Net Worth of American Family Falls 40% In 3 Years [General] - MarketTicker Forums


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Bicycle Posts: 2395 Incept: 2008-09-05	http://www.washingtonpost.com/business/e.... http://www.marketwatch.com/story/recessi.... Quote: The Fed’s survey of consumer finances between 2007 and 2010, which is adjusted for inflation, showed median income fell 7.7% from $49,600 in 2007 to $45,800 in 2010 and that median net worth fell 38.8% from $126,400 in 2007 to $77,300 in 2010, approximately the level recorded in 1992. Quote: The drop was concentrated in middle-class families. Those in the 60th to 79.9th percentile of income saw the biggest drop in wealth, of 40.4%. The second-steepest drop came from those in the 20th to 39.9th percentile of income, of 35%. The top 10% actually saw an increase of 1.8%. The top 10% of earners had a median net worth of $1.19 million, or 192 times as much as the median wealth of $6,200 of those in the bottom 20%. In 2007, the top 10% had 138 times as much wealth as the bottom 20%. In 2001, it was 106 times as much. Quote: The share of families with any type of debt decreased 2.1 percentage points to 74.9%, reversing an increase that had taken place since 2001. Quote: The overall share of families with any stock holdings declined 2.8 percentage points from 2007 to 2010, to 15.1%; the peak was 21.3% in the 2001 survey. Direct ownership of pooled investment funds (mostly mutual funds) fell by 2.7 percentage points to 8.7% of families in 2010. 2012-06-11 15:30:06 Permalink
Mayorquimby Posts: 13909 Incept: 2008-09-18 The Archaic Past	Pointless statistic when the purchasing power of the dollar fluctuates so radically thanks to the criminals in charge. ---------- They who wish to hurt you, work within the law. - Morrissey Gold is theft. 2012-06-11 15:34:55 Permalink
Passivesf Posts: 5495 Incept: 2008-02-01	Counting in inflation it's probably more like $40k net worth. ---------- "Banking institutions are more dangerous to our liberties than standing armies. The issuing power of currency should be taken from central banks and restored to the people, to whom it properly belongs" 2012-06-11 15:56:47 Permalink
Pietertvl Posts: 3593 Incept: 2007-12-05 NFA	No, Passive. See first quote above. "The Fed’s survey of consumer finances between 2007 and 2010, which is adjusted for inflation .... " That said, I don't trust THEIR adjustments. ---------- "All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." ~ John Adams Last modified: 2012-06-11 16:23:20 by pietertvl 2012-06-11 16:22:31 Permalink
Passivesf Posts: 5495 Incept: 2008-02-01	Thanks, missed that ---------- "Banking institutions are more dangerous to our liberties than standing armies. The issuing power of currency should be taken from central banks and restored to the people, to whom it properly belongs" 2012-06-11 16:39:43 Permalink
Blackmane Posts: 102 Incept: 2008-03-07 Rocklin	Probably has substantially more to do with the continued falling value of real estate more than anything else, as that was the largest source of net worth for most middle class Americans during the housing boom. Still, pretty dramatic drop. 2012-06-11 17:24:48 Permalink
Noodleman Posts: 2393 Incept: 2008-11-01	While the banksters who caused much of it to happen walk away with suitcases full of cash and saw their net worths skyrocket in the last 5 years. And the large majority of the American people are standing willfully ignorant at the scene of the crime asking "what happened?". "The more that learn to read the less that learn how to make a living. That's one thing about a little education. It spoils you for actual work. The more you know the more you think somebody owes you a living" Will Rogers (1875-1935) ---------- "Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935 2012-06-11 18:22:04 Permalink
Grashopa Posts: 2625 Incept: 2009-02-03	Quote: "The Fed’s survey of consumer finances between 2007 and 2010, which is adjusted for inflation .... " That said, I don't trust THEIR adjustments. Their 'inflation' is a measure of the increase in prices for the little people. Inflation is simply the increase in the money supply which of course is higher. The people of course did get in on the money supply increase so this 'lost wealth' from declining home prices wasn't really wealth anyway. Just measure wages against the money supply increase to see how inflation goes to the asset owners. ---------- Theft is evil 2012-06-11 19:57:30 Permalink
Ulvy Posts: 110 Incept: 2008-01-24 Kansas	They left out the fact that Americans increase their wealth 40% during the housing bubble from 2002 to 2006. So really it is a wash. The home equity wealth that was gained from 2002 through 2006 was bound to disappear. It was an imaginary gain....unless you sold out at the top. 2012-06-12 04:10:45 Permalink
Vitchilo Posts: 4630 Incept: 2011-04-27 Online	Their inflation metric doesn't count food prices and gas prices... ---------- "Every normal man must be tempted at times to spit upon his hands, hoist the black flag, and begin slitting throats." -- H.L. Mencken 2012-06-12 08:20:17 Permalink
Mayorquimby Posts: 13909 Incept: 2008-09-18 The Archaic Past	Exactly. Inflation from the criminals in charge ripped thousands from everyone's pockets. ---------- They who wish to hurt you, work within the law. - Morrissey Gold is theft. 2012-06-12 08:22:10 Permalink
Harrisonact Posts: 1755 Incept: 2010-10-04 canada	Uh uh. It's core fact here gains don't count until you cash them out. So diminishing stock values, plumetting home prices, all that stuff means ** unless they holder cashed out at the top. If don't give a ** if someone bought 1m shares of Apple at $1. If they didn't cash them at the peak they were never uber rich billionaires, just bagholders waiting for someone dumber to come along. I'm half stoned so meh.... ---------- bilge My playbook speaks español. Deal with it. Im too lazy to fix it. 2012-06-12 09:14:45 Permalink