WASHINGTON — The share of the nation’s wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress’s nonpartisan research service.
By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent’s share was 74.5 percent.
The bottom half’s share of wealth has declined since it reached a high of 3.6 percent in 1995. But the most dramatic drop occurred after 2007, according to the analysis of data from the Federal Reserve’s latest Survey of Consumer Finances.
Another staggering indicator of the concentration of wealth at the top in the U.S: When all household wealth is divided by the number of households, the mean household net worth in 2010 totals $498,800. But the median household net worth — the level at which half the households have more and half have less — was $77,300, meaning that the rich have so much that the average net worth in the U.S. is actually 6.5 times that of a typical American family.
Has a terrible tantrum over transparency!
Congrgess has somehow forgotten to question the three U.S. banks involved in the LIBOR-rigging scandal for their investigation into the LIBOR-rigging scandal.
That’s so odd, isn’t it?
As good as Clapton’s version:
Former Yardbirds, dueling at the crossroads:
Odd Man thinks of himself as jaded, but he obviously is naive and way out of the loop. He was shocked to read Bill Boyarsky’s piece about censorship, inspired by a New York Times story by Jeremy Peters. Boyarsky wrote:
…[Peters] revealed how politicians and their advisers “are routinely demanding that reporters allow them final editing power over any published quotations.” Such approval is now routine in the White House and President Barack Obama’s campaign headquarters in Chicago. Those interviewing Gov. Mitt Romney’s five sons must submit their quotes to the press office for approval. “And,” Peters wrote, “Romney advisors almost always require that reporters ask them for the green light on anything from a conversation that they would like to include in an article.”
He said organizations such as The New York Times, Bloomberg, The Washington Post, Vanity Fair and Reuters have agreed to these restrictions.
Submitting to such censorship is another sign of how the Internet and cable TV news have changed the business of reporting on politics, as well as other areas such as sports and business…
Howdy kids, Brendan here.
Some of you may know that I’m in the middle of opening a production brewery here in Philadelphia. It’s a pretty small operation for now -we’re still crunching numbers and tweaking the business plan- but when we finally open our doors in 2014, we expect to be cranking out 30 barrels at a time. That’s about 60 kegs each batch.
Anyway, we’re not licensed yet, so we can’t SELL our beer. But we CAN give it away for free! So, if you live in Philadelphia or thereabouts, come on out to the Interstate Drafthouse at 1235 East Palmer Street this Sunday, July 22. Starting at 4:00 PM, we will be pouring our Liaison lavender saison -a spicy Belgian farmhouse ale- and our Brownzilla brown ale -an American brown with a nice balance of hops and caramelized malts. Our beer is free… but make sure you enjoy some of Interstate’s awesome food and their impressive selection of craft beers.
Come on down, drink some beers!