Bad News for US Households

The NY Times has an article by Vikas Bajaj that quantifies the losses this financial collapse has had for US households:

The Federal Reserve reported Thursday that households lost $5.1 trillion, or 9 percent, of their wealth in the last three months of 2008, the most ever in a single quarter in the 57-year history of recordkeeping by the central bank.

For the full year, household wealth dropped $11.1 trillion, or about 18 percent. Though the numbers do not yet reflect it, the decline in the stock market so far this year has probably erased trillions more in the country’s collective net worth.

But this isn't just a US problem. Similary numbers can be cited for countries all around the world. This financial crisis has ruined the lives of many, many people.