What happens when you fail to address the problems that caused our 2008 market collapse but bend over backwards to make sure financial institutions do well? You wipe out two decades of wealth accumulation, that's what happens.
According to the Federal Reserve family net worth, or total accumulated wealth, dropped almost 40 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. In a few words, Americans are about where they were at in 1992.
While much of the disappeared wealth is due to collapsed home values, stagnating wages for Main Street and super payouts for Wall Street have a big hand in what's happening in America.
- Mark
According to the Federal Reserve family net worth, or total accumulated wealth, dropped almost 40 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. In a few words, Americans are about where they were at in 1992.
While much of the disappeared wealth is due to collapsed home values, stagnating wages for Main Street and super payouts for Wall Street have a big hand in what's happening in America.
- Mark
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