Thu Dec 6, 2012, 10:34 PM
banned from Kos (4,017 posts)
Calculated Risk: Households lost $16.1 trillion during the Near-Depression
According to the Fed, household net worth increased in Q3 compared to Q2 2011. Net worth peaked at $67.3 trillion in Q3 2007, and then net worth fell to $51.2 trillion in Q1 2009 (a loss of $16.1 trillion). Household net worth was at $64.8 trillion in Q3 2012 (up $13.6 trillion from the trough, but still down $2.5 trillion from the peak).
The Fed estimated that the value of household real estate increased $301 billion to $17.2 trillion in Q3 2012. The value of household real estate is still $5.5 trillion below the peak.
Thank you, Obama, Bernanke,and Geithner.
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Calculated Risk: Households lost $16.1 trillion during the Near-Depression (Original post)
|banned from Kos||Dec 2012||OP|
|banned from Kos||Dec 2012||#2|
Response to DonCoquixote (Reply #1)
Sun Dec 9, 2012, 03:06 AM
progree (2,741 posts)
3. I find it interesting that the beginning of the upturn was in Obama's first quarter of office
The OP excerpt says the net worth bottom was in Q1 2009. Coincidentally perhaps, it was in Q1 2009 that Obama replaced Bushed. Putting it another way, the beginning of the upturn was in Obama's first quarter in office. At least as far as the household net worth.
According to the National Bureau of Economic Research (NBER.org), the official arbiter of recessions and expansions, the upturn began some unspecified time in June 2009, about 5 months after Obama took office (in Obama's 2nd quarter in office). http://www.democraticunderground.com/111622439#post3
Just noting the, perhaps, coincidence.