Shocker! Americans’ wealth dropped 40 percent

And in other news, water is wet, it gets dark at night and Obama is a stuttering clusterf***k of a miserable incompetent.

I saw this headline on Drudge a while ago and it leads to a story on the Washington Post web site by Ylan Q. Mui.

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.

And this surprised the Federal Reserve? I have no idea why. It could be related to:

1. Fannie Mae and Freddie Mac going under thanks to Barney Frank. ((Frank’s fingerprints are all over the financial fiasco))
2. President Bush signing the Troubled Asset Relief Program ((TARP)) bailing out banks instead of letting them fail and cleaning up the mess.
3. President Obama, aka Der Fubar, aka ScoaMF spending money like it grew on trees.
4. President Obama killing the fossil fuel energy sector in favor of rainbows and unicorn farts. ((How Obama’s Energy Policy Will Kill Jobs))
5. Federal Reserve Board Chairman Ben Bernanke printing money like there was no tomorrow thereby inflating the money supply and reducing the value of the dollar. ((Quantitative easing))

The current financial mess the United States and in fact, the entire world finds itself in is almost entirely the fault OF the governments. In the United States, it was mostly the Democrats, with a fair bit of help from the RINO wing of the Republican party that caused the house of cards to collapse.

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.

First off, only in the deluded minds of the morons inside the Beltway, (That would be Washington DC for those of you not in the U.S.), has there been any kind of recovery. The so called reports that unemployment has been going down are, to put it nicely, false. What’s happening is people are falling off the unemployment roles as their benefits end. Those people are no longer counted.

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

Gee, ya think?

Do you know where all that wealth has gone? I think this picture will give you an idea:

Remember in November!

Thatisall

~The Angry Webmaster~

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