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Worth Over $500,000? Then QE Has Worked For You; Everyone Else Better Luck Next Time
Not supremely confident despite the stock market being at all-time highs? Unsure of the future and feeling poorer than in the past? You are not alone. In fact, you are among the 93% majority. As the Pew Research Center finds, during the first two years of the US economic 'recovery', the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%. As they explain, affluent households typically have their assets concentrated in stocks and other financial holdings, while less affluent households typically have their wealth more heavily concentrated in the value of their home. Due to these differences, wealth inequality increased during the first two years of the recovery. The upper 7% of households saw their aggregate share of the nation’s overall household wealth pie rise to 63% in 2011, up from 56% in 2009, with the mean wealth of affluent households now 24x the less affluent group (up from 18x in 2009). So the next time you see some talking-head on TV devoutly proclaiming his faith in the Fed's QE policies, perhaps it's worth considering in which cohort he and his clients sit.
Source: Pew Research Center
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Sickening
Now i'm really depressed.
My net worth? $500,000? No, $5,000.
http://www.youtube.com/watch?v=fyklt01lN_I
Stage 1 is over. Stage 2: 500 000 to 1 000 000. Stage 3: 1 000 000 to 5 000 000.
Don't worry, everybody's turn will come.
Trickle down, bitchez.
The trickle is the economic ghonnerea the Fed gave us.
A rising tide raises all ... except for those chained to the bottom.
THE EUNUCHS ARE TRYING TO PROMOTE PENILE ENVY...
Those who own and issue DEBT, are the primary and intended beneficiaries, equity holders are just along for the ride, real estate holders aren't invited, and if you are one of those nutty savers in "cash" who doesn't choose to buy into their BS "recovery" then you are biggest loser (by design).
But it has far more to with ASSET ALLOCATION then ASSET SIZE.
So skip the the first logical dick joke and move on to the one I led off with-
This is how the "bond vigilantees" have been silenced...they have been co-opted by making them part of the system that benefits from financial repression. Rather than being forces of the free market, they are just another group of crony capitalists.
We are all anchors
i am sure i am not the only one who feels this....i have been a self starter my entire life, ive worked as a car mechanic, ive owned my own construction company, ive owned other businesses also...all blue collar..i have ran other peoples business as a white collar......we always worked hard and saved..we always bought good enough vehicles, etc., we saved, we invested, we adjusted to our enviorment...never ever needing to impress anyone....and as i sit here knowing i am fortunate, i have never ever felt "rich"...i remain a blue collar individual with a mind that has some ability and a heart that cares for others.... they keep trying to tell us we fit in a certain percentile.....i am more insecure now about our future than ever before...i should be able to feel comfort in the fact that my long term plans mostly came to fruition......but i dont...these forces against us, all of us will eventually exact their final toll..... and as i told my wife many times..if we are rich, this world is in big trouble....so fuck you government pidgeon holers, you do not have a clue about true wealth...but you do know how to steal others sweat...oh and i have not benefitted from their qe...i have been out of thier system for sometime now
fuck you for being selfish and not going on welfare
'Doing the right thing' gets you screwed. From a blue collar family - first to go to college (engineering because I knew I could always get a job). Paid my own way - worked and ewent to school, stopped and worked f/t when needed, had only a few loans and finished when friends were getting out of law school. Married someone with a similar background. We worked hard, saved, waited a dozen years to have kids (unheard of for her family). Eventually moved into my parents old house (which I HATED with a passion) - rebuilt it and cashed out - at minimum wage levels - to put a downpayment on an even bigger wreck. We live in 'affluent suburbia' because we bought ar rock bottom and were lucky. Wife has a short commute - unheard of these days. She got lucky with a good employer after a horrid track run. I ended up stayinh home with kids - having a f/t parent is a rarity and valuable beyond any price these days. You'd be horrified at some of what I've seen with childcare and nannies but for most staying home isn't an option - one now finishing college, the other HS. Lived far below our means even after doing well. have done most of the work on our cars - only at 45 did we get our first new one. From a mindset where you never pay anyne to do work you can do yourself - which is why after 20 years the house still isn't done. Have only taken vacations for the last 12 years of a 33 year marriage - and those are mostly National Parks.
