Neil D Posted December 11, 2008 Posted December 11, 2008 Net worth plunges at 18% annualized rate in third quarter, Fed data show WASHINGTON (MarketWatch) -- Stung by the loss of more than $2.8 trillion in their net wealth, the nation's households paid down debts in the third quarter for the first time since at least 1952, the Federal Reserve reported Thursday. As of Sept. 30, the total outstanding debt for households shrank at an annualized rate of 0.8% from $13.94 trillion to $13.91 trillion, the Fed said in its quarterly flow of funds report. It's the first decline in household debt ever recorded in the report. Households paid off more mortgage debt than they took on for just the second quarter on record. Mortgage debt fell at a 2.4% annual rate to $10.54 trillion, as foreclosures mounted and fewer new mortgages were taken on. Other consumer debts, such as credit cards and auto loans, increased at a 1.2% annual rate in the quarter to $2.6 trillion. Total U.S. domestic nonfinancial debt increased at a 7.2% annual rate, boosted by a postwar record 39.2% increase in debt taken on by the federal government, mostly to fund the Federal Reserve's massive efforts to provide liquidity to credit markets. Excluding federal debt, U.S. debts rose at a 1% annual rate in the quarter. Business debt increased at a 2.9% annual rate, the slowest in five years. Corporate debt rose at a 3.7% annual rate, a four-year low. Net wealth With the stock market plunging and home prices falling rapidly, American households lost a total of $2.81 trillion in wealth during the third quarter, the most ever. Wealth fell at an 18% annual rate during the quarter, a rate exceeded only once in the past 56 years. Assets of households dropped by $2.7 trillion, while liabilities increased by $128 billion. Holdings in real estate fell by $647 billion. Direct holdings in corporate equities fell by $922 billion, while holdings in mutual funds fell by $423 billion. Life-insurance and pension reserves also declined, down by $653 billion. Homeowners' equity in their homes fell to $8.53 trillion from $9.04 trillion in the second quarter and $12.5 trillion in 2005; homeowners' equity has fallen to 44.7% of the value of the houses. The credit crunch The report covers the period from July 1 to Sept. 30, so it doesn't have anything to say about the approximately 30% loss in the stock market since then. But it does detail the depth of the financial and credit crisis during the third quarter. The Federal Reserve's balance sheet expanded by $2.35 trillion, more than 50 times as much as it typically does. Much of that money went to charted commercial banks, where liabilities increased by $1.8 trillion. Liabilities at thrifts, by contrast, fell $1.29 trillion. Commercial mortgages shrank by $54 billion, the first decline since 1995. The commercial-paper market shrank by $580 billion. Money-market mutual funds sold $486 billion in paper, partially offset by purchases of $413 billion by commercial banks. Net issues of corporate bonds fell by $755 billion, the first decline on record. Net issues of corporate equities fell by $82 billion. The household sector sold $139 billion more in equities than it bought, while mutual funds sold $116 billion more than they purchased. Exchange-traded funds purchased $298 billion more than they sold. End of Story Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 11, 2008 Posted December 11, 2008 Quote: Net worth plunges at 18% annualized rate in third quarter, Fed data show The nation is headed down hill in anticipation of Barack Obama being president. (ok ... just a little tic) Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 11, 2008 Author Posted December 11, 2008 I beg to differ with you.... Every time Obama speaks, the stock market goes up.... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 11, 2008 Posted December 11, 2008 All we get from Obama is denials denials denials. He is setting records for the number of denials prior to being President.f But Fox News reported today that there are strong ties to the Governor of Ill and Obama's staff. And they were talking about what person Obama wanted to replace him. There will be much more forthcoming. The trouble was ... Gov. Blago of ill ... wanted to much payback. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 11, 2008 Author Posted December 11, 2008 And as I heard from ABC news and from NPR, that Ill Gov. said that all Obama [presumably the camp, and not Obama himself] was gonna give him was "appreciation".... All it shows is that the Gov was a bit greedy....for his own good. and so far, it shows that Obama's camp is clean of the troubled politics that got us into trouble anyways. If Obama's camp is clean, then the Leader is also clean as he sets the tone for the camp.... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 11, 2008 Posted December 11, 2008 Quote: "If Obama's camp is clean, then the Leader is also clean as he sets the tone for the camp...." I will remember this quote when the Obama camp is shown to be guilty. Soon and very Soon. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Woody Posted December 11, 2008 Posted December 11, 2008 Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 11, 2008 Author Posted December 11, 2008 Ok, so on wire tape, the Gov is distressed over the fact that Obama is only going to give 'appreciation' and not $$$$. That means that if Axelrod or any other member of the camp WAS talking to the Gov., the Obama camp was providing only "appreciation"...not money... And I say again, if the camp was clean, the leadership is very probably clean as well... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 11, 2008 Posted December 11, 2008 All I know is that there was a lot of "appreciation" talk goin on. