BiggieScooby Posted June 12, 2012 Posted June 12, 2012 http://cnnmoney.mobi/wk_snarticle?articleId=urn:newsml:CNNMoney.com:20120611:fed-family-net-worth:1&category=cnnm_business Key Points: 37% decline in median net worth of American family from 2007-2010. From 126,400 to 77,300. Top 10% net worth grew from 1.17 million to 1.19 million 2007-2010. Middle class families in the 40-60 percentile, median net income decreased from 92,300 to 65,900 - a 29% decline. Conclusion middle class has higher concentration of wealth in home equity and recession has impacted employment and wages of middle class.
dayman Posted June 12, 2012 Posted June 12, 2012 (edited) Well to be fair the top 10% would have to have some really expensive houses to take that kind of hit... Edited June 12, 2012 by TheNewBills
Nanker Posted June 12, 2012 Posted June 12, 2012 Key Analysis: High unemployment = lower average household income. Rampant mortgage foreclosures = net loss of home equity for most neighborhoods. With the way the markets are, it's no wonder the top 10%'s net worth increased by only $20,000 over three years. Obamanomics – spreading the misery around one class of people at a time.
birdog1960 Posted June 12, 2012 Posted June 12, 2012 it's amazing how different people can look at the same data and come to very different conclusions. table 4 shouts out to me. the difference between mean and median, especially among the top 10% deserves comment. it doesn't require a statistics degree to guess the explanation. the mean and median net worth chasm between white and nonwhite americans also deserves mention although i note that the cnn article doesn't.
/dev/null Posted June 12, 2012 Posted June 12, 2012 it's amazing how different people can look at the same data and come to very different conclusions. table 4 shouts out to me. the difference between mean and median, especially among the top 10% deserves comment. it doesn't require a statistics degree to guess the explanation. the mean and median net worth chasm between white and nonwhite americans also deserves mention although i note that the cnn article doesn't. What about the disparity in growth/loss by race? White Median -13.1% vs Non White Median -7.2% White Mean +9.2% vs Non White Median +22% Or did you not bother to look beyond the surface numbers?
Joe Miner Posted June 12, 2012 Posted June 12, 2012 it's amazing how different people can look at the same data and come to very different conclusions. table 4 shouts out to me. the difference between mean and median, especially among the top 10% deserves comment. it doesn't require a statistics degree to guess the explanation. the mean and median net worth chasm between white and nonwhite americans also deserves mention although i note that the cnn article doesn't. It doesn't take a statistics degree to talk intelligently about these numbers. But it does take a hell of a lot more than the level of stupidity that you seem to possess.
3rdnlng Posted June 12, 2012 Posted June 12, 2012 Family Net Worth Declines while state income goes up: http://news.investors.com/article/614516/201206120801/state-and-local-governments-growing.htm
MARCELL DAREUS POWER Posted June 12, 2012 Posted June 12, 2012 (edited) So if the economy had drastic reductions in regulation during the past decade, and taxes were and are at an all time low, then why would we lower taxes even more and have even less regulation??? in fact, before the recession, middle class income has gone down over the past 30 years? does this mean supply side is really voodoo economics like bush said? Edited June 12, 2012 by MARCELL DAREUS POWER
KD in CA Posted June 12, 2012 Posted June 12, 2012 Conclusion middle class has higher concentration of wealth in home equity and recession has impacted employment and wages of middle class. No ****. In other news, the sun rose in the east today. Now let's fix that by re-electing a President whose done nothing but create obstacles for job creating businesses (or at least those who don't have big money DNC donors on the Board). it's amazing how different people can look at the same data and come to very different conclusions. table 4 shouts out to me. the difference between mean and median, especially among the top 10% deserves comment. it doesn't require a statistics degree to guess the explanation. the mean and median net worth chasm between white and nonwhite americans also deserves mention although i note that the cnn article doesn't. There is a stark difference between median and mean for all income levels, not just the top 10%. What that says to me is the investing class didn't panic when the markets tanked, and instead profited from the rebound. Maybe the difference between median and mean in that table would be smaller if we valued teaching financial literacy in our public schools more than multicultural sensitivity.
3rdnlng Posted June 12, 2012 Posted June 12, 2012 (edited) This guy (MDP) is an idiot. If anyone engages him then they will be bringing down the level of conversation here at PPP. Not that it's that high already. Edited June 12, 2012 by 3rdnlng
GG Posted June 12, 2012 Posted June 12, 2012 it's amazing how different people can look at the same data and come to very different conclusions. table 4 shouts out to me. the difference between mean and median, especially among the top 10% deserves comment. it doesn't require a statistics degree to guess the explanation. the mean and median net worth chasm between white and nonwhite americans also deserves mention although i note that the cnn article doesn't. Does it deserve comment or an explanation of the data to you?
