Why has Wall Street recovered so nicely yet it’s still like this for the rest? Even worse, why did Congress and the White House go along with it? The GOP may lead the way with apologies for Wall Street but the Democrats have hardly been wallflowers either. The system needed to be saved but that did not mean forgetting about the losses of the majority while ignoring the responsibilities of the minority who caused the crash. It’s hard to believe this is not the direct result of our dysfunctional campaign finance laws where those with the deepest pockets dictate the rules. CNNMoney:
U.S. household wealth fell by about $16.4 trillion of net worth from its peak in spring 2007, about six months before the start of the recession, to when things hit bottom in the first quarter of 2009, according to figures from the Federal Reserve.
While a rebound in the stock market, an improved savings rate and consumer steps to reduce debt resulted in net worth gains since 2009, only a little more than half of that lost wealth – $8.7 trillion — is back on household balance sheets.
That leaves American household wealth $7.7 trillion less than it was before the recession.