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WASHINGTON - Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.
Still, household net worth remains about 19 percent below its peak in the third quarter of 2007, before the recession began.
The Federal Reserve said net worth grew by $2 trillion to $53.1 trillion in the April-to-June quarter. Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, rose nearly 4 percent from the first quarter, the Fed said.
There's some positive indicators in here, particularly in the saving dept.
Yes, there will never be a full recovery unless people start spending and put the wheels of free markets in motion again. And people will not spend unless they have money, or at least think they have money.
I like how this may be an indicator of good news yet it hasn't changed my life one bit except for the fact that my 403(b) is still a few hundred dollars away from being back to 2006 levels.
Houses are still out of reach for me.
Gas prices are going up again.
I think the key is not money, but if people think they can get away with CREDIT spending then they will. All they need is job security and then BOOM, charge it up.
Yup the Wall Street execs especially in JP Morgan and Goldman Sachs made out like bandits in this recession. They didn't see it as a recession though, they saw it as a major firesale buying up the falling competitors.
Yup the Wall Street execs especially in JP Morgan and Goldman Sachs made out like bandits in this recession. They didn't see it as a recession though, they saw it as a major firesale buying up the falling competitors.
Of course. They did it during the great depression too. They love the boom and bust game.
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