Can You Say “Depression,” Mr. Bernanke!
2012 just became 1992. Who said time travel would never happen! Unfortunately, this time we can’t go back to prevent the signing of the Maastricht Treaty, founding the now-crumbling European Union, but we can use this bit of time travel to look at some facts. The U.S. Federal Reserve has given us our “treats” for the day: the net worth of the “typical” American family fell to its lowest level in twenty years.
Home equity is down forty percent. And there is more: American families are settling for annual household incomes of seventy-seven thousand dollars, plunging them back through the black hole to 1992, with faded memories of the days in 2012 when they raked in one-hundred and twenty-six thousand bucks annually. The Fed strikes again. Will a day come when U.S. Marines enter this inner sanctum to serve arrest warrants!?!