Friday, September 18, 2009
America's Lost Wealth
According to a press release from the Federal Reserve on Tuesday, American households gained about $2 trillion in the 2nd quarter- the first time it has increased since 2007. The Flow of Funds report also showed that the current net worth of American households is $53 trillion. The highest it reached was $65 trillion in 2007. In the 4th quarter of 2008 alone, the total dropped a record $11 trillion.
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It dropped $11 trillion in the 4th quarter of '08? Or it dropped at a rate of $11 trillion per year?
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