We've done better than we expected - far better than our parents and siblings but we worked our tails off to get here. My body will testify to that - a couple torn muscles, shoulder, knee.... I feel like we've gotten screwed for doing what you're supposed to do. Paid max rate on taxes - one time bonus paid at absolute max (no more income averaging). The wreck we bought has had its local property taxes tripled though though my labor doesn't count against the capital gains we'll face when it gets sold. Good thing my family's life expectancy for males is horrid because my 401K isn't worth much. Hopefully the life insurance company writing my policy will still be around to pay off when I drop dead - my wife can use it. We' ve saved all our lives but have been penalized for doing so - our savings lose value compared with real inflation and those you'd hire to 'manage' you r money often just rob you at every turn. Blue collar families aren't taught about finance. We were lucky enough with my wife's employer having good insurance when she had to deal with cancer - have seen that nightmare when others weren't as lucky. We put money aside for kids college from the day we married - didn't want them to go what we went through. Have brilliant kids who can get into almost anywhere - oldest is at a top school and wants to get a PhD and teach at the college level (He's good at it and that SHOULD be a viable path...in the past it would've provided a decent life but nowadays.....)
Have had a view over the fence into how those at the top live and it horrifies me. A self-centered focus that is astounding. people woth 5x our income who put nothing aside for their kids college - playing games to get aid they don't deserve. others living far beyond their incomes panicking when they lose the job they had. A sense of entitlement among those that inherited money and jot jobs through family connections. One - who had been working for a state agency after getting a law degree is po'd he's still in a starter house and rails against government - lost that job and now works in the family business. Yet his kids went to privae High Schools - not so great colleges..... Downward mobility from my pov while my kids are still headed up the ladder so to speak.
We've done work with various groups and I've seen many who are in difficult straits through no real fault of their own - we have friends who. having had far better starts than we, are now barely getting by..... but I see others who have consciously made horrible choices and counted on government or others to bail them out.
My kids were taught basic skills - unlike most of their friends they know how to use most tools and can do basic carpentry and home repair. Thye will always be able to get by. Their expectations are realistic but even with the start they have I fear for their future.
And approaching the age of 60, I realize all too well that what's $500.000 NOW won't buy what $100,000 would buy in my youth.
The house my grandparents paid $12,000 for after WWII (no slow market then) my parents bought for $29,000 in the late 60's and went for over $500,0000 when they died. WTF?
My highest paid in degree $21,000 engineering salary in the late 70's won't buy someone to answer phones today.
Uh, I'm sorrry--how are you getting "screwed" again? Looks like you did most things right, so CONGRATS.
My own observation is that you can STILL wind up at the top of the heap if you do a few things right and avoid stupid mistakes. Many of these mistakes are as obvious as the nose on your face, but most people miss them. Here is my (partial) list:
rbg81, you are correct. If you do all of these things, you will make the upper echelon.
If I sell my cars, trucks, house (current market) and throw in my wife and kids I'm sure I've got north of $10k.
You forgot to add in - as the govt is now doing - your "intangible" assets.
Problem solved.
If you're not on welfare, then you're rich
All the people on ZH that say that the buy, sell and trade metals...
WHAT KIND OF DUMBSHIT CANT BE WORTH $500,000, ESPECIALLY WHEN YOU KNOW THE METALS, AND KNOW TO DO THE OPPOSITE OF THE MUPPETS.
Tyler, they hear you, but they are not listening.
Well many here actually buy and hold the metals for what they represent: A true value of one's labor.
An ounce of gold takes a certain amount of time and energy to dig up, refine, and coin.
It is a good feeling to store one's surplus labor in something that is not subject to the whim's of what ZH brings to light each and every day.
If one holds surplus labor in something that IS subject to these forces, you are forced to try and stay ahead of the entire world printing to oblivion.
I know what odds I like, and I do not "value" it in something that is ever depreciating.
pods
OK, so take the number of ounces you own, x, and plug it in here:
1400x<>500000
I am very happy to say that I am way ahead of the game!! I am a Trillionaire!!!!! Did I mention I live in ZIMBABWE..
I have the third series of Zim notes (the one ending with $Zim 100 trillion) framed. Only a few that see it realize what it means. Keep in mind that the Rhodesian dollar was worth $US 1.46 on independence. By the time they got to $Zim 100 trillion they'd already lopped off a bunch of zeroes. You've seen one of the richest nations on earth in terms of mineral wealth - one that used to export food - turned into a basketcase where they need foreign aid to feed their own people.
BTW, the Zimbabwe Stock Market outperformed the rest of the world for some time - not hard when you're pumping up the economy by printing more and more money..... any parallels here? We have our own Gideon Gono - Greenspan... Geithner....
Oh just factor in the non taxable ebt and snap and disability. It all equalz out. Oh wait.....
Have no fear! The stock markets will make everything equal soon as the calender flips from 1936 to 1937....
