OBAMANOMICS: HIS BANKSTERS PROFITS AND CRIMES ARE
SOARING… so are foreclosures and illegals get all the jobs!
WILL WE SURVIVE OBAMA’S SECOND TERM?
He noted that though the number of foreclosures has dropped
significantly, it is still more than double the pre-crisis amount.
WASHINGTON POST
Americans have rebuilt less than half of wealth lost
to the recession, study says
By
Ylan
Q. Mui, Thursday, May 30, 9:00 AM
American households
have rebuilt less than half of the wealth lost during the recession, leaving
them without the spending power to fuel a robust economic recovery, according
to a new analysis from the Federal Reserve.
From the peak of the
boom to the bottom of the bust, households watched
a total of $16 trillion in wealth disappear amid sinking stock prices and
the rubble of the real estate market. Since then, Americans have only been able
to recapture 45 percent of that amount on average, after adjusting for
inflation and population growth, according to the report from the St. Louis Fed
released Thursday.
In addition, the
report showed most of the improvement was due to gains in the stock market,
which primarily benefit wealthy families. That means the recovery for other
households has been even weaker.
“A conclusion that
the financial damage of the crisis and recession largely has been repaired is
not justified,” the report stated.
The study is part of
a growing body of research on the role of household wealth — or lack thereof —
in amplifying the impact of the recession and slowing the rate of recovery.
Traditionally, economists and policymakers have focused on the effects of
employment and income. But the report from the St. Louis Fed argued that swings
in household balance sheets — which include home values, stock prices, savings
and debt — were critical in determining which families weathered the financial
storm and which got swept away.
The report found that
the most fragile households were not well educated, relatively young or black
or Hispanic, or some combination of those characteristics. Those families
tended to have low savings combined with high debt and accrued much of their
wealth through housing.
How those households
respond to the changes in wealth is a critical component of the recovery. Top
officials, including Chairman Ben S. Bernanke, have pointed to the rebound in
real estate and the soaring stock market as evidence of the success of the
central bank’s policies.
The Fed is spending
$85 billion a month to lower long-term interest rates and stimulate the
economy. It has also kept short-term interest rates to near zero. That
has helped push stock markets to record highs, while home prices have jumped by
the most in seven years. Consumer confidence is at its highest point since
February 2008. Officials hope those factors will eventually result in more
consumer spending power.
“I think we’re at an
inflection point,” said Beth Ann Bovino, senior economist at Standard &
Poor’s. “We’re seeing things turn around. And that’s where the optimism comes
in among households.”
But research by noted
economists Karl Case, John Quigley and Robert Shiller found the households were
more powerful affected by declines in wealth than increases. An unexpected 1
percent drop in housing prices caused a permanent 0.1 percent decrease in
spending, that study found. But a similar 1 percent rise in housing prices
boosted consumer spending by only 0.03 percent.
“Rising wealth is
gratifying, but the loss of wealth is terrifying,” said Mark Zandi, chief
economist at Moodys.com. “Households spend somewhat more freely as their nest
eggs grow, but they slash their spending when their nest eggs shrink.”
William Emmons, chief
economist for at the St. Louis Fed’s new Center for Household Financial
Stability, said that many of the most vulnerable households began to treat
credit as another form of income during the boom. After the bust, they were
forced to dramatically rethink their finances, resulting in more cautious
spending.
Emmons said many
families have not experienced any recovery — or are even still losing wealth.
Young Americans, those with few skills or are unemployed may not have been able
to rebuild any wealth. He noted that though the number of foreclosures has dropped
significantly, it is still more than double the pre-crisis amount.
Meanwhile, he
estimated that recent gains in the stock market mean that the recovery of
wealth is nearly complete for white and Asian households and older Americans.
Wealth accumulation
not only impacts families’ current financial status but also their prospects
for future economic success. The St. Louis Fed report points to studies that
connect savings to the likelihood of attending and completing college and
economic mobility.
“Balance sheets
matter in ways that income alone does not,” said Ray Boshara, head of the
center.
Related Articles: Tax
breaks tilt toward the rich The economy is holding up surprisingly well in a
year of austerity Low-interest-rate environment exposes seniors to fraudsters
Hiring slowed to 88,000 jobs in March; unemployment rate drops to 7.6 percent
assault on America – THE OBAMA – JP MORGAN LOOTING of a nation
DID OBAMA PUNKED
US OR IS HE SIMPLY A FAILED PRESIDENCY?
OBAMA, THE MAN THAT NEVER VOTED DURING THE BRIEF PERIOD HE
WAS IN THE SENATE, OWNED AND OPERATED BY BIG BANKSTERS, IS NOTHING BUT A CON
JOB CALLED “CHANGE”… OR DICTATOR IN THE MAKING.
