American's Wealth Dropped 40% .... [Archive] - Glock Talk

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aircarver
06-11-2012, 15:48
http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html

Had enough yet ? .....:steamed:

.

countrygun
06-11-2012, 16:23
watch it, you are going to hear from someone around here who will tell you that that is the measure of the economy, the Dow Jones Industrial Average is. It has been up now for several days so Obama has made the economy better.

aircarver
06-11-2012, 16:32
..... the Dow Jones Industrial Average is. It has been up now for several days so Obama has made the economy better.
... by getting his ass handed to him in Wisconsin .......:rofl:

/

Cavalry Doc
06-11-2012, 17:15
The DJI today

http://www.moneyweek.com/financialchartimage.aspx?show_header=1&tiny_chart=1&chart_primary_ticker=INDU&chart_time_period=1_day&co_dimension^width=510&co_dimension^height=349&finance_chart=1&plot_colour=fffff2&chart_moving_average_1_type=&chart_moving_average_1_period=20&chart_moving_averag e_2_type=&chart_moving_average_2_period=&chart_moving_average_3_type=&chart_moving_average_3_period=


Whoops, guess Barry hit the wrong button again.


http://www.google.com/url?source=imglanding&ct=img&q=http://24.media.tumblr.com/tumblr_l3eiwl2Yl71qbahz0o1_500.jpg&sa=X&ei=zHvWT7HkDYqo2wXsmd2IDw&ved=0CAkQ8wc&usg=AFQjCNEKXJCNJDPN_mi3XUd7THbvfvSWaw

countrygun
06-11-2012, 17:17
... by getting his ass handed to him in Wisconsin .......:rofl:

/


See, he did it deliberately. You just don't understand him because he is so brilliant.

:rofl:

wjv
06-11-2012, 17:18
I'm a bit skeptic of those types of headlines.

We paid $270K for our home
Right when housing peaked our home was worth ~$500K
Now it's worth $280K

So am I:
1) Down 44%
or
2) About even

All depends on what start/end points you pick for your data.

427
06-11-2012, 17:22
I'm a bit skeptic of those types of headlines.

We paid $270K for our home
Right when housing peaked our home was worth ~$500K
Now it's worth $280K

So am I:
1) Down 44%
or
2) About even

All depends on what start/end points you pick for your data.

Does the dollar when you paid $270K have the same purchasing power now as it did then?

wjv
06-11-2012, 17:25
Does the dollar when you paid $270K have the same purchasing power now as it did then?

No

But it's not down 40% either.

Guss
06-11-2012, 18:12
The article breaks it down pretty well. Most of the loss was from the burst of the housing bubble. If you were crazy enough to think houses were worth as much as they were going for a few years ago, you deserved to lose your money.

You have to be man enough to take responsibility if you lost money. Personally, I gained over the last three years. I wonder how Romney did?

beforeobamabans
06-11-2012, 19:06
While Obama has only made it worse, it's kind of difficult to make a realistic case that the bursting of a decades long credit bubble is his fault. There have been many contributors from both parties.

DonGlock26
06-11-2012, 19:29
http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html

Had enough yet ? .....:steamed:

.

The Hopium is wearing off in the funmployment line.


_

GAFinch
06-11-2012, 19:32
While Obama has only made it worse, it's kind of difficult to make a realistic case that the bursting of a decades long credit bubble is his fault. There have been many contributors from both parties.

Obama has certainly made it worse by talking. Pelosi made it worse by writing bills and then teaming up with Reid to ram them through Congress. As for original blame, I lay most of it on Barney Frank and Charlie Rangel, who ignored repeated pleas from Bush to straighten out Freddie/Fannie. Yes, the banks were secretly packaging subprime mortgages to investors, but what else were they supposed to do with these junk loans that Congress was strongly encouraging them to give out?

cowboy1964
06-11-2012, 20:07
You can't eat gold.

fortyofforty
06-11-2012, 20:13
You watch the stock market jump if it looks more and more certain that Odumbo will be a one term mistake.

Cavalry Doc
06-11-2012, 20:15
You can't eat gold.

I think precious metals are an important part of any portfolio, but I'm bucking the trend. Gold and Silver are overpriced. I'm investing in copper, lead and brass.

G-19
06-11-2012, 20:34
I think precious metals are an important part of any portfolio, but I'm bucking the trend. Gold and Silver are overpriced. I'm investing in copper, lead and brass.

If, and that is a big IF, the economy were to collapse gold and silver would be unimportant. Food, shelter, guns, ammo, and medicine would be the new money. Those are the things people need.

I grow a garden, my wife cans, my house is paid for and have plenty of densely wooded land in another state, with lots of animals on it. I have thousands of rounds of ammo and in the process of learning to reload and cast bullets. I have also been reading on a lot of different natural remedies. I also have a few good friends that are really into the survivalist thing.

Yeah, I like the life I lead and all the extras I can get, but can survive if I need to. I wonder how many of those who put all their hope in cash, gold and silver will fare.

