The rich get richer and the poor get screwed - again

RNG

Moderator
Jan 2015
13,499
9,314
Left coast
#1
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
 
Sep 2007
21,877
14,076
N48 51.489 E2 17.67119
#3
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
Let's reiterate this in a another way:
Total household net worth in the fourth quarter of 2018 dropped by the largest amount since the fourth quarter of 2008 when the country was amid a steep recession, according to data released Thursday by the Federal Reserve.
Total household net worth is a measure of the assets — such as homes, stocks and bank accounts — owned by American families and nonprofits minus their debts. In the fourth quarter of 2018, it fell by about $3.7 trillion, a 3.5 percent quarterly decline. Going back to 1952, the start of the Fed’s data, only three quarters — the third and fourth quarters of 2008, and the second quarter of 1962 — posted bigger declines in household net worth, percentage-wise.
... most of the household wealth in the United States is owned by the country’s richest families. In 2016, for instance, the top 1 percent of families owned 40 percent of all household wealth, with the next 9 percent of families holding an additional 39 percent. That leaves 21 percent of the country’s net worth for the remaining 90 percent of American families.
Household net worth falls by largest amount since the Great Recession, new Fed data shows
 
Likes: RNG
Nov 2016
4,677
4,208
Maryland
#5
Funny how the right, always lapsing into sky-is-falling hysteria about “socialist” income redistribution to benefit all, is so silent about the inexorable upwards income redistribution we’ve been experiencing for some time now.
 
Jul 2013
51,021
54,131
Nashville, TN
#6
Funny how the right, always lapsing into sky-is-falling hysteria about “socialist” income redistribution to benefit all, is so silent about the inexorable upwards income redistribution we’ve been experiencing for some time now.
The have dedicated themselves to be total lackeys of the rich.
 
Likes: HenryPorter

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