Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

msongs

(73,272 posts)

4. just compare 2001 ($106K) to $77K in 2011 - Huge drop with NO housing factor nt

Reply to NickB79 (Reply #3)

Mon Jun 11, 2012, 03:57 PM

Jun 2012

Click here to purchase valentine hearts!

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

37 replies

= new reply since forum marked as read

Highlight:

Brutal Recession Destroyed Americans' Wealth, Net Worth Down 40% In 3 Years (Forbes) [View all] jannyk Jun 2012 OP

and the top 1% sucked it all up. n/t Horse with no Name Jun 2012 #1

Agreed bobobjohnae Jun 2012 #2

How, exactly? Most of this is due to the house price bubble deflating. Nye Bevan Jun 2012 #5

The one percent received a nice bail out on their failed investments. HuckleB Jun 2012 #6

By having the federal reserve buy their fecal mortgage backed securities at face value! kenny blankenship Jun 2012 #15

Kenny, this is one of the most righteous coalition_unwilling Jun 2012 #17

agreed. laundry_queen Jun 2012 #22

So how did Lehman Brothers go bankrupt? Nye Bevan Jun 2012 #20

Because it happened too fast laundry_queen Jun 2012 #23

Lehman bankruptcy happend before the cash-for-trash programs began. The coalition_unwilling Jun 2012 #24

here's one theory: HiPointDem Jun 2012 #32

Indeed a GREAT explanation........ socialist_n_TN Jun 2012 #26

Thanks for so eloquently proving my 1 line reply Horse with no Name Jun 2012 #27

+1. HiPointDem Jun 2012 #29

kenny blankenship speaks the truth. Prometheus Bound Jun 2012 #37

It was fake wealth to begin with NickB79 Jun 2012 #3

just compare 2001 ($106K) to $77K in 2011 - Huge drop with NO housing factor nt msongs Jun 2012 #4

zing! cthulu2016 Jun 2012 #8

Very true. I'm not arguing that there wasn't a big drop NickB79 Jun 2012 #9

Only if you think housing wasn't already in a bubble in 2001. boppers Jun 2012 #35

A bank lending against that fake value would have disagreed cthulu2016 Jun 2012 #7

All very good points. NickB79 Jun 2012 #10

Wages are not wealth, or worth. boppers Jun 2012 #31

The only the thing fake about it is that it was built on Ponzi bank credit. girl gone mad Jun 2012 #11

I have a different take on it NickB79 Jun 2012 #12

Any time you hear about "overpopulation" remember one thing Zalatix Jun 2012 #13

Who's talking about controlling overpopulation? NickB79 Jun 2012 #14

In 2009, world total fertility rate was 2.47 births per woman. It's likely lower today (recession/ HiPointDem Jun 2012 #34

Speculation drove these bubbles in commodities. girl gone mad Jun 2012 #16

"Economic growth does not have to come at the expense of the environment" The2ndWheel Jun 2012 #18

Speculation can only do so much NickB79 Jun 2012 #25

"You can't speculate and drive the price of a commodity through the roof that's widely available" girl gone mad Jun 2012 #28

I suggest investing in Tulips. boppers Jun 2012 #33

Sure looks like the predicted 'bumpy plauteau' to me n/t Strelnikov_ Jun 2012 #21

no, what you saw was the result of too much money chasing too few real investment opportunities = HiPointDem Jun 2012 #30

"Mission accomplished!" bighughdiehl Jun 2012 #19

Since 2001, every decile of the income distribution lost wealth except the top 10%. HiPointDem Jun 2012 #36