Fed: Americans’ wealth dropped 40 percent

Because that wealth wasn't really there. The Finance industry inflated the book value for their own benefit but valuations were utterly fictional and when push came to shove the real value was shown to be much much less. The crooks that ran this scam are all doing very well, thank you very much, and no prosecutions are on the horizon.
 
Dammy said:
"The median value of Americans’ debt did not change between 2007 and 2010...."the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010"
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2007, 2008, 2009 we were under a Republican President approved economy at the federal level. This speaks volumes on how well Bush dug a deep ditch.


Dammy said:
" housing prices have begun to stabilize and unemployment has fallen — Fed economists said those improvements largely do not change the survey results"
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Another way to say it is while we're not yet back to ground level but we have stopped digging the ditch and are climbing out.
 
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