Remember 2006, when the democrats promised to “fix” the economy? Remember President Obama promising that Porkulus would save the day? Here’s their fix.
According the Fed, household net worth is now off $14 Trillion from the peak in 2007….
This includes real estate and financial assets (stocks, bonds, pension reserves, deposits, etc) net of liabilities (mostly mortgages). Note that this does NOT include public debt obligations.
Just in case you believe President Obama when he says he inherited this recession, here’s a reminder of who owns it.
And Maxine Waters (whom I consider to be an imbecile) was screaming around about “impuning the character of Mr. Franklin Raines” when a regulator reported these problems; during that hearing, she and Barney thought “we should take a look at this regulator, he should lose his job”.
I’m tired of hearing about how this financial meltdown is the fault of company CEOs and greedy Wall Street brokers—what got us here was the forever-flawed idea that you can feel sorry for people who don’t make enough money to buy a home and give them one anyway and when they default there is no consequence to that. It is operating on how you FEEL versus reality that got us here. It is liberalism that got us here.
It’s socialism that got us here–not capitalism. Even weakened capitalism is the only thing that’s going to bring us back. Barney and friends nauseate me.
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