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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (115100)	6/11/2012 5:28:36 PM
From: RetiredNow	Respond to of 149317

But if we're just shifting debt from the left hand to the right hand, exactly what have we accomplished as a nation? It doesn't improve our economy unless overall national debt levels are decreased. Shifting debt from banks to the public and from states and local to the public doesn't help us at all.

To: tejek who wrote (115100)	6/11/2012 5:29:15 PM
From: RetiredNow	Respond to of 149317

Your Wealth Was STOLEN Do you believe me now? The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes. The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992. Where did it go? To the banksters, *who took your wealth and used it to cover their fraudulent credit creation.* And who made this possible? Your government, who you continue to support and demand..... commit yet more fraud (just "against someone else please!") The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010. That "equity" was never real. It was a phantom created by the banksters out of whole cloth -- an out-and-out pyramid scheme and a fraud. The FBI warned of it years before the bubble burst and the appraisers sent a petition to Congress *in the early part of the 2000swarning of it too. George W. Bush actually sued states to prevent them from putting a stop to it and Obama has refused to bring a single* indictment related to it. Your Congress, Democrat and Republicans alike, have not only refused to demand investigations and prosecutions but have handed over trillions of dollars of deficit spending *to explicitly cover over the fraud that would have otherwise sunk these institutions* and then on top of it made balance sheet lies legal. You ate all of this, and you should -- but in a just world where fraud was not the business model of choice *the banksters would eat it too and would be long out of business and most of them would be broke.* That's the only way to effectively stop this sort of misbehavior -- make damn sure it hurts, so that when you do this and the bubble bursts, *both the borrowers and lenders get reamed.* But remember folks, "Nobody committed any crimes", according to *all three* of the major Presidential Candidates.

To: tejek who wrote (115100)	6/11/2012 5:31:17 PM
From: RetiredNow	Read Replies (2) \| Respond to of 149317

The middle class is getting destroyed in this country. Do you really believe a recovery is possible without the middle class? -------------- Family net worth plummets nearly 40% money.cnn.com By Charles Riley @CNNMoney June 11, 2012: 4:07 PM ET Income and net worth fell from 2007 to 2010. NEW YORK (CNNMoney) -- The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve. The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families. The Fed study, called the Survey of Consumer Finances, offers details on savings, income, debt, as well as assets and investments owned by American families. The results, though more than a year old, highlight the marked deterioration in household finances brought on by the financial crisis and ensuing recession. Much of the drop off in net worth -- to levels not seen since 1992 -- was attributable to a sharp decline in housing values, the Fed said. In 2007, the median homeowner had a net worth of $246,000. Three years later that number had fallen to $174,500, a loss of more than $70,000 on average. Families who reside in the west and south, where the housing market was especially hard hit by the recession, were worse off than their peers in the rest of the country. Making matters worse, income levels also fell during the tumultuous three-year period, with median pre-tax income falling 7.7% as earnings from capital gains all but disappeared. The loss of income and net worth appears to have impacted savings rates, as the number of Americans who said they saved in the prior year fell from 56.4% in 2007 to 52.0% in 2010 -- the lowest level recorded since the early 1990s. At the same time, some families were able to escape from debt, as the share of families with debt decreased slightly to 74.9% over the three-year period. Credit card use was down, and the median account balance fell 16.1%. Long-term unemployment crisis rolls on Meanwhile, families who did report carrying debt showed little change in the degree of indebtedness over the period. Lower interest rates helped keep debt levels down, but the number of Americans who had fallen more than 60 days behind on debt payments still grew from 7.1% to 10.8% in 2010. The report also indicated that families with more assets at the start of the recession were able to retain more of their net worth than less fortunate families. Families in the top 10% of income actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010. Meanwhile, middle-class families who ranked in the 40th to 60th percentile of income earners reported that their median income fell from $92,300 to $65,900 over the same time period.