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(LA Times)   Great news everyone not in the 1%, you're almost back to where you were in 2007   (latimes.com) divider line 105
    More: Sad, Great Recession, U.S., Moody's Analytics, Keystone Pipeline, retail investor, fire sale, U.S. households, Federal Reserve  
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3386 clicks; posted to Main » on 10 Dec 2013 at 8:01 AM (32 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-12-10 08:05:31 AM
Thanks, job creators!
 
GBB
2013-12-10 08:07:57 AM
I'm doing way better than I was in '07, thanks for asking.
 
2013-12-10 08:08:39 AM

HoozierDaddy: Thanks, job creators!


Let's celebrate with more tax cuts for the rich, WOOOO!  I can already feel it trickling down!
 
2013-12-10 08:09:15 AM
Or, as right wing news outlets tell us, it's just like Nazi Germany.
 
2013-12-10 08:09:19 AM
No I'm not. Still making about $25k less than I did in 2008. Employers have used the recession to put workers rights and benefits back 50 years.
 
2013-12-10 08:11:21 AM
Glad I'm in the 1% then, I guess
 
2013-12-10 08:11:55 AM
i.imgur.com
 
2013-12-10 08:12:52 AM
Greats news younger folks: this baby boomer will be retiring six years later than planned.
 
2013-12-10 08:14:11 AM
And I think that GBB and Crewmannumber6 average out.
 
2013-12-10 08:14:13 AM
I started my post-college career in 2007.  Now I am making more than four times my original salary.  Woohoo for STEM fields.
 
2013-12-10 08:17:14 AM
Wow I am in the 1%, with the new defense spending plan we all got told we are taking a pay cut.
 
2013-12-10 08:22:00 AM

JasonOfOrillia: And I think that GBB and Crewmannumber6 average out.


Then let me pile on.  I had an OK job, then decided to go to grad school to increase my income.  The recession hit while I was in school, and now I'm making LESS than I did before I spent 3 years and tens of thousands of dollars getting another degree.

Woooooooo, thanks job creators.
 
2013-12-10 08:23:10 AM
So stock portfolios and housing prices are on the rebound.  Given that most low income folks don't have stock portfolios and don't own houses, I'm not sure this is good news for even a significant percentage of the population.

During the economic boom that occurred from Reagan through Bush II, everybody got wealthier.  I know the income gap widened but that was because a 10% increase is a lot more for $1million than it is for $30k.   But at least nearly everyone was doing better.  During the Clinton administration with the dotcom bubble, unemployment was under 2% in our market.  BK was paying $10/hour.  Welfare rolls became nearly non-existent because there was no need in our area.  You had to actively avoid work to be unemployed.

The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.
 
2013-12-10 08:23:30 AM

Science_Guy_3.14159: Wow I am in the 1%, with the new defense spending plan we all got told we are taking a pay cut.


Cry for the war profiteers.   Cry for them.
 
2013-12-10 08:23:47 AM

Tomahawk513: HoozierDaddy: Thanks, job creators!

Let's celebrate with more tax cuts for the rich, WOOOO!  I can already feel it trickling down!


Sorry to disappoint, but that yellow stream the rich guy had shooting out to you from his pants when he told you to "feel the trickle down effects", wasn't gold!
 
2013-12-10 08:24:09 AM
And this .... while the FED has been printing 85 billion dollars a month to prop up the stock and bond markets.

Wait till they begin the process to back that off...
 
2013-12-10 08:25:53 AM

Science_Guy_3.14159: Wow I am in the 1%, with the new defense spending plan we all got told we are taking a pay cut.




You have 8 million dollars?
 
2013-12-10 08:26:08 AM

Mr. Right: The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.


The GOP blocking everything has nothing to do with this at all, of course.
 
2013-12-10 08:27:58 AM

Mr. Right: The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.


reason.com
 
2013-12-10 08:30:53 AM

Uncle Tractor: The GOP blocking everything has nothing to do with this at all, of course.


I know that's Obama's favorite whine but Obama got everything he wanted in the stimulus and the ACA; Bernanke operates independently; and Dodd-Frank (which pretty much flies under the radar of the average person but has had severely deleterious effects on the flow of capital in an already anemic economy) was passed in a purely partisan Congress.
 
2013-12-10 08:31:23 AM

Mr. Right: So stock portfolios and housing prices are on the rebound.  Given that most low income folks don't have stock portfolios and don't own houses, I'm not sure this is good news for even a significant percentage of the population.

