January 28, 2008
OR, TO PUT IT ANOTHER WAY... (via sam):
US Household Net Worth Up 1.1% To $58.60 Tln In 3rd Qtr (Dow Jones, 12/06/07
U.S. households' total net worth rose 1.1% to $58.60 trillion in the third quarter, the Federal Reserve said Thursday. [...]Household net worth is a measure of total assets, such as houses and pensions, minus total liabilities, such as mortgages and credit card debt.
...what entitles our children to that $50 trillion? Posted by Orrin Judd at January 28, 2008 10:23 AM
It doesn't matter how good the statistics are. We're in a recession 'cuz the MSM says so.
If the DOC reports 4Q GDP up 3.5%, the MSM will declare the recession in full force anyway because GDP "growth dropped -1.4%" compared to 3Q's boom level (4.9%).
An actual GDP drop (the traditional primary indicator of a recession) hasn't happened since 2001 - a mere blip, another in 1991. There hasn't been a real recession since 1982. People under the age of 30 have no memory of what a real recession is like.
Posted by: Gideon at January 28, 2008 2:57 PMSome Hooverville.
Posted by: KRS at January 28, 2008 6:08 PMThe NYT stock price closed at $14.01 last Weds.
It's up some since (with a couple of funds having announced that they are going to use their holdings to try and win 4 board seats), but look for it to finish 2008 around $12-13. Morgan Stanley threw in the towel on corporate reform last year, after fighting Pinch for 2 years.
So the recession deepens.
Posted by: ratbert at January 28, 2008 11:03 PM