Sunday’s Sermon

A Rise in Wealth for the Wealthy; A Decline for the Lower 93%

During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while it dropped by 4% for the bottom 93% of households. This wide difference was driven by the fact that the financial markets rallied during that period while the housing market remained flat. Affluent households typically have their assets concentrated in stocks and other market holdings while less affluent households typically have their home as their biggest asset.

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About Bob

former US Marine, retired philosophy teacher, author, reviewer, humanist
This entry was posted in education, family matters, law, philosophy, politics. Bookmark the permalink.

4 Responses to Sunday’s Sermon

  1. Tara says:

    Over the past 5 years, my interest and dividend earnings decreased 60%, and the value of my condo decreased 50%.

    So why did Wall Street “big shots” and mortgage company “executives” give themselves million-dollar bonuses? Was it because they convinced the federal government that they were “too big to fail” and needed bailout loans? Lately, they’ve been paying the government back, so why isn’t the government sending ME some of that money? After all, my taxes helped bail out these gangsters.

    And what about the irresponsible mortgage companies? How lucky they were, first giving home loans to people who couldn’t afford homes, and then quickly selling those mortgages to other unknowing institutions that later had to deal with thousands of foreclosures.

    Finally, why hasn’t anyone been brought to trial? Has “too big to fail” become “too big for trial”? Here’s Senator Elizabeth Warren saying those words:

  2. ucsbalum says:

    Thanks. Senator Warren is right! It is outrageous that here in the USA we have had so few trials of the bankers involved in the crash. And crazy that the congress has yet to enforce Dodd-Frank. Money certainly talks in Washington.

  3. ucsbalum says:

    Elizabeth Warren’s first official bill of the 113th Congress, the Bank on Student Loan Fairness Act, is her first big salvo against the Wall Street and Federal Reserve banking cartel that controls our government. Our goal should be to make #BankOnStudents the new top trend on Twitter and spread word about Warren’s bold new bill far and wide. Call your senators and demand they support it if they want your vote. Let’s help Warren stick it to the banks and the corporate tyrants and refuse to get distracted by the shiny objects they flash at us.

  4. Tara says:

    ucsbalum, student loan percentages are set to DOUBLE this summer to 6.8%, while big banks are charged only 0.75% for loans from the government. The Feds keep telling us it’s good for the economy. So where are the thousands of jobs that the “job creators” are supposedly creating? Why are people with excellent credit ratings being denied when they want to refiance their homes? Isn’t the education of students also good for the economy? The Republican congress refuses to raise taxes but will gouge students with high-interest loans that will take the rest of their lives to pay off.

    It’s doubtful that Sen. Warren’s first bill will pass. Republicans don’t want to vote “yes” on ANYTHING, because they don’t want the President to have a “legacy” when he leaves office. They have even voted “no” on their OWN bills so that good and decent programs won’t become part of his legacy. They hate the Affordable Care Act so much, that in their quest to repeal it, they’re going so far as to propose a Single Payer System! And if they propose it, they’ll vote “no.” Congress IS the Mad Hatter’s Tea Party.

    When I was in college in the early 1960s, my tuition WITH room and board was $600 a year. The 2012-2013 tuition (with room and board) at my alma mater (Northern Illinois University) is $28,00 a year. Heaven help our college students today.

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