During the economic boom that occurred from Reagan through Bush II, everybody got wealthier.  I know the income gap widened but that was because a 10% increase is a lot more for $1million than it is for $30k.   But at least nearly everyone was doing better.  During the Clinton administration with the dotcom bubble, unemployment was under 2% in our market.  BK was paying $10/hour.  Welfare rolls became nearly non-existent because there was no need in our area.  You had to actively avoid work to be unemployed.

The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.


If you don't think Bush II and his cabal not only saw the crash coming, but found ways to capitalize on it to the detriment the rest of the country, you're either naive or in on it.

/and I voted for him
 
2013-12-10 08:32:57 AM

Uncle Tractor: Mr. Right: The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.

The GOP blocking everything has nothing to do with this at all, of course.


DId the Senate even allow any votes or discussion on ANYTHING other than their own? So .... ignor and not allow the Reps to even bring up ideas or bills to senate and then turn around and cry about them not bringing any new ideas up? really?
I love how congress has the lowest approval rating ever and it is controlled by who? yet the faithfull all ignor that part..
 
2013-12-10 08:33:18 AM

Mr. Right: So stock portfolios and housing prices are on the rebound.  Given that most low income folks don't have stock portfolios and don't own houses, I'm not sure this is good news for even a significant percentage of the population.

During the economic boom that occurred from Reagan through Bush II, everybody got wealthier.  I know the income gap widened but that was because a 10% increase is a lot more for $1million than it is for $30k.   But at least nearly everyone was doing better.  During the Clinton administration with the dotcom bubble, unemployment was under 2% in our market.  BK was paying $10/hour.  Welfare rolls became nearly non-existent because there was no need in our area.  You had to actively avoid work to be unemployed.

The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.


Damn that time machine!
 
2013-12-10 08:34:36 AM
So what if your house is worth more.
 
2013-12-10 08:35:14 AM
I'm making much more than I did in '07, but we've also had a son since then, so it's pretty much evened itself out.
 
2013-12-10 08:37:17 AM

Mr. Right: I know that's Obama's favorite whine but Obama got everything he wanted in the stimulus and the ACA


Wow, and the right wing never got, say, 98 percent of everything they wanted from the president, even if it resulted in a downgrading of our credit and shiatcanned our economy, but they sure did stick it to demlibz, hyuk hyuk?!

Oh, wait, I'm so sorry! Is 98% of what you want not enough for the Party of My Super Sweet 16?
 
2013-12-10 08:40:57 AM

Mr. Right: Uncle Tractor: The GOP blocking everything has nothing to do with this at all, of course.

I know that's Obama's favorite whine but Obama got everything he wanted in the stimulus and the ACA; Bernanke operates independently; and Dodd-Frank (which pretty much flies under the radar of the average person but has had severely deleterious effects on the flow of capital in an already anemic economy) was passed in a purely partisan Congress.


The stimulus starter with Bush and the ACA started with the public option, which got removed, then the medicare buy in, which also got removed.  The ACA, as it stands, was lifted straight from the GOP's 20 year old plan.  They got exactly what they wanted...not Obama.
 
2013-12-10 08:41:03 AM
Yeah, the Co I worked for, for better than 30 years Closed Up in 2007! I'm working for another Co but at Less than I was paid previously of course. How about going baqck to 1999 when all the Cutbacks and Downsizing in the industry I'm in started? That was my Peak salary in 1999, I haven't made it back to there yet! Thanks a Lot!
 
2013-12-10 08:44:01 AM
EyeballKid:

Wow, and the right wing never got, say, 98 percent of everything they wanted from the president, even if it resulted in a downgrading of our credit and shiatcanned our economy, but they sure did stick it to demlibz, hyuk hyuk?!

Oh, wait, I'm so sorry! Is 98% of what you want not enough for the Party of My Super Sweet 16

What are you talking about? The Democrats won, we went deeper in debt, and that cost us our credit score. Remember the shutdown? Democrats won, and we went another $320B in debt. They got the stimulus, which put us trillions in debt and didn't create a single job. They got Obamacare, which has destroyed millions of jobs and stalled out the economy.

What more do you people want?
 
2013-12-10 08:45:07 AM
imageshack.us


/suckit middle class
 
2013-12-10 08:47:54 AM

EyeballKid: Mr. Right: I know that's Obama's favorite whine but Obama got everything he wanted in the stimulus and the ACA

Wow, and the right wing never got, say, 98 percent of everything they wanted from the president, even if it resulted in a downgrading of our credit and shiatcanned our economy, but they sure did stick it to demlibz, hyuk hyuk?!

