The consequences of vanishing wealth

median

You’ve probably seen the headline version: “U.S. families see prosperity plunge” is how this morning’s AJC front page puts it. And unfortunately, “plunge” is an accurate term.

The median American family — the mythical family at the dead center of the U.S. economy, with half of families being richer and half being poorer — saw its net worth plunge from $126,400 in September of 2007 to just $77,300 in September of 2010, a decline of $49,100 in perceived wealth in just three years’ time.

Again, “perceived” wealth is the accurate term. Much of that net worth came in the form of rapidly increasing home values, a rise that ended right about the time that the 2007 survey by the Federal Reserve was being conducted. And as we know, it wasn’t just homeowners or Fed survey-takers who perceived that home value as real wealth that could be counted upon and even spent. So did credit-card companies, banks, mortgage lenders, security brokers, Wall Street, purchasers of credit default obligations and federal regulators.

When the bubble burst, everybody who had counted upon that false wealth being real took a hit. But nobody took a harder hit than the homeowner. According to one recent study, almost a third of all homeowners with a mortgage now owe their lenders more than the home is worth, which means their property reduces rather than enhances their net worth.

It’s no secret what happens when millions of people suddenly discover that they are several tens of thousands of dollars more poor than they thought. They stop spending and buying. When they stop spending and buying, companies start laying people off. When companies start laying people off, net worth plummets even deeper, and a destructive cycle begins.

Some of the lost wealth reflected above has been recovered since the most recent Fed survey was taken in September 2010. By then, the Dow Jones average had recovered some but not all of its previous value and stood at roughly 10,500. Today it’s at roughly 12,400, depending on how the market takes the news out of Europe.

And as usual, the decline in net worth was not felt equally across all income groups, as the chart below indicates. Because of the scales involved, net worth of families in the bottom 20 percent of incomes don’t show up well, but they fell by roughly a third between 2001 and 2010. However, the biggest hit was experienced by those in the 60-to-90 percent income groups, essentially the upper middle class. They were most likely to have a lot of their wealth tied up in their homes, and because they make a good amount of money and spend most of what they make, they also tend to be the group that drives a consumer economy.

Or not.

networth

– Jay Bookman

719 comments Add your comment

the cat

June 12th, 2012
10:16 am

I agree with our President. The private sector is doing just fine.

Cutty

June 12th, 2012
10:16 am

Cutty

June 12th, 2012
10:17 am

Brosephus™

June 12th, 2012
10:19 am

This one will be worth the read. I’ll check later as I have some newly downloaded aircraft to fly around. Check y’all later….

Normal Free...Pro Human Rights Thug...And liking it!

June 12th, 2012
10:20 am

SWEET JESUS!!?? I didn’t realize just how poor I am, until I saw that chart…OK, now I’m depressed.

mm

June 12th, 2012
10:21 am

The stupid cons still think the rich create jobs out of the kindness of their hearts.

Wrong!

The middle class creates jobs by creating demand for products. When the middle class loses as much as they have under the trickle down BS policies of the right, it’s obvious. When there is no demand, there are no jobs. And until congress passes a law to stop rewarding companies from sending our jobs overseas, there will not be any new jobs in the US.

Steve

June 12th, 2012
10:22 am

“The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with ­middle-class families bearing the brunt of the decline.”

According to the data, the richest families saw an increase in their net worth.

Oh, I’m sorry, do I have “wealth envy?” Gee, my bad…

Common Damn Sense

June 12th, 2012
10:22 am

It’s Obama fault :-)

Joseph

June 12th, 2012
10:25 am

Don’t worry our President says we are doing fine even though our worth has been cut in half thanks to his failure to lead….

Don't Tread

June 12th, 2012
10:26 am

Well the solution is simple…bring on another housing bubble!

Steve

June 12th, 2012
10:27 am

Our CONGRESS’s failure to lead. Presidents aren’t dictators, they don’t have ultimate power.

USMC

June 12th, 2012
10:27 am

Car(more like Train) wreck at the White House….
http://www.washingtonpost.com/opinions/car-wreck-at-the-white-house/2012/06/11/gJQAl8MpVV_print.html

All the while we have an UNQUALIFIED President who is driving our country over the cliff with his LEARNER’S PERMIT.

