Americans’ wealth last summer suffered its biggest quarterly loss in more than two years as stocks, pensions funds and home values lost value.
At the same time, corporations raised their cash stockpiles to record levels.
Household net worth fell 4 percent to $57.4 trillion in the July-September quarter, according to a Federal Reserve report released Thursday. It was the sharpest drop since the tumultuous period after the September 2008 bankruptcy of investment bank Lehman Brothers. And it was the second straight quarterly fall. (Source: Seattle Times)
We have entered the fourth (and hopefully, final) year of Barack Obama’s presidency. Over the course of that time, wealth in this nation has plummeted, jobless rate remains staggeringly high, and people, at home and abroad, have lost confidence in America. Please tell me again what makes this guy so wonderful.
One thing I would like you to notice is the second paragraph of the excerpt above. “…corporations raised their cash stockpiles to records levels.” Why is this? It shows me that there is money to be made out there, and that there is money to expand the economy. Yet why are corporations holding onto, and growing, funds? I really do think it can be all traced back to one man. Barack Obama. Business leaders from both sides of the political spectrum do not have confidence that he can lead us to a robust recovery. They are concerned how much Obama Care is going to cost them, they are concerned about new taxes to help feed the runaway deficit, and they are concerned about Obama’s ties to organized labor and his administrations attempts to appease labor.
If I had a fist full of money and was unsure how regulations were going to impact my invest of that money, I’d hang on to it like a baby does a rattle.