The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.
The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.
Where did it go? To the banksters, who took your wealth and used it to cover their fraudulent credit creation.
And who made this possible? Your government, who you continue to support and demand….. commit yet more fraud (just “against someone else please!”)
The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.
That “equity” was never real. It was a phantom created by the banksters out of whole cloth — an out-and-out pyramid scheme and a fraud. The FBI warned of it years before the bubble burst and the appraisers sent a petition to Congress in the early part of the 2000s warning of it too. George W. Bush actually sued states to prevent them from putting a stop to it and Obama has refused to bring a single indictment related to it. Your Congress, Democrat and Republicans alike, have not only refused to demand investigations and prosecutions but have handed over trillions of dollars of deficit spending to explicitly cover over the fraud that would have otherwise sunk these institutions and then on top of it made balance sheet lies legal.
You ate all of this, and you should — but in a just world where fraud was not the business model of choice the banksters would eat it too and would be long out of business and most of them would be broke.
That’s the only way to effectively stop this sort of misbehavior — make damn sure it hurts, so that when you do this and the bubble bursts, both the borrowers and lenders get reamed.
But remember folks, “Nobody committed any crimes”, according to all three of the major Presidential Candidates.