This is just awful, awful news, and the maniacs in the White House don’t give a damn. Oh, but don’t worry, since everything’s “just fine” Betty White visited the Dumb Bastard today.

Fed: Americans’ wealth dropped 40 percent

The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

The biggest drops occurred among middle-income Americans, whose wealth was inextricably linked to the housing market boom and bust…The implosion of the housing market inflicted much of the pain. The value of Americans’ stake in their homes fell by 42 percent in those three years to just $55,000. The poorest families suffered the biggest loss of wealth from the drop in real estate prices. But middle-class Americans rely on housing for a larger part of their net worth. For some, it accounts for just over half of their assets. That means every step downward is felt more acutely.

On Sunday, Axelrod said voters “are going to judge what the president has done.” Actually, we already have. He should start packing. Now. And that goes for every GOP establishment hack as well–this disaster belongs to all of them–Obama is simply one more extension of a political class that see all of us as collateral damage on their quest for massive personal wealth and power.

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14 Comments | Leave a comment
  1. midget says:

    Where’s the road runner when you need him ? Hope Romney invests in Acme products.

  2. Squirrel says:

    The Obamabots at work are alot less vocal about their Messiah. They know he is a total failure. Yet in November, they will go into a Zombie like state and vote for the D.B. If a Republican President played as much golf and took as many vacations as the D.B. while the suffering in America was at an all time high, we would not hear the end of it.

    • Shifra says:

      The Left could *not* stop yapping every time W and wife went back to Crawford for a little R and R. And they screamed about “Haliburton” and Cheney, non-stop. And when Miguel Estrada was nominated for U.S. Court of Appeals, they shrieked so loud, you might have thought he was the second coming of Hitler.

      148 days, TAMS…

      • Rob_W says:

        We got the same steaming pile of propaganda from the left and their media errand boys (that’s you, ABC CBS NBC) every time President and Mrs. Reagan returned to their California ranch – portrayed as a palatial estate. I was shocked to hear Tammy describe its modesty. Let them yap, like the irrelevant little morons they are.

  3. Maynard says:

    The real estate bubble created a lot of phantom wealth. Your property appreciates, and your net worth rises. The bubble bursts, and your net worth falls. This is a long-term problem, and has been fed by Federal policy over the years which has encouraged more and more money to go into real estate, and into riskier and riskier loans to politically-favored groups, in order to “help” them buy houses. But if the value isn’t there, then it’s all going to fall apart one way or another, sooner or later. Anyway, this aspect of the thing is bigger than Obama. If I could wave a magic wand, I’d want that phantom wealth to vanish away, so we could get back to building an economy on a solid foundation. Sure, we all like having equity in our houses, those of us that have houses. But if a house costs a million dollars, then the cost of operating a business will ultimately be correspondingly high. China is eating our lunch because they’re the low-cost producer; everything that can go off-shore from America leaves us. So, yeah, things should fall to their natural levels. But there’s tremendous political pressure to prevent that from happening, for reasons both good and bad. The good reason is that the banking system will collapse entirely if all the homes go under water and all the mortgages go bad; the bad reason is that the politicians don’t want to be held responsible for headlines like this. Anyway, I’m a homeowner too, and I’m willing to face this music and not blame the president if I feel it’s for the sake of the nation as a whole. Unfortunately, as I take my lumps, I feel like the target of Obama’s “redistributive change”, as he struggles mightily to deliver the stolen goods to his cronies, and to hell with the national interest.

  4. cactuswren says:

    This truely hits home for me. As I schedule the moving truck just this afternoon to move out of my home and into a rental. Dealing with the shame, anger and fear. Other than a few years in my early adulthood (student housing) I have always been a home owner. Always been more than responsible. When the housing bubble burst my husband and I lost a great deal of our income. I was a real estate agent and my husband owns his own hair salon; needless to say… We hung on as long as we could. We just were not able to keep up with the payments, despite my taking on a second job. Three years of frustating dealings with the lender trying to modify our loan (believe me, I would not wish this insane ordeal on my enemy)and now we have come down to the lenders Trustee Sale next week on our home. With the combined loss of the substantial downpayment plus the loss of income, we honestly have lost 30% of our net worth (even though I understand and agree with Maynard). I’m just ready to move on and try to start over. I’m hopeful that somehow we will be able to get to the point where we will be able to retire in comfort. All we can do is keep our heads up and keep marching forward. And keep fighting to get this bastard out of the White House and all the liberals whether they have an R or a D behind their names.
    Thanks for letting me use this blog as therapy. Helps getting it out.