Oh, wait, I'm so sorry! Is 98% of what you want not enough for the Party of My Super Sweet 16?


Yeah, we can't credit the Republicans with a stellar economy they way we did in the late 90s.
 
2013-12-10 08:47:56 AM

Emposter: I had an OK job, then decided to go to grad school to increase my income.  The recession hit while I was in school, and now I'm making LESS than I did before I spent 3 years and tens of thousands of dollars getting another degree.

Woooooooo, thanks job creators.


Meh, it happens, especially when making the transition between careers. In the early '90s I did graphics and tech support when I was in grad school. Once I got my Ph.D., I ended up taking a pay cut when I got a tenure-track professor job. Be patient; it'll pay off eventually. Unless some third-worlder with a telnet connection can do your job, of course. Then you're boned.
 
2013-12-10 08:48:34 AM

Mr. Right: So stock portfolios and housing prices are on the rebound.  Given that most low income folks don't have stock portfolios and don't own houses, I'm not sure this is good news for even a significant percentage of the population.

During the economic boom that occurred from Reagan through Bush II, everybody got wealthier.  I know the income gap widened but that was because a 10% increase is a lot more for $1million than it is for $30k.   But at least nearly everyone was doing better.  During the Clinton administration with the dotcom bubble, unemployment was under 2% in our market.  BK was paying $10/hour.  Welfare rolls became nearly non-existent because there was no need in our area.  You had to actively avoid work to be unemployed.

The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.


Look at that Reagan-Bush2 boom, I tell ya. We were just SWIMMING in cash here in the middle class!

www.cbpp.org
 
2013-12-10 08:48:58 AM
Guess it's time to start flipping houses then!
 
2013-12-10 08:49:17 AM
Doing way better than 2007, but find myself working double the hours. After the crash my Company laid a bunch of people off and the rest of us got used to doing the work of at least two people. Now once things got better, one might figure hiring would increase right?
i1.ytimg.com
The only thing increasing around here is profit at the top. Bend over America. I started a side business which is the only reason I'm doing alot better. If I relied on my day job I'd be sorely disappointed.
 
2013-12-10 08:49:41 AM

Mr. Right: Uncle Tractor: The GOP blocking everything has nothing to do with this at all, of course.

I know that's Obama's favorite whine but Obama got everything he wanted in the stimulus and the ACA; Bernanke operates independently; and Dodd-Frank (which pretty much flies under the radar of the average person but has had severely deleterious effects on the flow of capital in an already anemic economy) was passed in a purely partisan Congress.


Not to mention the insurance lobbyists left happy. Instead of ACA, just nationalize it already
 
2013-12-10 08:50:35 AM
Ya no, making half what I did in 2007 thanks . . .
 
2013-12-10 08:51:22 AM
it almost seems as if  Obama pretends to be for the little guy but in actuality he's all for the 1%ers whom he gets his campaign cash from.

Wall Street is doing so well even the poorly run companies are seeing their stocks rise.

/Chicago style politics.
 
2013-12-10 08:53:10 AM
Definitely not a 1%... but I'm doing better than ever. Got a big promotion 3 years ago... got normal raises the last two years... My retirement accounts have more than double since 2008... The company I work for is doing better than ever, even though our CEO was worried that the 2.3% excise tax from the ACA was going to affect us dramatically. I own a small town home that I rent. My wife also owns a small town home that she rents... and we recently bought a place together.

I remember I started to get a little worried back in August of 2008... by Nov of 2008, I saw my retirement accounts lose a lot in value... and I sense the wide spread panic around from everyone, including me. Luckily my company did pretty decent during this stretch. I did my best to keep my job... and I never stop putting money on my 401K. By the mid 2009, I already saw the start of the recovery and I increased my 401K payments.

To those that still think we are worse off today than we were late in 2008, maybe you need to take a look at yourself first... before blaming that scary socialist black dude that "squatted" the White House. Currently people with a 4+ year degree are seeing an unemployment rate of less than 4%. If you are not one of them... and blame the President for your situation, then I don't know what to tell you.
 
2013-12-10 08:54:56 AM
Minus inflation of course...so really you are doing worse.
 
2013-12-10 08:59:02 AM

Deep Contact: So what if your house is worth more.


