US net worth grew in 2Q for first time since '07
AP
17-Sep-2009 (3 comments)

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.

Even with the gain, Americans' net worth stands well below the $65.3 trillion peak it reached two years ago. The increase in the second quarter was led by stock portfolios, according to the Fed report. The value of Americans' stock holdings rose 21.6 percent from the first quarter, the first increase in two years.

Net worth also was boosted slightly by higher home prices. The value of real-estate holdings rose 1.8 percent, according to the Fed report. That was the first gain since the final quarter of 2006.

This week, Fed Chairman Ben Bernanke said the worst recession since the 1930s probably is over. Most analysts say the U.S. economy is growing in the current qu... >>>

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Farhad Kashani

America is home to the

by Farhad Kashani on Fri Sep 18, 2009 04:58 PM PDT

America is home to the largest middle class in any country. It has always been like that. Having a large middle class is what guarantees the success of any system, a middle class that is not dependent on the government plundering the country’s resources like in Communist and Socialist countries (Shah Gholams’s idols!). This country had the greatest tax, education, health and social safety nets (from unemployment to social security to medicare to Medicaid…) systems.  That has ensured the survival of its prosperity and the survival of its democracy.

Neo Comms who bitch about the “richest 1%” don’t understand that the existence of a large percentage of rich ensures the development of a large % of poor. The more the middle class % shrinks, the worst the society gets. Middle class doesn’t mean “half rich”, it means building towards becoming rich. When you enter the market, you start at the bottom of the middle class rank and through this great American system work your way towards greater prosperity. That produces employment, tax revenue, discipline, and everything that made the American model so successful for such a long time.

These desperate Neo Comms bitch about the last few years, but don’t see the long history this system worked.

So all those pro IRI idiots who on this site bash American system, are just as much clueless about economy as about everything else. America provides for all. It has always does. Sure, its systems needs transformation, but that’s a good thing. It’s always in the state of rejuvenation.


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Shah Ghollam

The headline may be true

by Shah Ghollam on Fri Sep 18, 2009 07:57 AM PDT

but one has to ask himself/herself at what cost? millions of Americans have lost their jobs and their livelyhood while the 1% richest got richer not to mention thousands who lost their homes and other thousands who moved to tents at the edges of cities. All because USA, the flag bearer of freedom nd democracy and the richest nation on earth could not provide for its people and chose the guns over butter!!! Count the cost.......


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Bavafa

When it comes to fixing GWB f*&kups,

by Bavafa on Thu Sep 17, 2009 03:42 PM PDT

Two done, many thousands to go.

Mehrdad

P.S. Today's first was scraping the missle shield


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