“The private sector is doing just fine.”— Pres. Barry Obama :-)

Granny Godzilla - Union Thugette

June 12th, 2012
10:28 am

The number was bigger for us….

We will retire with dignity, but for decades we worked and scrimped and saved and followed the rules and did what we were advised to do….

All that work, all that austerity for naught.

What we had saved for a tiny new house and two new cars and our retirement “trip”- gone.

Poof!

I will never forgive the supply siders.

and the bite is…we still are the lucky ones considering what we have left

Don't Tread

June 12th, 2012
10:29 am

Ps: bad stuff happens when you use your home as an ATM.

Pass the Cheesy Grits Please

June 12th, 2012
10:30 am

When will Republicans stop blaming the President and the Government for all their problems?

Its called personal responsibility.

Matti

June 12th, 2012
10:30 am

Those of us who were foolish enough to play by the rules and exercise integrity in our financial dealings got screwed. Who did the screwing? People who like to gamble with other people’s money, manipulate the markets, and buy legislators to pass legislation they write to make it legal to screw people who play by the rules and exercise integrity. Oh, and they have the nerve to call what they do “hard work, ” and then blame the screwed for being so gullible.

When did deceit become a virtue in this country? Was it always this way?

Where's My Party?

June 12th, 2012
10:30 am

If the HARP2 program could get some more traction, it has a chance of benefiting homeowners quicker than any other idea that has been suggested. I wish it would have come around the first time instead of the orignial HARP program. Allowing homeowners, who are current on the mortgage payments, refinance without the requirement of an appraisal should have been the first step, not one towards the end. It helps create an immediate increase in monthly cash flow. The original HARP program required you to be behind on your mortgage and that is typically already too late.

I also think any mortgage program should require a minimum of 10% down on the purchase price, not the appraised value. I would actually want a 20% requirment, but 10% is a start.

stands for decibels

June 12th, 2012
10:30 am

Jay, can you fix the chart so the “90 to 100″ category reads “We got ours, f-ck you?”

thanks.

Georgia on my mind..

June 12th, 2012
10:31 am

This chart keeps reminding me that I will have to work for “several” more years before I can retire. After refinancing my home with a 15 year mortgage, I feel a little relief even though the value has fallen!

godless heathen

June 12th, 2012
10:33 am

Paper money. A lot of the “destroyed wealth” was due to overinflated home values being corrected. Richest families saw increases in their net worth because all their eggs weren’t in the real estate basket they just kept on doing what they do.

I fail to see the “unfairness” in it.

mm

June 12th, 2012
10:33 am

““The private sector is doing just fine.”— Pres. Barry Obama”

I guess this will be the rightwing loser talking point for awhile.

Bummer cons, you screwed up the economy no matter how much you lie.

On average, Obama has create more jobs EACH MONTH than Bush did over the entire 8 years of his disastrous reign.

Recon 0311 2533

June 12th, 2012
10:34 am

Jay, made the argument for a change in administration and economic policy next year.

Divide and Conquer

June 12th, 2012
10:35 am

“When did deceit become a virtue in this country? Was it always this way?”

I vote for Dec.23, 1913.

Joseph

June 12th, 2012
10:35 am

Steve:

Yeah the Senate hasn’t passed a budget in when????

stands for decibels

June 12th, 2012
10:35 am

by the way, folks, next time you hear some dumbass telling you about the Social Security “ponzi scheme” and how Americans just need to be able to set aside a few more bucks for a private investment portfolio to make up the difference?

Look long and hard at those median net worth numbers from between, oh, 20 to 79.9 percent.

Try to imagine ALL those households somehow getting up to speed in a short time without a government regulated pension program, with that net worth.

Go ahead.

Soothsayer

June 12th, 2012
10:35 am

The decline of the American working class under the neoliberal labor strategy that has evolved over the last 45 years has been ruinous for millions of working people, their families, and their communities. Yet few people are willing to face the full implications of labor’s decline — increasing economic austerity for a majority of Americans and the prospect of a bleak future for the greater part of America’s youth and coming generations.

As many of you know, I believe that neoliberalism has been the downfall of this country. Beginning in 1947, a Neoliberal Labor Strategy has been implemented in the developed countries of the World.

This process is still ongoing, with the latest front being truck drivers — a heretofore protected segment of the American workforce.

Even though American workers outnumber capital 4 to 1, and could force changes economically by refusing to buy imported goods, or politically by forcing politicians to change policies, they do neither, and thus “get what they deserve” — living in poverty.

