Welcome to the Recovery! US Household Wealth Regains ($16 Trillion) Pre-Recession Peak

Bullshit

US household wealth regains pre-recession peak

The Associated Press

WASHINGTON — It took 5½ years.

Surging stock prices and steady home-price increases have finally allowed Americans to regain the $16 trillion in wealth they lost to the Great Recession. The gains are helping support the economy and could lead to further spending and growth.

The recovered wealth — most of it from higher stock prices — has been flowing mainly to richer Americans. By contrast, middle class wealth is mostly in the form of home equity, which has risen much less.

Household wealth amounted to $66.1 trillion at the end of 2012, the Federal Reserve said Thursday. That was $1.2 trillion more than three months earlier and 98 percent of the pre-recession peak.

Further increases in stock and home prices this year mean that Americans’ net worth has since topped the pre-recession peak of $67.4 trillion, private economists say. Wealth had bottomed at $51.4 trillion in early 2009.

Rest here…

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Comments
11 Responses to “Welcome to the Recovery! US Household Wealth Regains ($16 Trillion) Pre-Recession Peak”
  1. Mystify says:

    The money in the stock market is all vapor….don’t be fooled….

  2. A great play on Abbott and Costello’s “Who’s on First” skit.

    Taken from an email sent to me.
    Subject: Abbot and Costello tells the truth their way

    So how can over 873,000 people come off of the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of how Abbott and Costello would have explained it!

    Untitled attachment 00094.jpg

    COSTELLO: I want to talk about the unemployment rate in America.

    ABBOTT: Good Subject. These are terrible times. It’s 7.8%.

    COSTELLO: That many people are out of work?

    ABBOTT: No, that’s 14.7%.

    COSTELLO: You just said 7.8%.

    ABBOTT: 7.8% are unemployed.

    COSTELLO: Right, 7.8% out of work.

    ABBOTT: No, that’s 14.7%.

    COSTELLO: Okay, so it’s 14.7% unemployed.

    ABBOTT: No, that’s 7.8%.

    COSTELLO: WAIT A MINUTE. Is it 7.8% or 14.7%?

    ABBOTT: 7.8% are unemployed. 14.7% are out of work.

    COSTELLO: If you are out of work you are unemployed.

    ABBOTT: No, Congress said you can’t count the “Out of Work” as the unemployed. You have to look for work to be unemployed.

    COSTELLO: BUT THEY ARE OUT OF WORK!!!

    ABBOTT: No, you miss his point.

    COSTELLO: What point?

    ABBOTT: Someone who doesn’t look for work can’t be counted with those who look for work. It wouldn’t be fair.

    COSTELLO: To whom?

    ABBOTT: The unemployed.

    COSTELLO: But ALL of them are out of work.

    ABBOTT: No, the unemployed are actively looking for work. Those who are out of work gave up looking and if you give up, you are no longer in the ranks of the unemployed.

    COSTELLO: So if you’re off the unemployment roles that would count as less unemployment?

    ABBOTT: Unemployment would go down. Absolutely!

    COSTELLO: The unemployment just goes down because you don’t look for work?

    ABBOTT: Absolutely it goes down. That’s how they get it to 7.8%. Otherwise it would be 14.7%. Our government doesn’t want you to read about a 14.7% unemployment rate.

    COSTELLO: That would be tough on those running for reelection.

    ABBOTT: Absolutely.

    COSTELLO: Wait, I got a question for you. That means there are two ways to bring down the unemployment number?

    ABBOTT: Two ways is correct.

    COSTELLO: Unemployment can go down if someone gets a job?

    ABBOTT: Correct.

    COSTELLO: And unemployment can also go down if you stop looking for a job?

    ABBOTT: Bingo.

    COSTELLO: So there are two ways to bring unemployment down and the easier of the two is to have people stop looking for work.

    ABBOTT: Now you’re thinking like an Economist.

    COSTELLO: I don’t even know what I just said!

    ABBOTT: Oh, now you’re thinking like Congress!
    Those who REALLY fight, sometimes win; those who quit, give up and walk away, ALWAYS lose.

  3. BOBBI SWANN says:

    Believe this (propaganda) and I’ve several bridges that I’d like to sell ya!!!!!!

    • Massive large retail stores shutting down and no signs of growth of business. Most people are not fooled by this propaganda. I believe the crooks in Wall street are trying to fake a rise in the stock market to get the foolish to invest in the stock market before it crashes and takes all the fools money. The stock market has to be a con game like the securities frauds and mortgage shell game is. All the same players. You can not trust Wall Street. The stock market is like a casino. Very few are going to get lucky while the rest are shafted. All propaganda! Customers that come in here come hereing this propaganda all come with a surprized puzzled look stating what recovery? What a bunch of BS!

  4. Whatever says:

    the transfer of wealth.

    • “Bottom Line: Foreclosures need to stop, student loans need to be modified and return to pre-2005 rules for dischargeability, wages need to rise and the number of people earning wages needs to rise. If you don’t have those ingredients, the economic “recovery” will forever be fragile and will forever be in danger of a much deeper collapse than we saw in 2008 because underlying conditions are worse. That’s why American companies are holding trillions in cash and assets overseas. They don’t trust us anymore.” — Neil F Garfield, livinglies.me

  5. kate says:

    This really shows reality of wealth distribution in this country…..and the lack thereof.

  6. Sarah says:

    The only people that matter to the corporate press are those that are seizing real estate and profit taking during the Gov’mint subsidized stock surge. Meanwhile, the vast majority, millions upon millons of other folks, hardly feel any enthusiasm. More service industry jobs for the masses, that should help with the rent.

    • neidermeyer says:

      FED sponsored inflation at the consumer level and in stock prices does not equal wealth creation , after 30-40 years of being crushed the middle class has no means to “profit” from stock price inflation, bt they’re sure getting creamed at the gas pump and the supermarket… the middle class has been forced to sell off any liquid asset they have to stay afloat… this is mainly helping the banks. The “good” news about employment thursday (3-7-13) was nothing but propaganda ,, they conveniently ignored the administration forgetting about the adjustment to the total workforce numbers … and the fact that 2/3rds of the “new” jobs were part time.. Thanks Obamacare.. those people were fired from fulltime jobs and “helped” your numbers because they now have 2 part time jobs..

  7. Wish this was true but I see no evidence of it. Most likely this is propaganda that no one will believe until they see real proof. One out of many tell me the stock market is up so all is well. The rest don’t see any recovery. Stock markets can be played just like the housing bubble was played until it burst. No confidence while banksters go un prosecuted therefore no one trust the banks nr the government. Nor recovery.

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