U.S. household wealth falls $11.2 trillion in 2008.....
WASHINGTON (Reuters) - U.S. households suffered a record 9 percent drop in wealth and pared debt in the fourth quarter as a deepening recession battered confidence and finances, Federal Reserve data showed on Thursday.
Household net worth dropped by $5.1 trillion from the prior quarter to $51.5 trillion. For the full year, net worth dropped by $11.2 trillion, reflecting steep declines in the housing and stock markets.
The declines in household net worth were the largest since quarterly and annual records began in 1951 and 1946, respectively, said the Fed -- the U.S. central bank.
Household net worth dropped by $5.1 trillion from the prior quarter to $51.5 trillion. For the full year, net worth dropped by $11.2 trillion, reflecting steep declines in the housing and stock markets.
The declines in household net worth were the largest since quarterly and annual records began in 1951 and 1946, respectively, said the Fed -- the U.S. central bank.
LINK:http://www.reuters.com/article/domesticNews/idUSTRE52B58720090312?feedType=RSS&feedName=domesticNews&rpc=22&sp=true
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Give them more money in Stimulus II and maybe they can outsource more work!!!
For Example:
Notice they call it something more palatable like outsourcing 25% more IT operation structure!
JPMorgan Chase to Increase India Outsourcing 25%. America's second-largest bank plans to spend $400 million on work outsourced to India to streamline its IT operations.
LINK:http://www.businessweek.com/globalbiz/content/mar2009/gb2009039_431274.htm?chan=top+news_top+news+index+-+temp_global+business
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Congress at work: '$1 billion an hour' WHEW!!!!! Take a few weeks off boys! Your Killing Us!
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BAD GRADES HELL! They are flunking out! 59% average? Thats not acceptable in anyones book!No wonder the economy is tanking and the media is ducking for any excuse!Obama, Geithner Get Low Grades From Economists!
LINK:http://online.wsj.com/article/SB123671107124286261.html
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Obama Justice Department Rejects Bush Logic on Detainees. The new Justice Department claimed in a court filing Friday that only individuals who provided "substantial" support to al Qaeda or the Taliban can be detained.
Link:http://www.foxnews.com/politics/2009/03/13/obama-justice-department-rejects-bush-logic-detainees/
Note the words out of Holders mouth when he says "Makes our country stronger" what the ___???
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Yell Uncle at any time!!!
Goldman Sachs Group Inc. estimates the nation will almost triple debt sales this year to a record $2.5 trillion.
Goldman Sachs Group Inc. estimates the nation will almost triple debt sales this year to a record $2.5 trillion.
Link:http://www.bloomberg.com/apps/news?pid=20601087&sid=aP7DPb6vb0Eo&refer=worldwide
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The best of the lot comes from American Spectator for today!
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Where from?
Liberalism is a war against the middle class. If you have to get up every morning, go to a job and make money to pay your bills, then you're middle class; it doesn't matter whether you drive a cab, lay pipes, count up numbers or write for a conservative online magazine. If you get your money from the taxpayers because you're on welfare, hold public office, head up a firm thats taking billions in bailouts or manage an equity fund that profits from such, you are not middle class. Ask yourself where the bulk of the hard core ObamaNazis get their money from, and then you'll understand why they supported him last fall.
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