americans allowed this to happen, as for decades they voted into office on the basis of social issues (God, guns, abortion, and gays), when the politicians voted in then took the country further into the above economic experiment. Deliberately bamboozled voters stood at their front door to stop the guns from being taken, while through the backdoor came the looters to steal their wealth.

Voters were told to vote govt out of their lives, as business boldly took over the politicians voted into office, who would then write the rules and change govt to allow The Great Sucking Up of Middle Class Wealth.

Decades ago workers were told to work less than 40 hours a week, in order to not be "full time" in order to not be given health/retirement benefits. When wages were not increasing, but home loans could be made affordable via "creative financing", when home equity was told to be used for kids' college and family medical bills. And still no uproar, as long as politicians kept promising patriotism and morality.

The Great Recession is the skeleton of the Middle Class on life support. And still, vultures want to be voted into office for the Final Picking of Any Flesh Left on the Bones, when the 5 points above will be finally, firmly hammered into place.




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