    • Shifra says:

      Prayers for you and your family. Unfortunately, this story is being repeated all over the country. People here in NYC are still losing their jobs. Why is this not being reported? I personally know of too many people who have just given up looking for a job. At this point, Obama, Axelrod, and the whole damn crew, make my skin crawl.

      I do believe that things will get much better as soon as Mr. and Mrs. DB leave the WH.

      • pamelarice says:

        Thanks Shifra,
        I know we are not alone. It amazes me that the real story is not being told. The real people here in “fly over country”.

    • Rob_W says:

      Pamela, we are with you in thought and prayer. Bad things are happening to good people every day under the boot of Obama. I agree with Tammy that the wheels have come completely off. This nightmare will be over soon.

    • trevy says:


      Psalm 46:10
      10 Be still, and know that I am God;
      I will be exalted among the nations,
      I will be exalted in the earth!

      James 1
      2 My brethren, count it all joy when you fall into various trials, 3 knowing that the testing of your faith produces patience. 4 But let patience have its perfect work, that you may be perfect and complete, lacking nothing.

      God has His Plans for you.

  5. jeaneeinabottle says:

    Our office is going to try and hang on for another 148 days, if Obama wins its over, done, out of Ca too. Keep praying and fighting TAMs we can do it together 🙂

  6. Dave says:

    Hey Tammy!!!……… I think Mondays show, especially the first hour was the best radio I’ve heard in decades. I was laughing so hard a couple of times I couldn’t breathe. I love the fact that this is listener supported and you can just rip….
    These times are so ridiculously bad with this DB, its great that as we find solutions on how to beat him, we can laugh at it all with your point of view…. which is…unique. LOVE THIS SHOW!!!

  7. Teri says:

    The cartoon displays exactly what I have come to know as the truth. We are over the cliff. Not almost, but over. We are going to let go and hit the ground. The question then becomes, how bad is the damage or are we totaled. There is still hope even if we suffer severe damage, we can be repaired. So, if we can defeat the dumb, moronic, jackass bastard this November, we can repair. If the Marxist/Globalist/Socialist gets re-elected, we are totaled.

    I went to the polls after work and put my vote in for Jamie Radtke and for Floyd Bayne, who is running against Eric Cantor. Bayne is the tea-party alternative to the lib-lite Cantor. I am a bit discouraged though. I spoke with some people at work today wearing their “I voted” stickers. I talk to these members of the gym who are tea-party minded all the time about politics. They seem to get it about what we are up against, yet they told me they voted George Allen. I had no problem chastising them when I asked them “What the hell were you thinking” *sigh* A couple of them then told me they wish they would have talked to me about the election the day before they voted, they wold have voted Jamie Radtke. Go damn figure.

    I am going to go see how the count is going. Tammy, I love it when you play the Stones. 19th Nervous Breakdown, Paint It Black and Sympathy For the Devil are in my top 10. Give “Street Fighting Man” a listen. I think you would like that also. It is totally kick ass. God Bless 🙂

  8. makeshifty says:

    This has become boilerplate for me. I mean to take nothing away from what cactuswren said about losing her home. It sounds wrenching, and I wish her the best. However, regarding the article, I think there’s a problem. Thomas Sowell said once, rather recently, that “Whenever an economist brings up household income, I know they’re not being serious.” The same could be said of household net worth. Household income is a mushy measure that doesn’t say very much, because how many people live in any household? It varies. It even varies from year to year. It could be one person. It could be two. It could be five. Yet, in the measure of household income, the individuals are aggregated and averaged together. So the single person living in a home is lumped in with the family of 5, and vice-versa. Secondly, what happens when the kids reach the age where they’re ready to “leave the nest”? The household income could drop somewhat, because now there are two people in the household, rather than five. If the 3 children had incomes (granted, probably not very big compared to the parents), they’re now distributed in multiple households, by the measure, thereby causing the overall household income to drop, when nothing has really changed for those people economically. This is not a good measure, because it compares apples to oranges, but makes it look like it’s not to the undiscerning eye. A better measure, as Sowell says, is the stat on *individual* income and net worth. Still, I’d expect with the way the economy has been, that’s dropped as well.

    The Fox News reporting on this was interesting. The lady I watched was from Fox Business. She said that the survey that said this was sketchy, because it was based on a small sample. She didn’t put a lot of stock in it.

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