Quantcast

Good News Everybody! Fed: Americans’ wealth dropped 40 percent

Farnsworth 2012/06/11 19:32:18
I'm a Obama drone and I'm enjoying an orgasm with this news
"private sector is doing fine" because master Obama sez so
Let them eat cake
I can't WAIT to vote this SOB out of office
You!
Add Photos & Videos

The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.


The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.


The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.


The survey is conducted every three years, and this report offers one of the most exhaustive looks to date at the greatest economic upheaval in a generation. Although there have been some signs that the recovery has picked up steam — housing prices have begun to stabilize and unemployment has fallen — Fed economists said those improvements largely do not change the survey results.


“Recovery from the so-called Great Recession has also been particularly slow,” the Fed said in its report.

------------------------------
Farnsworths take:

So in if re-elected, we can expect an 80% reduction 3 years from now. America wanted hope -n- change and we got it. Hope we got some change left to buy some beans.

Add a comment above

Top Opinion

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest
Opinions

  • Lady J. Murderess 2012/06/18 03:26:14
    Let them eat cake
    Lady J. Murderess
    since when does the professor on Futurama say "good news EVERYBODY"? everybody knows he say EVERYONE. retard
  • Farnsworth Lady J.... 2012/06/18 09:41:34
    Farnsworth
    +2
    thank you your grace
  • Lady J.... Farnsworth 2012/06/18 21:46:50
    Lady J. Murderess
    lol >_<
  • All American 2012/06/17 17:33:34
    "private sector is doing fine" because master Obama sez so
    All American
    +1
    Don't you all know by now? It's Bush's fault.
  • Farnsworth All Ame... 2012/06/18 09:43:06
    Farnsworth
    +2
    of course he is. He caused the ice age and the extinction of cro magnum man too
  • All Ame... Farnsworth 2012/06/18 14:59:21
    All American
    +1
    Let's pile it on. God forbid the man in the White House be responsible for anything.
  • Farnsworth All Ame... 2012/06/18 15:06:40
    Farnsworth
    +2
    yep, why not. Bush is responsible for all, Obama nothing. Liberals are always looking for excuses to explain why their people suck
  • CUDDLY BUT STILL CRABBY 2012/06/17 15:48:42
    I can't WAIT to vote this SOB out of office
    CUDDLY BUT STILL CRABBY
    +2
    IF we're allowed to have an election in 2012.

    If BHO says no, what happens then Americans?
  • Farnsworth CUDDLY ... 2012/06/18 09:43:52
  • CUDDLY ... Farnsworth 2012/06/19 04:13:35
    CUDDLY BUT STILL CRABBY
    +2
    I wish it were true. The opposing forces haven't been too visible (or at least heard from) as Obama has repeatedly wiped his ass with the Constitution.
  • Little Angel 2012/06/17 15:34:01
    I can't WAIT to vote this SOB out of office
    Little Angel
  • DJPanicDC 2012/06/15 03:32:07
    Let them eat cake
    DJPanicDC
    +1
    Now what was the loss by the top 1%
  • Farnsworth DJPanicDC 2012/06/15 10:18:16
    Farnsworth
    +1
    wouldn't know, not one of them. However, i think they are collecting at the house of the actress that played the lead in "horse sex in the city"
  • LarryFine 2012/06/14 13:12:03
    I can't WAIT to vote this SOB out of office
    LarryFine
    +2
    The Obama recovery is like getting a liberal education. D- is still considered success.
  • Steve 2012/06/13 01:09:01
    "private sector is doing fine" because master Obama sez so
    Steve
    +1
    American household wealth has dropped 40% because house values have dropped 40%. The truth is that almost all of that drop happened before Obama took the oath of office.
    40 house values dropped 40 truth drop obama oath office
  • Farnsworth Steve 2012/06/13 10:33:04
    Farnsworth
    +1
    Culmination of the Democrats forcing banks to make bad loans. Bubble busted, Obama has done nothing but continue the same policy.
  • Steve Farnsworth 2012/06/13 13:38:02
    Steve
    +2
    That's all Republican mythology. Democrats never forced banks to make bad loans. The sub-prime lending was mostly by non-regulated non-banks, like Countrywide.



    The Republican like to blame Barney Frank, but the House of Representatives is not where the actual regulators worked, they worked in Bush's administration in HUD and at the SEC.