I invite you read this article now or bookmark it to read in your spare time. If you do, you will understand why the American people are broke and our economy is in the tank.

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 12th, 2012
10:38 am

Turn off your computers and go buy some stuff!

Or, jump over to Sears.com and buy some stuff. Don’t matter…but the mom-n-pop shops could use some spend.

the cat

June 12th, 2012
10:38 am

USMC-that is twice you have posted that. You and Hannity continue to find glee in someone else’s misfortune. You are a disservice to the uniform. Shame on you.

Steve

June 12th, 2012
10:39 am

Joseph, you mean the Senate that doesn’t have a needed Dem super majority? The same Senate where Republicans voted down women having access to equal pay recently?

Brad Steel

June 12th, 2012
10:40 am

..”perceived wealth “…”false wealth”…

Come on!

Wealth is an accounting function that is measured in currency. It is not feeling or a perception. And it can go up or down regardless of what you feel or perceive.

Jefferson

June 12th, 2012
10:40 am

I belive Romney when he says he is not concerned about the poor and he likes to fire people.

Mitt Romney

June 12th, 2012
10:41 am

Says that he is not concerned about “US” poor people. I wonder why?

http://www.youtube.com/watch?v=tqSrpynRTlk

Native Atlantan

June 12th, 2012
10:41 am

Agree with Granny — my net worth has dropped about 30% since the bubble burst, including my home value and all of my, very diversified investments. I’ve seen some recovery but not nearly enough. Fortunately, I can still live comfortably and am not upside down on my mortgage but I do keep a close eye on spending. May have to work a few extra years before I retire but I’ll address that the closer it comes.

Erwin's cat

June 12th, 2012
10:42 am

Agree on the consumer driven economy…it’s a vicious circle as we all have experienced

The “fix” or “solution” isn’t all that clear…the chicken vs the egg scenario…at least to me..

consumers won’t consume w/o jobs and jobs aren’t created w/o consumer spending…security is taking it on the nose..consumers lack job security and lack retirement security…neither will promote consumer spending

Paul

June 12th, 2012
10:42 am

I’d really love to hear Republicans clearly state, just once, what they would have done to have turned this around in 41 months.

I’ve about giving up hope of hearing it, but I’d really love it.

Jay – that chart? Those at the top 10 percent? Those bars aren’t going up high enough. They need a tax cut.

USMC

June 12th, 2012
10:42 am

“Its called personal responsibility.”–Toe Cheese
Like:
ILLEGAL IMMIGRATION
AFFIRMATIVE ACTION
WELFARE
STATE MANDATED “MEDICAL CARE”
TRILLION$ OF DOLLAR$ IN NEW DEBT and DEFICITS
NOT ALLOWING FOR DOMESTIC ENERGY RESOURCING
-just to name a few…
…and The list goes on and
on
and
on…

GW

June 12th, 2012
10:42 am

Can we just call this what it was: The Bush Great Recession?

That’s my lead story headline:
http://www.locustfork.net/

Stonethrower

June 12th, 2012
10:43 am

“Living on food stamps in middle-class suburbia” Interesting read over on CNNMoney.

Grasshopper

June 12th, 2012
10:43 am

You mean you can’t live like a Rockefeller off of the ‘perceived’ value of your house?

Who knew?

Jay

June 12th, 2012
10:44 am

Don’t fret Paul. After they do the next three-year survey, scheduled for 2013, I’m sure those bars will be higher still.

Simple Truths

June 12th, 2012
10:44 am

But, but, but, James K Polk…

Just thought I’d get that out of the way.

Kamchak ~ Thug from the Steppes

June 12th, 2012
10:44 am

USMC-that is twice you have posted that.

Super needy attention troll.

Steve

June 12th, 2012
10:45 am

Bernie

June 12th, 2012
10:46 am

Vote for MITT and he will change all of that around in one Term…Why? because he is a Business Man, A very wealthy Business Man and he knows exactly what to do. He alone is the only one that
can save America from this financial Mess!

Mitt is going to make all of US wealthy like Him. why? Because he is a Business MAN!

Mitt is the MAN with plan to increase the Wealth of All Americans….in just 4 years! Amazing! why did
we not realize this 3.5 years ago!