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 11, 2008 Author Posted December 11, 2008 ....and yet, there was no money exchanged..... Can you truely say that there is a crime here? Talk is cheap....is there truely a crime here? Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 11, 2008 Posted December 11, 2008 We will soon find out ... Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Woody Posted December 11, 2008 Posted December 11, 2008 But ... what I have to wonder is ... Why is it that the consideration of a crime is all that the Demos are concerned with. This is just what they said when Clinton was doing it with Monica in the Oval Office. Sounds all too familiar. And now we are getting a return to Clintonitis. What happened to just doing what is right. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 11, 2008 Author Posted December 11, 2008 But ... what I have to wonder is ... Why is it that the consideration of a crime is all that the Demos are concerned with. This is just what they said when Clinton was doing it with Monica in the Oval Office. Sounds all too familiar. And now we are getting a return to Clintonitis. What happened to just doing what is right. Ok, let's do "what is right".... What do you say happened? How did the FBI get a wire tap into the Governor's office? Is that legal? What evidence does the judge have to make it ok to tap the Governor's office? or his home? So far, what has been released to the news outlets is that based upon several conversations, and subjects, including Obama senate seat, there were some POTENTIAL bribery or political favors about to take place. But the govenor was arrested BEFORE it was done. Can you charge a man with intent to commit bibery before evidence of it happening? Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 12, 2008 Posted December 12, 2008 It's all a cover up so that Obama is not indicted. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 12, 2008 Author Posted December 12, 2008 Is that "doing what is right"? Making the accusation outside the rules of law? Law says that you need to have evidence...What legitimate evidence do you have to show that the Gov of Illinois was engaged in high crimes and misdemeanors? Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 12, 2008 Posted December 12, 2008 I don't have it ... the Feds do. They went to court and received permission to wire tap that Gov.Blago of Ill. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 12, 2008 Author Posted December 12, 2008 I don't have it ... the Feds do. They went to court and received permission to wire tap that Gov.Blago of Ill. Are you SURE that it is a legitimate wire tap? Because if it is NOT legitimate, all that evidence is not admissible in a court of law. If it ain't admissible, then you got bumkiss... And because of the "national security" excuse, the goverment can lable any tap as in 'national security' interests. It still may not be legit, but it allows the goverment to listen in... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 12, 2008 Posted December 12, 2008 I can understand your need to support this bum ... after all ... HE is a Demo and so are you ... Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 12, 2008 Author Posted December 12, 2008 Oh no...I am not supporting this guy....I am doing what is right....And I am making sure that YOU are getting it right.... I am hoping that any corruption in politics is thoroughly rooted out. I do question the legitamacy of this wire tap, because that is gonna be the defense of this scum-bag. And it is something that the courts are gonna have to figure out. Maybe the lawyers among us can clarify it abit more... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 12, 2008 Posted December 12, 2008 The lawyer in me says he is guilty and needs to have the book thrown at him. Besides ... there are plenty of human witnesses that would be anxious to testify. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 12, 2008 Author Posted December 12, 2008 The lawyer in me says he is guilty and needs to have the book thrown at him. Besides ... there are plenty of human witnesses that would be anxious to testify. MMMmmmmm,...I don't think it's the Lawyer in you....I think that is the man who wants justice....The lawyer in ME says let's put him away rightly....and not thru some questionable laws... As for "human witnesses", who would you suggest is able to be a witness? Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
Woody Posted December 12, 2008 Posted December 12, 2008 Originally Posted By: Redwood The lawyer in me says he is guilty and needs to have the book thrown at him. Besides ... there are plenty of human witnesses that would be anxious to testify. MMMmmmmm,...I don't think it's the Lawyer in you....I think that is the man who wants justice....The lawyer in ME says let's put him away rightly....and not thru some questionable laws... As for "human witnesses", who would you suggest is able to be a witness? All the tons of people that he bribed or tried to bribe. Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Dr. Shane Posted December 12, 2008 Posted December 12, 2008 Is there any point about commenting on this thread's topic? Quote Pastoral Family Counselor... Find me at www.PostumCafe.com Author of Peculiar Christianity
Woody Posted December 12, 2008 Posted December 12, 2008 What IS the topic? Quote May we be one so that the world may be won. Christian from the cradle to the grave I believe in Hematology.
Neil D Posted December 12, 2008 Author Posted December 12, 2008 Is there any point about commenting on this thread's topic? My appologies...I think we can say that we have stopped about 52 minutes ago.... Quote Democracy is a device that ensures we shall be governed no better than we deserve. George Bernard Shaw
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