The Q2 2012 Federal Reserve's flow of funds report was released last Thursday. Household wealth decreased $321.9 billion to $62.67 trillion in Q2 2012. The losses were in stocks, mutual funds while real estate values increased. Below is a graph of annual household net worth and notice the Great Recession wealth wipe out in the below graph.
The Q1 2012 Federal Reserve's flow of funds report was released last Thursday with significant revisions. Household wealth increased $2.82 trillion to $62.87 trillion in Q1 2012. The gains were in stocks, mutual funds so the average Joe without portfolios, basically didn't see anything. Below is a graph of annual household net worth.
The Q4 2011 Federal Reserve's flow of funds report is more bad news for Americans, plus holds some obscene statistics from corporate America. Household wealth increased $1.191 trillion to $58.455 trillion in Q4 2011, but is down by $369 billion, from Q4, 2010, or -0.63%. In comparison to the end of 2007, household wealth is still down -$6.743 trillion, or -10.34%. Below is a graph of annual household net worth.
You know what happens to you when you are incompetent and fail right? You're out of a job. Not so with the executive class.
In this New York Times article, once again we see recycled CEOs.
YOU might think that board members overseeing businesses that cratered in the credit crisis would be disqualified from serving as directors at other public companies.
You would, however, be wrong.
Directors who were supposedly minding the store as disaster struck at companies like Countrywide Financial, Washington Mutual or Fannie Mae have not all been banished from other boardrooms. In many cases, directors just seem to skate away from company woes that occurred on their watch.
U.S. companies are being advised to batten down the hatches for their annual meetings this year amid rising anger among investors and the public over bonuses, bailouts, layoffs and slumping share prices.
...
Protests were organized for Thursday outside offices of American International Group, Goldman Sachs, Wells Fargo and Bank of America across the country.
AIG employees have been getting death threats since a national furor erupted this week about more than $160 million in bonuses the troubled insurer recently paid.
They dare to question orthodoxy in this day and age of multinational corporations dominating every single action that our government takes.
YES!!!!!
Three cheers!
In an exceptional article on the Huffington Post(links to article) by Margaret Blair and Ralph Gomory, they start with this declaration nailed to the Church door:
Recent comments