Just keep saying, He is Business MAN! and everything will be just fine!

We don’t need no more stinkin Policemen,Teachers or Firemen!

Mitt is the Bussiness Man…… that says SO!

Redneck Convert (R--and proud of it)

June 12th, 2012
10:47 am

Well, I don’t know about you but if I was worth 77,000 bucks there’d be a new doublewide at Simpsons Trailer Park and it’d be mine. Heck, there might could be two of them stacked on top of each other with a elevator. For the life of me I don’t see what these families with all that wealth are griping so much.

But I go for the simple things. A trailer, a pickup, a flat screen TV and some fried pork rinds with a case of beer and I feel like a king. Recession? What recession?

The only ones I don’t want to have these things are the folks I don’t like. Like Those People, the Gays, the Mexicans, and the libruls. I won’t be happy till they’re all begging at a exit ramp with a tin cup in their hand. That’s the reason why this November election is so important. I want to stick it to them—in a Christian way, of course.

Have a good Tuesday everybody.

Native Atlantan

June 12th, 2012
10:47 am

Oh, forgot to mention…I’m all for a balanced approach of tax increases and spending cuts — defense being at the top of the list.

Erwin's cat

June 12th, 2012
10:48 am

Steve, you may want to review that equal pay bill and see it for the sham it was…

What WAR on women?

June 12th, 2012
10:48 am

Mitt Romney says women’s equal pay protections are unecessary

http://www.youtube.com/watch?v=ICqJkjyJQ_0

Steve - USA (I support "None Of The Above")

June 12th, 2012
10:49 am

Happily the people here are exempt from the charted downfall because everyone here has been claiming they are way better off than 4 years ago.

Sadly the Foreclosures in my area and according to Sunday’s AJC metro Atlanta continue at a brisk pace along with a huge decline in values.

Glad all you missed the downturn.

USMC

June 12th, 2012
10:49 am

“USMC-that is twice you have posted that. You and Hannity continue to find glee in someone else’s misfortune. You are a disservice to the uniform. Shame on you.”–Cat in the Hat

Excuses Excuses Excuses… Is that what the Party is teaching you to parrot???
Me and WHO?? That’s cute, but I don’t listen to Hannity.
I know that doesn’t help your brainwashed “philosophy” much, so you are going to have to do better than that and start THINKING for yourself.
“I know you and BOOKMAN find glee in other people’s misfortune…” Are you kidding me?? LOL!

How about learning to think for yourself. The government can’t do it for you. :-)

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 12th, 2012
10:50 am

Well, what we in the middle class need to do is look ahead and discover where we will need to defend ourselves. If we aren’t spending money, then companies aren’t making profits, so the wealthy will see less and less income from investments. They are going to be looking for new ways to squeeze blood out of our turnipy arses.

Last time, the “masters of the universe” created the illusion of prosperity for the middle class which spurned us to spend spend spend. What will the illusion be next time? Where will the next bubble be?

Grasshopper

June 12th, 2012
10:50 am

“Vote for MITT and he will change all of that around in one Term…Why? because he is a Business Man, A very wealthy Business Man and he knows exactly what to do. He alone is the only one that
can save America from this financial Mess!”

I agree!

A businessman in charge of the worlds leading economic super-power would be vastly superior to a ‘community organizer’ who never held a real job in his life.

“The private sector is doing fine.” BO – June 8, 2012

Don't Tread

June 12th, 2012
10:50 am

“Super needy attention troll” – that’s funny, coming from the guy who would post “SQUIRREL!”, ad nauseum.

Ayn Rant

June 12th, 2012
10:50 am

A strong argument for not electing Romney, who proposes to repeat the mistakes of Bush/Cheney, beginning with tax cuts for those who don’t need them and continuing development of useless Cold War weapons.

Oblama

June 12th, 2012
10:52 am

Didn’t Obama say he wanted to “redistribute” the wealth? It got redistributed. He should be happy now.

Paul

June 12th, 2012
10:52 am

Native Atlantan

“Oh, forgot to mention…I’m all for a balanced approach of tax increases and spending cuts — defense being at the top of the list.”

You democrat socialist anti-free market librul….

:-)

stands for decibels

June 12th, 2012
10:53 am

You and Hannity continue to find glee in someone else’s misfortune

Can’t believe I’m writing this, but… I actually thought Sean Hannity had more class than that.

