Americans' net worth shrinks $1.33 trillion in 1Q

[MattAMatt]

WASHINGTON – American households lost $1.33 trillion of their wealth in the first three months of the year as the recession took a bite out of stock portfolios and dragged down home prices.

The Federal Reserve reported Thursday that household net worth fell to $50.38 trillion in the January-March quarter, the lowest level since the third quarter of 2004. The first-quarter figure marked a decline of 2.6 percent, or $1.33 trillion, from the final quarter of 2008.

Net worth represents total assets such as homes and checking accounts, minus liabilities like mortgages and credit card debt.more... (http://news.yahoo.com/s/ap/20090611/ap_on_bi_go_ec_fi/us_net_worth)

What's the matter? "O" Can't spend fast enough?

[SeedyROM]

Both parties have spent like wild and both parties divided and refused to solve the problems they created. "O's" party refuses to accept responsiblity for the housing and energy crisis that they were equally part of. If they accepted responsibility then "O" wouldn't have been able to sucker the masses with the TARP 1 and 2 scams...he gets half the blame for TARP 1 since he panded for it last October on the House floor. He (they) who earmarks and begs for pork gets an earfull.