KD in CA Posted June 12, 2012 Posted June 12, 2012 Family Net Worth Declines while state income goes up: http://news.investor...nts-growing.htm Gotta keep funding those gold platted gov't employee pensions. Funny how the left wingers absolutely refuse to comment on that issue, the Wisconsin recall, unions, etc.
MARCELL DAREUS POWER Posted June 12, 2012 Posted June 12, 2012 (edited) This guy (MDP)is an idiot. If anyone engages him then they will be bringing down the level of conversation here at PPP. Not that it's that high already. this only makes you look weak in a debate... :wallbash: Edited June 12, 2012 by MARCELL DAREUS POWER
3rdnlng Posted June 12, 2012 Posted June 12, 2012 this only makes you look weak in a debate... :wallbash: I refuse to debate you. All you do is fill up this board with crap, lies, backtracking and nonsense. I would hope that everyone would ignore you so that you will eventually go away. The mods must be feeling very benevolent.
birdog1960 Posted June 12, 2012 Posted June 12, 2012 What about the disparity in growth/loss by race? White Median -13.1% vs Non White Median -7.2% White Mean +9.2% vs Non White Median +22% Or did you not bother to look beyond the surface numbers? did you not look at the absolute white vs nonwhite median and mean numbers? the mean and median net worth numbers for nonwhites are abysmal. so they lost less in median and gained a bit in mean...there still abysmal. yes, the poor lost less and in some cases gained some but when you start with almost nothing, that's not very meaningful. the numbers in that table show the extreme top heaviness of wealth distribution in the us - even among the top 10%. to see this even more clearly, the top 10% should be further subdivided. much of that groups wealth lies in the hands of the top 1 or 2%. there's plenty of other data available that illustrates this....this is just another example.
WorldTraveller Posted June 12, 2012 Posted June 12, 2012 did you not look at the absolute white vs nonwhite median and mean numbers? the mean and median net worth numbers for nonwhites are abysmal. so they lost less in median and gained a bit in mean...there still abysmal. yes, the poor lost less and in some cases gained some but when you start with almost nothing, that's not very meaningful. the numbers in that table show the extreme top heaviness of wealth distribution in the us - even among the top 10%. to see this even more clearly, the top 10% should be further subdivided. much of that groups wealth lies in the hands of the top 1 or 2%. there's plenty of other data available that illustrates this....this is just another example. Out of all the "conclusions" that people offered, yours was the most partisan
MARCELL DAREUS POWER Posted June 12, 2012 Posted June 12, 2012 I refuse to debate you. All you do is fill up this board with crap, lies, backtracking and nonsense. I would hope that everyone would ignore you so that you will eventually go away. The mods must be feeling very benevolent. it must be easier living under a rock...
birdog1960 Posted June 12, 2012 Posted June 12, 2012 No ****. In other news, the sun rose in the east today. Now let's fix that by re-electing a President whose done nothing but create obstacles for job creating businesses (or at least those who don't have big money DNC donors on the Board). There is a stark difference between median and mean for all income levels, not just the top 10%. What that says to me is the investing class didn't panic when the markets tanked, and instead profited from the rebound. Maybe the difference between median and mean in that table would be smaller if we valued teaching financial literacy in our public schools more than multicultural sensitivity. there is almost a $2 mil difference between median and mean in the top 10%. some of this can be explained by investment success but i'll bet more of it is due to the enormous wealth of the top decile within the top decile. a few thousand billionaires skew the mean markedly up.
DC Tom Posted June 12, 2012 Posted June 12, 2012 there is almost a $2 mil difference between median and mean in the top 10%. some of this can be explained by investment success but i'll bet more of it is due to the enormous wealth of the top decile within the top decile. a few thousand billionaires skew the mean markedly up. And the sun rises in the east. That always happens at the tail end of a normal distribution. It's part of the reason certain idiots who used to participate on this board think "error" causes regression to the mean.
ieatcrayonz Posted June 12, 2012 Posted June 12, 2012 And the sun rises in the east. That always happens at the tail end of a normal distribution. It's part of the reason certain idiots who used to participate on this board think "error" causes regression to the mean. 3.5 I wanted to be the first to say it because it is inevitable.
Recommended Posts