Cavalry Doc
06-11-2012, 20:49
If, and that is a big IF, the economy were to collapse gold and silver would be unimportant. Food, shelter, guns, ammo, and medicine would be the new money. Those are the things people need.

I grow a garden, my wife cans, my house is paid for and have plenty of densely wooded land in another state, with lots of animals on it. I have thousands of rounds of ammo and in the process of learning to reload and cast bullets. I have also been reading on a lot of different natural remedies. I also have a few good friends that are really into the survivalist thing.

Yeah, I like the life I lead and all the extras I can get, but can survive if I need to. I wonder how many of those who put all their hope in cash, gold and silver will fare.

I have a very similar situation. Just a tip, cast lead isn't too good for certain types of firearms. The reloading forum here has tons of good information. Be forewarned, if they make jokes at your expense, it's all in good fun, and not personal. It's a lot different than GTPI.

cowboy1964
06-11-2012, 22:36
Tell ya what, when the collapse comes I'll give you 1000 rounds of ammo for each pound of gold you can give me. Deal?

Gold has been money for 3000 years but hey, believe whatever you like.

beforeobamabans
06-12-2012, 01:57
I think precious metals are an important part of any portfolio, but I'm bucking the trend. Gold and Silver are overpriced. I'm investing in copper, lead and brass.

If the housing market turns out to be the harbinger of a general deflationary spiral (and there is mounting evidence of this), then all commodities will fall in price.

fortyofforty
06-12-2012, 05:06
Tell ya what, when the collapse comes I'll give you 1000 rounds of ammo for each pound of gold you can give me. Deal?

Gold has been money for 3000 years but hey, believe whatever you like.

However, gold has no intrinsic value. You can't eat it. You can't build much with it. You can't grow or kill food with it. It has value only because people grant it value, due partly to its scarcity. Other than that, it's a soft shiny metal.

JFrame
06-12-2012, 05:24
American's Wealth Dropped 40% ....


...And that's only the wealth that has dropped. Let's not forget the wealth that has been "spread around"... :whistling:


.

Cavalry Doc
06-12-2012, 05:34
If the housing market turns out to be the harbinger of a general deflationary spiral (and there is mounting evidence of this), then all commodities will fall in price.

There is alway's land. Land with oil can be cool.

callihan_44
06-12-2012, 06:07
I'm thankful to still have a job

wjv
06-12-2012, 09:47
However, gold has no intrinsic value. You can't eat it. You can't build much with it. You can't grow or kill food with it. It has value only because people grant it value, due partly to its scarcity. Other than that, it's a soft shiny metal.

Once again we hear from the "if the dollar tanks we will have Mad Max" crowd. . .

If the dollar tanks we will have something more like Argentina, and gold/silver WILL still have value.

For gold/silver to die we would need an extinction level event like an asteroid impacting the earth or a mega-plague.

Boots45acp
06-12-2012, 10:00
I am down approx 50% on house and 401K in the last 3 yrs.
So the data seems realistic to me.

Boots45acp
06-12-2012, 10:03
I'm a bit skeptic of those types of headlines.

We paid $270K for our home
Right when housing peaked our home was worth ~$500K
Now it's worth $280K

So am I:
1) Down 44%
or
2) About even

All depends on what start/end points you pick for your data.

hmmm

Bought mine 6 years ago
I paid $290K for mine which was 60K under the appraised value of $350K
Jumped to $475K within 12 months.

Now it is at $149K
(I won't even mention my 401k)

So 40% decline is a conservative estimate for me.

fortyofforty
06-12-2012, 11:28
Once again we hear from the "if the dollar tanks we will have Mad Max" crowd. . .

If the dollar tanks we will have something more like Argentina, and gold/silver WILL still have value.

For gold/silver to die we would need an extinction level event like an asteroid impacting the earth or a mega-plague.

Once again we hear from the "if I can't defend my position logically I will construct a straw man and tear him down" crowd. . .

Gold is only worth what someone else is willing to exchange for it. No more. No less. It doesn't taste very good. It has no nutritional value. It can't do work. Its entire value rests in historical trends and its perceived scarcity (with a few industrial electronic uses). If you think otherwise--the "gold is magical and I will always be able to use it for currency" crowd--then you are deluding yourself.

Show me where I argued that gold or silver would "die". If the dollar tanks, there are a lot of people now owning gold who will be trying to exchange it for goods and services. Supply, meet demand. Supply of gold then becomes relatively high. Demand for more of it drops to market levels. It doesn't "die" but it might be worth less than you are counting on for your future prosperity. Go ahead and fill your closets with gold ingots. It makes no difference to me.

FFR Spyder GT
06-12-2012, 13:08
While Obama has only made it worse, it's kind of difficult to make a realistic case that the bursting of a decades long credit bubble is his fault. There have been many contributors from both parties.

Especially when this happened before he was POTUS.

it's funny how America's wealth has dropped while the middle class has gotten poorer but the ultra rich have gotten richer during this some period of time.

brickboy240
06-12-2012, 13:44
Well...some voted for "hope and change" there is your damn change.

...enjoy it.


- brickboy240