    The Bush administration was pushing for home ownership for low-income folks as much as any Democrat



    Community Reinvestment Act had nothing to do with subprime crisis

    http://www.businessweek.com/i...
  • Farnsworth Steve 2012/06/13 18:45:22
    Farnsworth
    +1
    sure, sure .... whatever gives you your Obama orgasm.
  • Idiot r... Steve 2012/06/14 01:18:22
    Idiot repubs
    Builders to fight Bush's low-income plan

    Groups ask HUD to rethink plan that would increase financing of homes to low-income people.
    June 17, 2004: 12:24 PM EDT

    NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

    The National Association of Home Builders, along with the National Association of Realtors and the Mortgage Bankers Association, are drafting a letter to Alphonso Jackson, secretary of the Department of Housing and Urban Development (HUD), arguing that middle-income home buyers are the ones that will get hurt by the proposed plan, the NAHB told CNN/Money.

    In April, the HUD proposed new rules that would raise the percentage of loans bought by the two government-sponsored enterprises (GSEs) that finance borrowers whose incomes are at or below the median for their area, according to the Wall Street Journal .

    But the groups will warn in the letter that the proposed rules requiring the two GSEs to finance more "affordable housing" may have "unintended consequences," hurting some poor and middle-income people struggling to afford houses, the Journal said.


    http://money.cnn.com/2004/06/...
  • Idiot r... Idiot r... 2012/06/14 01:18:36
    Idiot repubs
    The cons hate facts.
  • Farnsworth Idiot r... 2012/06/14 01:28:57
    Farnsworth
    +1
    may hate'em, we don't ignore them
  • Farnsworth Idiot r... 2012/06/14 11:28:52
    Farnsworth
    +1
    video on you tube showing Barney Frank and some other rube railing against the Bush admin trying to regulate freddie and fannie.

    Besides, this started with Carter and increased under Clinton.
  • Idiot r... Farnsworth 2012/06/14 17:31:26
    Idiot repubs
    Blaming Carter when it all came crashing down because of Bush?
  • Farnsworth Idiot r... 2012/06/14 19:16:05
    Farnsworth
    +1
    no twit, it started with Carter.

    Good avatar, mouth open, head of stone
  • Idiot r... Farnsworth 2012/06/15 18:01:02
    Idiot repubs
    It's Sarah Palin, I thought it worked.
  • seadog6... Farnsworth 2012/06/19 04:22:39
  • Chanch Steve 2012/06/17 23:35:56
    Chanch
    +2
    BS. NOT SO. Get some info before making dumb statements like that !
  • Steve Chanch 2012/06/18 01:14:26
    Steve
    Community Reinvestment Act had nothing to do with subprime crisis



    http://www.businessweek.com/i...



    I suppose you're going to claim that BusinessWeek is just a left-wing rag now.
  • Mitchell McAleer 2012/06/12 20:10:09
  • Farnsworth Mitchel... 2012/06/12 20:47:27
    Farnsworth
    +1
    wow, Romney is nowhere close to being the evil Obama is.

    You have chosen poorly...
  • Mitchel... Farnsworth 2012/06/13 04:54:18
  • Farnsworth Mitchel... 2012/06/13 10:38:26
    Farnsworth
    +1
    you are correct, I missed one most important thing that trumps any reasonable conversation......Ron Paul

    Never mind, those 2 short words explain it all

    Paulbots
    cybermen marching

    winning

    thanks for helping Obama back into office
  • kaZappoo 2012/06/12 17:30:43
    I can't WAIT to vote this SOB out of office
    kaZappoo
    +2
    and he says the private sector is doing fine ...

    Immagine that ...?
  • Farnsworth kaZappoo 2012/06/12 20:47:59
    Farnsworth
    +1
    he should be struck by lightening....
  • kaZappoo Farnsworth 2012/06/13 00:20:12
    kaZappoo
    +2
    well I was, and it didnt feel good .....!
  • D D 2012/06/12 08:30:53
    I can't WAIT to vote this SOB out of office
    D D
  • Farnsworth D D 2012/06/12 20:48:20
    Farnsworth
    +1
    Obama's war on middle America
  • I can't WAIT to vote this SOB out of office
    MIZ®  ₱д₸Ɽ¡Ö₸ ₩дⱤⱤ¡ÖⱤ   †
    +4
    obama sucks
    Thanks a lot 0bababots - It's your fault!
  • Farnsworth MIZ® ₱... 2012/06/12 20:48:48
    Farnsworth
    +2
    Ha! Sooooo true.
  • JanHopkins 2012/06/12 05:20:33
    "private sector is doing fine" because master Obama sez so
    JanHopkins
    +2
    The new equality.

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/07/28 22:35:10

Hot Questions on SodaHead
More Hot Questions

More Community More Originals