Thursday, December 8, 2011

The Great Recession Continues

Here is a bit from the Federal Reserve's Flow of Funds Summary Statistics for the Third Quarter 2011:
Household net worth—the difference between the value of assets and liabilities—was $57.4 trillion at the end of the third quarter, about $2.4 trillion less than at the end of the previous quarter.
This is nearly 4 years after the start of the current recession and 3 years after it "ended" and the news continues to be dreadful. Obama never took seriously the need to reflate the economy and get things moving. Worse, he was confronted by Republican politicians more interested in "gamesmanship" than in rescuing the economy. Tragic.

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