Net worth of U.S. households falls by largest amount in 50 years

[JohnWxy]

http://news.yahoo.com/s/ap/20090312/ap_on_bi_go_ec_fi/consumer_finances

WASHINGTON – The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.

The Federal Reserve said Thursday that household net worth dropped by a record 9 percent from the level in the third quarter.

The decline was the sixth straight quarterly drop in net worth and underscored the battering that U.S. families are undergoing in the midst of a steep recession with unemployment surging and the value of their homes and investments plunging
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The record 9 percent drop in the fourth quarter pushed total net worth down to $51.48 trillion, a level that is 20 percent below the third quarter 2007 peak.

[GoesTo11]

1. So glad I could help

Average net worth dropped by 9%? Those lucky SOBs. I only hope to some day get back to -9%.

[sallylou666]

2. Recession? Or depression?

So when does the government and the media stop using the pretense of a "recession." We're way past that. It's time to use the "d" word, isn't it?

[barb162]

3. And expect it to keep happening for at least another year or two.