It's right here:
Owners’ equity in household real estate, or the value of assets minus liabilities, fell from a peak of $13.1 trillion in 2005 to a low of $5.9 trillion in the first quarter of 2009, according to the Fed’s Flow of Funds report. That’s a whopping 55 percent decline in four years. By the second quarter of 2010, owners’ equity had climbed back to $7 trillion.
Even with the 87 percent rebound in the Wilshire 5000 Total Market Index from the March 2009 lows, household net worth is still below its 2007 peak.
Housing, which along with manufacturing has traditionally led the economy out of recession, won’t be pulling its weight this time -- even with historically low mortgage rates. And there isn’t anything the government can do except let prices fall so the market can clear, something it’s been unwilling to do.
Aside from the fact that the rebound in equities would directly benefit fewer than half of US households, what's this about government impotence? Government can do plenty.
If the fascists over at the Federal Reserve can loan a bunch of fascist bankers and fascist industries $9 trillion from 2008 to 2010 at nearly zero percent interest, surely it can come up with $6.1 trillion for homeowners to close the gap in lost equity in household real estate.
Oh, but I forget! Most homeowners aren't fascists like the oligarchy!
My bad.
Love the makeover, though, Caroline. You look mahvelous.
