Friday, March 09, 2007

Net Worths skyrocket?

Now how is this even possible?
I thought wages were down. People were loosing their homes.
Again back to the sky is falling complex.

WASHINGTON - The net worth of U.S. households climbed to a record high in the final quarter of last year, boosted mostly by gains on stocks, the
Federal Reserve reported Thursday.

Net worth — the difference between households' total assets, such as houses and bank accounts, and their total liabilities, such as mortgages and credit card debt, totaled $55.6 trillion in the October-to-December quarter.

That marked a 2.5 percent growth rate from the third quarter, the previous quarterly record high. Stocks gains helped fuel the increase in net worth, although real-estate gains played a role, too.

For all of last year, households' net worth rose by 7.4 percent, a slower pace than the 7.9 percent increase registered in 2005.

I love the last part of that paragraph.

"A slower pace then 7.9%"

Where was this report in 2005?
I sure has hell didn't see it.

In any case this needs to be put out there more then just the Drudge Report.
I wonder if the NY times will even report anything about this. Or will CNN?
Ehhh probably not.
Now if it was in a 7.4% fall of net worth.
THAT is front page news!

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