For millions of people, it's not the house being worth more, it's that it approaches what they owe on it. Mine still has to rise almost 50% more in value before I could hope to break even on it (condo). That means I'm about -$50000 in net worth, which means you are pretty much stuck living I'm something that has little value. Harder to find a new job since you are geographically bound, so options are limited.
 
2013-12-10 09:02:25 AM
"The largest benefactors have been the big banks, large investors, and large corporations that have the best access to leverage the Fed's financial steroid program. Andrew Huszar, the man responsible for managing the Fed's purchases of over 1.25 trillion dollars in mortgage backed securities, recently apologized to the country, stating QE is "the greatest backdoor Wall Street bailout of all time".
As for the next generation, their collective lives are now on hold. This will further retard any real growth prospects the country had, since young adults living at home under mountains of school debt are not too anxious to buy homes, get married, or start families.
The Aztecs used to sacrifice their youth to placate their Gods. As we financially sacrifice our youth today on the alter of debt, the only ones clearly benefiting are those that can use this artificial stimulus to re-inflate their investment portfolios, as well as bail out the poor choices of their elders who refused to live within their means. Taper or not, this Depression 2.0 will probably be with us for much longer than we care to admit..."  -Jason Scheurer

from 'To taper or not to taper, that is the question'
 
2013-12-10 09:02:47 AM
On the whole, I am slightly ahead.  Left my job and cashed the 401 (to convert it into my DB plan).  Didn't worry too much about the house value (almost no mortgage), but just throttled everything down to keep the debt level from going through the roof.  Now working a contract paying more than the old job, plus the small DB pension.  Now, to get to a point where I can drop the contract gig and go full retired.
 
2013-12-10 09:11:31 AM
I'm doing pretty well financially, but I would call BS on the article. The stock market really doesn't have much to do with regular people and a selective look at the DOW can be very misleading.  I remember one year the Dow tacked on nearly double and my investments stayed the same.  i parted ways with my broker who was one of the big ones...but the ordinary investor guy does not see the huge gains that are there in paper...in fact a lot of people never will as there will be a big dippy dip before they cash out. Scary for kids coming out of college.  Choose your major well.
 
2013-12-10 09:13:53 AM
If your liberal messiah, Obama, can't save you, who can?

In other news, Democrats are out of touch extremists.
 
2013-12-10 09:16:02 AM

uber humper: it almost seems as if  Obama pretends to be for the little guy but in actuality he's all for the 1%ers whom he gets his campaign cash from.

Wall Street is doing so well even the poorly run companies are seeing their stocks rise.

/Chicago style politics.


img.fark.net
 
2013-12-10 09:19:53 AM

Crewmannumber6: No I'm not. Still making about $25k less than I did in 2008. Employers have used the recession to put workers rights and benefits back 50 years.


Maybe you could get a skill.
 
2013-12-10 09:22:43 AM

Bartman66: Uncle Tractor: Mr. Right: The economic policies of Obama, Bernanke, and the effect of Dodd-Frank have not only stultified economic recovery for middle and lower classes, they have led to an economy where the rich are getting richer more rapidly while the poor are getting poorer in real terms instead of just getting rich more slowly.

The GOP blocking everything has nothing to do with this at all, of course.

DId the Senate even allow any votes or discussion on ANYTHING other than their own? So .... ignor and not allow the Reps to even bring up ideas or bills to senate and then turn around and cry about them not bringing any new ideas up? really?
I love how congress has the lowest approval rating ever and it is controlled by who? yet the faithfull all ignor that part..



Not apologizing for those Republican idiots in Congress, but Obama's approval rating aren't exactly stellar either, and the Dems are taking their share of the beatings as well, as they should.

Whoever sold this country on a two-party system sold us a bill of goods.  Maybe people will start to understand that in the next election and start taking a more direct approach to the problem...

Also, I am just getting back to 2007 levels myself, thanks to my now former employer rigging the pay plans to cheat us out of a lot of money between 2008 and 2011 -- when I'd finally had enough and left.  I'm making more on paper, but my savings and other assets are still recovering.
 
2013-12-10 09:28:54 AM
U.S. households regain almost all wealth lost during Great Recession

Tagged as "sad" by the economic genius who thinks this happens instantly.
 
2013-12-10 09:29:38 AM
Not like this is a big deal.  Most US households have no wealth, and the little they do have is wrapped up in their home. yay

~~Consumer spending accounts for about 70% of American economic activity
^^ That's the real story.  People spend way too much to have any significant wealth.

//retired at 34
//yes I am bragging
 
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