From: Gary Britt 

So you agree then the UK and EU net worth per household is not nearly as
good as in the USA.

Excellent.

Gary

Adam > wrote:
> Gary Britt wrote:
>> But to the contrary:  USA household net worth is at record highs.
>> What's the household net worth in the EU?
>>
>
> They don't really calculate it in the way the US does however....
>
> A) Paying for it via a housing bubble & plunging the gov into deep debt
> merely hides the problems e.g:
>
> http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53413
>
> "The real 2006 federal budget deficit was $4.6 trillion, not a
> previously reported $248.2 billion, according to the 2006 Financial
> Report of the United States Government as released by the Treasury
> Department Friday.
>
> "The 2006 federal budget deficit of $4.6 trillion is $1.1 trillion more
> than the 2005 federal budget deficit," econometrician John Williams, who
> publishes the website Shadow Government Statistics, told WND. "The Bush
> administration is in an untenable situation with a budget deficit this
> dramatic. Taxing 100 percent of all wages, salaries, and corporate
> profits would not eliminate a deficit of this magnitude, and cutting
> Social Security and Medicare spending is politically impossible." "
>
> &
>
>
http://www.bloomberg.com/apps/news?pid=20601039&sid=aQKw_vL7cuLQ&refer=home
>
> " The problems in the subprime market may be just the tip of the
> iceberg, given the depth and duration of the housing bubble -- and the
> money tied up in it.
>
> ``We've created an unproductive asset,'' says Joe Carson, director of
> global economic research at AllianceBernstein. ``A house doesn't produce
> income.''
>
> Mortgage debt rose by $4.7 trillion from the end of 2000 through the
> third quarter of 2006, according to the Fed's Flow of Funds report. ``We
> created as much debt in housing in the last six years as we did in the
> prior 50,'' Carson says.
>
> After the late 1990s stock market bubble, the economy recovered with a
> combination of interest-rate relief and income growth, he says.
>
> That rate relief was the cause of the current housing bubble, former Fed
> Chairman Alan Greenspan's claim about the Berlin Wall coming down
> notwithstanding. How can the cause also be the cure?
>
> "
>
> & then just to cheer you up.
>
> http://www.marketoracle.co.uk/Article399.html
>
>
>
> Adam
>
>
>> Gary
>>
>> http://news.yahoo.com/s/ap/20070308/ap_on_bi_go_ec_fi/fed_household_finances
_1
>>
>>
>> WASHINGTON - The net worth of U.S. households climbed to a record high
>> in the final quarter of last year, boosted mostly by gains on stocks, the
>> Federal Reserve reported Thursday.
>> ADVERTISEMENT
>>
>> Net worth — the difference between households' total assets, such as
>> houses and bank accounts, and their total liabilities, such as mortgages
>> and credit card debt, totaled $55.6 trillion in the October-to-December
>> quarter.
>>
>> That marked a 2.5 percent growth rate from the third quarter, the
>> previous quarterly record high. Stocks gains helped fuel the increase in
>> net worth, although real-estate gains played a role, too.
>>
>> Adam > wrote:
>>>> But hey the Euro is doing great!!!!!    ROFL.  Those two
paragraphs so
>>>> funny and so true and so predictive of what's to come for
them.  Maybe
>>>> once the muslims take over in Europe and sharia law is
implemented they
>>>> will be able to get those vacations and unions under
control.  I don't
>>>> think the Koran provides for union breaks or unions at
all.  And they
>>>> won't have a problem with unemployment, because all the
women will be
>>>> forced out of jobs and out of schools and won't any longer
be counted as
>>>> part of the workforce statistics.
>>>>
>>>> Gary
>>> It's doing better than the Dollar & US economy
>>>
>>> "Analysts have been stumped by the apparent resilience of the U.S.
>>> economy, which seemed to be bounding ahead at a 3.5 percent pace in the
>>> final quarter of last year even as the housing market fell and the
>>> Federal Reserve raised interest rates.
>>>
>>> The paradox has been solved: The economy was not bounding. The Commerce
>>> Department reported Wednesday that economic growth inched ahead by 2.2
>>> percent in the fourth quarter of last year, only slightly faster than
>>> the 2 percent growth recorded in the third quarter and far below the
>>> economy's long-term trend rate of growth.
>>>
>>> The downward revision in the preliminary estimate of gross domestic
>>> product, of 1.3 percentage points, was almost three times as big as the
>>> average adjustment since the early 1980s, of 0.5 percentage points.
>>>
>>> Coupled with a reported 17 percent decline in new-home sales in January
>>> and a 7.8 percent drop in February in orders of durable goods like
>>> computers and washing machines, the new data indicated the economy had
>>> been much weaker than it seemed.
>>>
>>> "I think we are going to discover that the economy is
softer than the
>>> Fed thinks," said Robert Barbera, chief economist at ITG
in New York."
>>>
>>> Never mind, when the Latinos take over they will force you to lie around
>>> at midday for a couple of hours so at least you'll de-stress about your
>>> decline.
>>>
>>> Adam

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