A Quote by Charles L. Evans
From the peak in 2007 to the trough in 2009, Americans lost $11 trillion of net worth for households and businesses.
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In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $40 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.
The average net worth of the lower half of the distribution, representing 62 million households, was $11,000 in 2013. About one-fourth of these families reported zero wealth or negative net worth, and a significant fraction of those said they were "underwater" on their home mortgages, owing more than the value of the home. This $11,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.
But in the business I had, we invested in over 100 different businesses and net-net, taking out the ones where we lost jobs and those that we added, those businesses have now added over 100,000 jobs.
Gates's net wealth is greater than the combined net worth of the poorest 40% of Americans (112,000,000 people).
Social Security represents an $11 trillion unfunded obligation. And when I say unfunded obligation, I mean we have to come up with $11 trillion at some point to make the system whole.
Starting in late 2007, faced with acute financial market distress, the Federal Reserve created programs to keep credit flowing to households and businesses. The loans extended under those programs helped stabilize the financial system.
Our economy creates and loses jobs every quarter in the millions. But of the net new jobs, the jobs come from small businesses: both small businesses on Main Street and many of the net new jobs come from high growth, high impact businesses that are located all across the country.
If my sense of security lies in my reputation or in the things I have, my life will be in a constant state of threat and jeopardy-a fear that these possessions may be lost, stolen, or devalued. If I'm in the presence of someone of greater net worth, fame, or status, I feel inferior. If I'm in the presence of someone of lesser net worth, fame or status, I feel superior. My sense of self-worth constantly fluctu-ates. I don't have any sense of constancy, anchorage, or persistent selfhood. I am constantly trying to protect and insure my assets, properties, securities, position, or reputation.
Between 2007 and 2010, the average white family experienced an 11% reduction in wealth, but the average black family lost 31% of its wealth. The average Hispanic family lost 44.7%.
I think, my generation, it's hard to have hope when you got a $700-trillion derivatives debt to pay and a bubble about to explode and $500 trillion worth of GDP.
I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even beyond that it's not going to hurt if we want to reset the system to ask those who have benefitted disproportionately - remember, we got $60 trillion of net worth in the household sector. $45 trillion of that belongs to the top 5 percent.
Over the course of a year - from January 2014 to March 2015 - millions of Americans, hundreds of businesses, and dozens of policymakers weighed in at the Federal Communications Commission in favor of net neutrality.
In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again.
There is a reason so many Americans choose to develop their net worth through homeownership: It is a proven wealth builder and savings compeller.
Facebook has revealed their estimated net worth - $96 billion. That's almost as much money as businesses lose every year from their employees wasting time looking at Facebook.
When you look at the actual numbers, the number of people who died after 9/11 was greater than the number of people who died in 9/11, even if you are talking Americans. But you know, I don't like to talk Americans. I want to talk everybody. More innocent people died after 9/11 because of 9/11 than died in 9/11.
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