Americans net worth shrinks $1.33 Trillion in the first quarter.
Now, I don't have any stocks..so I figured this news didn't really affect me. But..I saw this part and cringed:
Collectively, homeowners had 41.4 percent equity in their homes in the first quarter. That was down from 42.9 percent in the fourth quarter .The value of household real-estate holdings fell 2.4 percent.But..never fear dear reader..because Bennie Bernanke says the recession will be over by the end of the year!
I guess he has a really great crystal-fucking-ball....
Or maybe it's because 10 of the banks have the ability to repay their TARP loans, to the tune of $68 Billion..because they jacked the living shit out of the credit card rates and anything else they could raise legally.
Our personal money trees are getting bare..