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Family net worth plummets nearly 40%

By Charles Riley @CNNMoney June 11, 2012

NEW YORK (CNNMoney) -- The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve.

The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families.

The Fed study, called the Survey of Consumer Finances, offers details on savings, income, debt, as well as assets and investments owned by American families.

The results highlight the marked deterioration in household finances brought on by the financial crisis and ensuing recession.

Much of the drop off in net worth -- to levels not seen since 1992 -- was attributable to a sharp decline in housing values, the Fed said.

In 2007, the median homeowner had a net worth of $246,000. Three years later that number had fallen to $174,500, a loss of more than $70,000 on average.







Families who reside in the west and south, where the housing market was especially hard hit by the recession, were worse off than their peers in the rest of the country.

Making matters worse, income levels also fell during the tumultuous three-year period, with median pre-tax income falling 7.7% as earnings from capital gains all but disappeared.

The loss of income and net worth appears to have impacted savings rates, as the number of Americans who said they saved in the prior year fell from 56.4% in 2007 to 52.0% in 2010 -- the lowest level recorded since the early 1990s.

The number of Americans who had fallen more than 60 days behind on debt payments still grew from 7.1% to 10.8% in 2010.

The report also indicated that families with more assets at the start of the recession were able to retain more of their net worth than less fortunate families.

Middle-class families who ranked in the 40th to 60th percentile of income earners reported that their median income fell from $92,300 to $65,900 over the same time period.

Families in the top 10% of income, however, actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010.

I BLAME OBARMA

and these statistics do not address the implications of increased scarcity on labor competition and demands; every countable nickel has been or is being cut (except of course in government service, as the resource allocators are not using their own invested money)- every worker has an increased work load because every employer has to worry about more and more costs of employees. Only going to get worse as they roll out the 1700 pages of bullshit and drop the cost of it into employer health plans and medicaid taxes.

Fuck you.

one of my hobbies, which I confess that I often neglect and forget exists, is trying to imagine the living conditions and toxic relationships that spawn suck total internet faggotry. What would possess someone to come online to a forum for discussion of social issues, and then behave this way? I think real quick I will make a list of likely suspects.

erectile dysfunction
below-median intelligence
a terribly emasculating girlfriend
terribly negligent parenting
alcoholism and consequent social and economic failure
over-socialized hostility to independent expression (must be combined with one of the above factors)
for-profit information manipulation
repressed homosexual urges and consequent self-hatred
psychic trauma as a result of sexual or other abuse
lower-than median height/masculinity of features & build
totally gay tattoos (consequence of one of the above factors)

"What would possess someone to come online to a forum for discussion of social issues, and then behave this way?"

The rest of us wonder the same about you and Dwarn.

Originally posted by: Man is Truth

one of my hobbies, which I confess that I often neglect and forget exists, is trying to imagine the living conditions and toxic relationships that spawn suck total internet faggotry. What would possess someone to come online to a forum for discussion of social issues, and then behave this way? I think real quick I will make a list of likely suspects.

erectile dysfunction
below-median intelligence
a terribly emasculating girlfriend
terribly negligent parenting
alcoholism and consequent social and economic failure
over-socialized hostility to independent expression (must be combined with one of the above factors)
for-profit information manipulation
repressed homosexual urges and consequent self-hatred
psychic trauma as a result of sexual or other abuse
lower-than median height/masculinity of features & build
totally gay tattoos (consequence of one of the above factors)

none of the above. the real culprit is reading complete horse shit from idiots like you. its very simple, you are wrong and have a mentally ill perspective. fuck you.

one of my hobbies, which I confess that I often neglect and forget exists

Originally posted by: squanto

one of my hobbies, which I confess that I often neglect and forget exists

At first I assumed he was talking about sanity.

Nothing is more hilarious than being "analyzed" psychologically by a psuedo intellectual who legitimately believes we would all be better off without schools or child labor regulations.

Originally posted by: Kermit Butts

Nothing is more hilarious than being "analyzed" psychologically by a psuedo intellectual who legitimately believes we would all be better off without schools or child labor regulations.

But dude.. then you could support your family when you are 9 and get all your education from guys from the neighborhood.. who got their education the same way. Schools? Who needs that when you have the treasure trove of knowledge that is the guys in your neighborhood.

teachers in public schools live in your neighborhood assholes.


hahah you literally live in a magical matrix world of concepts where people and institutions baptised as "government" are transformed from regular people who live in your street into extra-dimensional beings of incomprehensible mystical authority.

are you saying that I shouldn't be able to hire the self-destructive, "miseducated" know-nothing kids that just wander the street in front of the store all day? I don't see how them folding pizza boxes and pushing brooms around other people with jobs would be bad for anyone, true.

none of the above. the real culprit is reading complete horse shit from idiots like you. its very simple, you are wrong and have a mentally ill perspective. fuck you.

what am I wrong about it? In this thread, we are discussing the decline in earning power and the lack of availability of better paying jobs. I said that the climate of scarcity also, in addition to paying out less money to families, increases the stress and workload of every worker. When you are mistreated and taken advantage of at work, the typical response from other people (especially the overpaid public employees) is, "you are lucky you have a job." I was addressing this dimension of the suckness of the new poverty.

So, I stand by my assertion, that you are a limp-dicked, pock-marked ignorant drunkard with an ugly and domineering mate who lashes out at affirmations of talent and strength. The use of language effectively, for example, must fill you with vile and impotent rage, as your own feeble thoughts are echoes of soundclips from ESPN and vague memories of things mommy and teacher said. That there is such a thing as critical penetration of available data may be comprehensible to you as a concept, but eludes you as an experience, and a display of language that implies such a neurological process occuring in another mind very clearly motivates you to anonymous childish tantrums.

in historical tyrannies, the subjects who maintained an intellectual distance from the propaganda were regarded by the more malicious and less successful state subordinates as insane. You are only channeling their very evident failures as individuals and agents of their respective systems.

No.

Maybe it's the 90% of rural areas of the us- but median income is 44k? Minus taxes, I dont know how anyone could survive.

Originally posted by: scotty667

Maybe it's the 90% of rural areas of the us- but median income is 44k? Minus taxes, I dont know how anyone could survive.

Seriously? Look at moneybags over here.

lol right?