The Federal Reserve said that Americans are $2 trillion dollars richer in the second quarter. Where did all this money come from?
You guessed it, the stock market. The value of U.S. stock holdings rose 21.6%
Other factors came into play. Home prices were up 1.8% and that added to your wealth. Americans are also paying off their debt. Household debt shrank by 1.7% in the second quarter.
The savings rate rose to a high of 6%.
These numbers show the vast differences between the top 20% of our population and the nearly 10% unemployment rate.
The key question is when will Main Street catch up with Wall Street? It is obvious that the $12.2 trillion dollars that the Federal Reserve pledged to bail out Wall Street worked, and it worked like a charm, with the Dow Jones averages approaching 10,000.
Now is the time for the government to look at the other end of Wall Street to Main Street and set policies that will put Americans back to work again.
Do you have any ideas for putting Americans back to work again?
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Reader Comments (Page 1 of 1)
9-19-2009 @ 6:47PM
geogreen01 said...
recommission he nuclear power plants that sit idle. this will put millions of people to work in the construction industry and ease the oil crunch we are in. Simple cheap sustainable energy versus expensive foreign oil and they are just sitting there idle. By the way France produces more nuclear power than it can use thus it is an energy exporter to all of Europe.