EITHER WAY HE IS THE
MOST FAILED PRESIDENCY IN MODERN AMERICAN
OBAMA’S CRONY CAPITALISM – A NATION
RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA DONORS
Culture of Corruption: Obama and His
Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
In her shocking new book, Malkin digs deep into the records
of President Obama's staff, revealing corrupt dealings, questionable pasts, and
abuses of power throughout his administration.
*
CONGRESS
DECLARES THAT ILLEGALS SAP TAX DOLLARS… SO THEN WHAT WOULD 40 MILLION LEGALIZED
MEXICAN LOOTERS DO??? GO OUT AND VOTE GOP?
*
OBAMA’S CRONY CAPITALISM – A NATION
RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA DONORS
Culture of Corruption: Obama and His
Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
In her shocking new book, Malkin digs deep into the records
of President Obama's staff, revealing corrupt dealings, questionable pasts, and
abuses of power throughout his administration.
*
*
2/3S JOBS – NAFTA
THE OBAMA PLAN:
THE OBAMA CONSPIRACY TO UNITE AMERICA
WITH MEXICO, OPEN THE BORDERS WIDER and KEEP WAGES DEPRESSED WITH 40 MILLION
NEW “UNREGISTERED DEMS”…. WHICH WILL EFFECTIVELY DESTROY THE GOP AS WELL.
SOCIOPATH OBAMA – ALL
HIS WARS ARE TO PROTECT THE BORDERS OF THE MUSLIM DICTATORS HE PROPS UP ON OUR
TAX DOLLARS, EVEN WHILE HE SABOTAGES OUR BORDERS WITH NARCOMEX TO BUILD THE
DEMS’ PARTY BASE OF ILLEGALS…. AND THEY GET ALL THE JOBS, WELFARE AND
OBAMACARE!
*
Government of, by, and
for the banks
25 May 2013
Five years since the 2008 financial meltdown,
the speculation and fraud that caused the crash are back in full force in the
United States. Flush with the $85 billion in cash printed up and handed to the
banks every month by the Federal Reserve, business at the Wall Street casino is
booming. Stock values are at record levels and so are bank profits, amidst
declining wages and mass poverty.
Big Banks Get Break in Rules to Limit Risks
OBAMA-STYLE CRONY CAPITALISM…
business as usual for Obama’s banksters!
OBAMA
AND HIS CRIMINAL BANKSTERS… THE LOOTING GOES ON, AND AS PER OBAMA’S
PROMISE…NONE HAVE GONE TO PRISON!
“The changes to the
rule, which will be announced on Thursday, could effectively empower a few big
banks to continue controlling the derivatives market, a main culprit in the
financial crisis.”
Giving Illegals Access to Welfare
‘An Assault on the U.S. Taxpayer,’ Researcher Says
May 29, 2013
Robert Rector
of The Heritage Foundation
*
CRIMINAL BANKSTERS BANK of AMERICA and WELLS FARGO are two of
criminal Sen. Dianne Feinstein’s paymasters. She voted for each and every
banksters bailout that came along and did nothing about these banks crime tidal
wave the destroyed billions of dollars of property value held by the people of
California where she lives in a $16 million dollar war profiteers mansion in
San Francisco.
Feinstein is a major
donor to the OBAMANATION and supports his amnesty hoax, open borders, no
E-VERIFY and any policy that aids the looting of this nation by Obama’s BIG
BANKSTER DONORS!
*
BANK of AMERICA – A
MAJOR CAUSE OF MILLIONS OF FORECLOSURES, A MAJOR DONOR to the MEXICAN FASCIST
PARTY of LA RAZA and a MAJOR MONEY
LAUNDERER for the MEXICAN DRUG CARTELS. Seen that American flag flying over
their executive offices???
BUILDING THE OBAMA DICTATORSHIP: BANKSTERS, LA RAZA
FASCIST and the MEXICAN DRUG CARTELS… business is good for them under the
Obamanation!
“Not one banker was prosecuted for illegal
involvement in the drugs trade.”
BANK of AMERICA – A MAJOR CONTRIBUTOR TO MEXICAN
FASCSIM AND DRUG CARTELS
*
OBAMA’S INCEST WITH BIG BANSTERS CONTINUES… WHO’D A
THOUGHT???
With
his faith in government and coziness with big business, Watt personifies
Obamanomics.
Big
government and big banks -- Watt is the perfect fit for Fannie, Freddie, and
Obama.
*
TOP OBAMA BANKSTERS
AND MEX DRUG CARTELS
BUILDING THE OBAMA
DICTATORSHIP: BANKSTERS, LA RAZA FASCIST and the MEXICAN DRUG CARTELS… business
is good for them under the Obamanation!
“Not one banker was prosecuted for illegal
involvement in the drugs trade.”
*
No comments:
Post a Comment