From: Adam <""4thwormcastfromthemolehill\"{at}the field.near
the bridge">

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

Nope. I did not say that anywhere.

Adam

> 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_finance
s_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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