TaxPayer

June 12th, 2012
10:53 am

My piece of the private sector is doing just fine. So sorry to hear that you cons are still losers. :smile:

Oblama

June 12th, 2012
10:54 am

Mitt’s wealthy and so is Obama…….. so what?

the cat

June 12th, 2012
10:54 am

USMC-you really surprise me with your vitriol after saying you served your country honorably and then are so happy that someone in the President’s cabinet has a medical issue and causes a car crash. Did I say you listen to Hannity? I said you and Hannity both finding glee in the misfortune of someone else is very enlightening as to how you think and act. I would hope that someone the supposedly served in the military would have more compassion. Maybe you are being less than truthful about your service?

Will the "REAL" Mitt Romney...

June 12th, 2012
10:55 am

Talking Head

June 12th, 2012
10:55 am

Payroll change since January 2008

Total: -5.01 million -3.6%

Private: -4.61 million -4%

Government: -407,000 -1.8%

Federal Government: (excluding post office) +225,000 11.4%

Sources: Labor Department, Datastream

Where's My Party?

June 12th, 2012
10:55 am

Paul – Not a Republican, but I have 2 thoughts on what could have been done to help aid recover quicker. First was what I mentioned above with the HARP2 program. I believe if it had been put in place early on it would have saved many homeowners from foreclosure. If homeowners current on their mortgages had been allowed to refinance their existing 1st mortgage balances without an appraisal, it would have helped by lowering their monthly payment. If you have a 2nd mortgage, this would have been a little more difficult or perhaps not even possible, but it would have helped many who just had a underwater 1st mortgage.

Second thought has to do with the bank regulators. The regulations regarding “Troubled Debt Restructuing” and “Mark to market” accounting make it disadventageous for banks to help a troubled borrower. I am just going on my lowely knowledge of consumer and mortgage loans on the community bank level, but those two policies alone have played a big role in devastating the value of homes. Going along with this, the FDIC loss share program played an even bigger role. (Note: I am not saying we should not have banking regulations. I am saying these 3 were not well conceived and as written and executed by the regulators, have caused signifcant harm.)

East Cobb RINO

June 12th, 2012
10:55 am

RE: the HARP program. Being current in my payments I was able to take advantage of the HARP program and reduced my 1st Mtg payment around 150/month. What I would like to see is if the HARP program would expand to allow the inclusion of higher interest 2nd mortgages in the refinance to add to the savings.

I did everything right when I purchased my home in 2001. A lender tried to talk me into a fancy loan where I could have purchased a 600K home but I said no, I will buy what I can afford with the 30year conventional and an 810 credit score. Now I sit 90K underwater and am beginning to look at whether or not I should just walk away. My credit score could probably be recovered sooner than my home equity.

Grasshopper

June 12th, 2012
10:55 am

“My piece of the private sector is doing just fine. So sorry to hear that you cons are still losers.”

You’re a happy capitalist then?

Step away from the dark side.

bluetiger

June 12th, 2012
10:56 am

Too many people have allegiances to a party or ideology rather that the good of the country. In order to get rid of the captain of the ship, they are willing to sink the boat. I often wondered why a person would vote against their best interest, until I heard and economist say they one day think they will become a Bill Gates or Warren Buffett. Go figure!!

U.S. Navy

June 12th, 2012
10:56 am

the cat

June 12th, 2012
10:54 am

It was proven several weeks ago that USMC is really Gomer Pyle.

Lord Help Us

June 12th, 2012
10:56 am

The faux ‘wealth’ of the dot.com boom vs. the faux ‘wealth’ of the housing boom.

Faux ‘wealth’ being the common demoninator. Both wrought by the ‘best and brightest’ financial minds…you know, the ones still advising the President…

stands for decibels

June 12th, 2012
10:57 am

Oh, and they have the nerve to call what they do “hard work, ”

I honestly find that aspect of America’s skimmer class the hardest to take.

Finn McCool (The System Isn't Broken; It's Fixed ~ from an Occupy sign)

June 12th, 2012
10:58 am

How do we cut off the siphon of our money from our pockets to the wealthy?

We can’t do it with our retirement accounts – there are specific rules that say, in effect, “if you want to partake of the 401ks, the IRAs, and the Roth IRAs, you gotta make your money available to the “Masters of the Universe!…oh, and you CANNOT TOUCH IT or we will penalize you!” So the bankers get to use our money to make trunkloads of money while giving us a cut of maybe 12% so they are using our retirement money to get wealthier.

