Net Worth Plummets
The Fed reported today that household net worth has fallen for a sixth straight quarter. The latest quarterly drop was a staggering 9%, the largest quarterly drop since record-keeping began in 1951.
Household net worth has fallen 20% from its high of $64.36 trillion in the second quarter of 2007 to $51.48 trillion in the fourth quarter of 2008.
Over 4 million jobs have been lost since the recession formally began at the end of 2007.