Where else or what else can we do to shut the siphon off? If we stop buying stuff more of us lose our jobs.

Any ideas?

Maybe we need to join the underground economy? And no I don’t mean the illegal economy.

Matti

June 12th, 2012
10:59 am

Finn McCool: They are going to be looking for new ways to squeeze blood out of our turnipy arses. Last time, the “masters of the universe” created the illusion of prosperity for the middle class which spurned us to spend spend spend. What will the illusion be next time? Where will the next bubble be?

Excellent comments. We (the screwed) do need to think strategically in this regard. The Plutocrats have been thinking strategically for decades, implementing the foundational layers for their feudal utopia one at a time. That sort of wealth accumulation for the few, at the expense of the rest of us, does not happen by accident! There’s always been a plan to it.

We need to plan too, and stop trickling our money upward into the pockets of people who rejoice in our demise.

Steve - USA (I support "None Of The Above")

June 12th, 2012
10:59 am

The HARP program is a joke. The solution that was provided for underwater mortgages is not solved by lower interest rates it is provided by equity paydown.

USMC

June 12th, 2012
11:00 am

“Super needy attention troll.”–Kamchek Thug

— There’s your sign… :-)
(I didn’t realize that JAY had changed his blog rules)

Aquagirl

June 12th, 2012
11:02 am

I would hope that someone the supposedly served in the military would have more compassion. Maybe you are being less than truthful about your service?

I would hope so. The Marines I knew and served with would NEVER have disgraced their uniforms doing a happy dance over this matter.

And USMC, if Bryson’s problem turns out to be medical, expect to eat your post repeatedly. What you are doing is disgusting. If you’re going to double down repeatedly, at least show your supposedly beloved Corps the courtesy of removing its name from your trash.

Paul

June 12th, 2012
11:02 am

Where’s my Party?

Thanks much. Those ideas have merit. I’ve said before Pres Obama was, IMHO, a bit slow off the blocks on this. Then again, no one knew for months how horrible and deep it went. Classic assumptions kept getting turned upside down.

And while those ideas do have merit, I do not really think either of them would have been championed by a Republican administration, if Republican efforts to not enforce regulation on the financial industry is a guide.

Hot Air

June 12th, 2012
11:03 am

Both Sides Suck – Earlier you called out Oblama for not jumping on Bush for avoiding Vietnam. Just thought you should know he was responding to a specific comment from a blog about Kerry. If BOTH SIDES SUCK – why do the democrats suck in your opinion? I already know you don’t care for the republicans.

Don't Tread

June 12th, 2012
11:04 am

Well Finn, like it or not, unless you’re self employed and self sufficient, you depend on the rich to provide you with things. (Like the computer, power supply, and Internet connection you’re using to type on this blog, for example.)

Be self sufficient and give the rich less of your money.

Talking Head

June 12th, 2012
11:04 am

You can bank that another 4 years of Obama will result in even further vanishing of wealth, especially from the middle class.

Kamchak ~ Thug from the Steppes

June 12th, 2012
11:05 am

– that’s funny, coming from the guy who would post “SQUIRREL!”, ad nauseum.

Awww, poor wittle mystery meat. Why so butt hurty this morning? Did I once expose you as susceptible to distraction by shiny objects and tree rats?

Granny Godzilla - Union Thugette

June 12th, 2012
11:05 am

Every time somebody posts….”The private sector is doing fine”

The correct response is:

” I’m not concerned about the very poor ” Mitt Romney 2/1/12

barking frog

June 12th, 2012
11:05 am

Buy guns. They appreciate
in value and you can shoot
anyone who tries to take
your stuff.

Road Scholar

June 12th, 2012
11:06 am

USMC: “illegal immigration”

Please tell me the plan to correct this when they had the Presidency and both houses of Congress? No super majority needed! (crickets chirping)

“trillion dollars in debt”

Ditto. Remember the wars President Bush (or was it Cheney) started and kept them off the budget? Go shop! Bushes share is $5T and increasing. Or is it Cheney’s share; maybe his PAC could pay it down? His no bid military contractors?

HDB

June 12th, 2012
11:06 am

Grasshopper

June 12th, 2012
10:50 am

Lest you forget — we HAD a businessman as President — one who LOST money as an oil man; one who LOST ownership of a major league baseball team; one who borrowed money from the bin Laden family to fund his lost oil venture….and that businessman nearly crashed the American economy….GEORGE W. BUSH!! Look where we are now after having a BUSINESSMAN run the nation!!!

USMC

June 12th, 2012
11:06 am

“USMC-you really surprise me with your vitriol…”–The Cat

Vitriol??? LOL!

Someone get the FELINE a FAINTING COUCH. LOL! :-)

Joseph

June 12th, 2012
11:06 am

Steve:

The same Senate that has failed leadership in Harriot Reid just like failed leadership in the White House. Failures at every turn that so happens to be run by dems….

TaxPayer

June 12th, 2012
11:06 am

You’re a happy capitalist then?

I’m just waiting for the Republicans to make the Bush tax cuts permanent and then to extend those cuts to cover my non-qualifying dividend income (primarily REIT income) and then to give me my pension income tax free and then to enact legislation protecting my social security and medicare benefits once I get old enough to start collecting them. Maybe they can get those other fifty percent to start paying taxes and use that money to fund my benefits. What can I say. I think I can fit in ok if the Republicans do take over. It’s not like the body snatchers where they know for sure if you are part of the collective or not.

Joseph

June 12th, 2012
11:07 am

Obama telling us the private sector is doing fine is like telling a cancer patient who’s hair is falling out they are doing fine….

USMC

June 12th, 2012
11:07 am

“Maybe you are being less than truthful about your service?”–The Cat

And there’s your sign… LOL! :-)

Joseph

June 12th, 2012
11:08 am

Demoncrats beleive that gubmint will solve all our problems… That’s simply not the case….

Kamchak ~ Thug from the Steppes

June 12th, 2012
11:09 am

…and you can shoot
anyone who tries to take
your stuff.

No, you really can’t, at least legally.

Using deadly force to defend property will land you in jail.

Matti

June 12th, 2012
11:09 am

Finn,

We should have meetings. Heh… Yes, underground economy. Yard sales, barters, and trades are a good place to start. I’ve already rejected the technology imperative. Too many people shop to fill a void in their spirits, thinking that the latest greatest new piece of technology will make their lives full. Guess what? It doesn’t work.

I also choose small business over chain stores or restaurants whenever possible.

the cat

June 12th, 2012
11:09 am

USMC-go ahead and look up vitriol. I do not think you know the meaning of the word.

Joseph

June 12th, 2012
11:09 am

Looks like a slow day in laa laa liberal land… Not many misguided fools spewing today…

Oblama

June 12th, 2012
11:10 am

What does Obama mean by redistribution of the wealth? Is he talking about the government creating a climate, through taxation and regulation, that would move financially better off people’s money to less better of people? Who does he choose to move the money to and who does he choose to take it from?

the cat

June 12th, 2012
11:11 am

USMC-you do understand when you post There’s Your Sign-it means one is posting the obvious, right? You are now embarrasing yourself.

Jefferson

June 12th, 2012
11:11 am

Gomer seems unhappy.

TaxPayer

June 12th, 2012
11:11 am

” I’m not concerned about the very poor ” Mitt Romney 2/1/12

Truer words were never spoken by the Mitt.

They BOTH suck

June 12th, 2012
11:11 am

HotAir

So tell me exactly why I do not like Republicans?

As for Democrats. I lean left, but they do not govern one iota better than Republicans. Pelosi and Reid imo were surely not the best candidates to head their respective chambers and proved as much. Does their lack of leadership cause me to lean right? not hardly

I ask you what is my position on Republican because I want to see where you will be wrong and you might find on a few things we agree

Matti

June 12th, 2012
11:12 am

People of limited intelligence who lack critical thinking or analytical skills, who parrot talking points from their favorite hate media and pretend it came from their own feeble minds think that “Demoncrats beleive that gubmint will solve all our problems.”

Fly-On-The-Wall

June 12th, 2012
11:12 am

Unfortunately no charts or other facts will change the minds of those people who believe that those who lost money/value/whatever you want to call are not at fault. This is how the system works according to their values & beliefs. If someone richer screws you over then that’s your problem as you should have never taken the action you did to put yourself in that situation. Or – in the new American value, you should have screwed them first.