The Dow Jones Industrial Average Reminds me of 1936
Because when this sucker goes down this time, it's going to force the .gov to nationalize a shitload of pensions and seize a lot of assets in excess of $250 K.
remember though that was 1936,,,,they had already taken everyones money from banks and confiscated gold.........my grandfather talked about his lost savings until hed died,,,,,,he didn't have no zero hedge and now i see he didn't stand a chance against these guys,,,,,,,,,,,,,
Now they don't have to physically take the gold. Just the ETF holdings, IRAs, and safety deposit boxes if they choose from the suckers.
They could do that in 1937 because they botched a fascist coup de etat by a capitalist elite and grandpa Bush. Now however, the situation might be quite the opposite.
"Worked so far" but not forever. This won't last....
SPY after hours action is...revealing. Note the price level where all the roll up trades are posting. Right near that low today. I'm sure it is just me, and I've become a loon-bat, and the market is probably a perfect price discovery mechanism.
But still...pretty plain to see on the AH chart.
Godz werk bitchez!
Yeah, those islands are a real problem for China and Japan, let's hope they can work things out, else that could be a catalyst for world conflict as well. The Norks have been quiet recently, but now Iran hacks AP and causes a flash crash. All of this seems somewhat orchestrated, but who is the miestro? The world is a tinderbox, not just fiscally, and any tiny spark could send it spiraling out of control.
the fact that both economies are crapping out is driving the politician's diversion of public attention and war.
China is also trying to provoke India... they sent 50 troops inside Indian territory and they are staying there...
You actually believe the Iranians are hacking our computer systems?
That is the report I heard off Fox News...Gasparino reported it. Not saying true or not.
Not to say I've seen any credible evidence, but we and our Joobuds hack theirs. Why wouldn't they?
While hate class warfare that Oblamo espouses, I have to say that when it comes to the concentration of wealth due to insider information that people gain advantage, that is when I feel we have a real problem. I have never gotten a job from a poor person, but if the rich are getting there due to nefarious means, then things really need to change.
The only problem is that those who could "change" things have already been bought by the moneychangers.
Get out of debt, and STOP USING DEBT.
Cash. It will not only remind you of what you spend, and force you to live within your means, it also has a snazzy side effect of collapsing this pig.
pods
Well put Pods...I got out of market a day before the 777 slide! I pulled all $ out of banks years ago...am prepped and armed...stack a bit of the poor mans gold...but a job would be nice so i can keep it all. actually got one recently but wont support me pas a certain time period...hopefully something will break my way soon!
$478k...
Missed it by that much!
Become an 0bama toady, and you will do better next time.
Speaking of toadies... This shit started LONG before the latest Presidential toady came into office.
Step away from the political Kool Aid dispenser, challenge your assumptions, get informed, keep perspective.
Where did I say it started with 0bama? Where did I imply it?
My friend, you are the one who needs to "Step away from the political Kool Aid dispenser, challenge your assumptions, get informed, keep perspective" by reading and responding to what is actually in a post.
in other breaking news
the Tsaernaev brothers are now also accused of yet another crime, a car jacking , taking someone's ATM card and using it for cash just before the bombings - there's ATM camera video of them using an ATM
so how did they get the dude's pin number for the card?
Does anyone else find it totally incredulous to suppose that a couple of young men, carefully planning a major terrorism event, go on a petty crime spree just before?
so how did they get the dude's pin number for the card?
Well, that's a tough one! Maybe they PUT A GUN TO HIS HEAD AND ASKED HIM FOR THE NUMBER.
They don't seem to have been exactly what you would call criminal masterminds.
Financial repression.
I can bet the lower 93% are carrying all the negative equity housing and surprised their wealth went down by so little, or are they not marking to market as well.
There is no escape from recession whilst this lower 93% are in negative equity, or simply overborrowed and no capacity to spend elsewhere or increase spending...especially since full time unemployment is rising, and slave wage part time employment the only alternative, if you can get it.
The TPTB are pumping banks full of money to give to business to create employment in a demand-less economy, domestically and globally. The famous trickle down effect never worked before and wont work now since there is no business demand for lending, and banks happy to buy stocks than lend.
They will have to give money to the spenders to create demand, then business might want to expand. But everybody hates somebody getting something for nothing, and would rather wallow in poverty than see that sort of policy. But in anycase it is too late, they have printed too many trillions to now go out and do it all again.
Funnily enough it worked in Australia where the govt did give a wad of free money to the public, which then set about reducing debt, and freeing up the spendig mood, whilst waiting for China to get its stimulous programs into gear. But I suspect that sort of policy will only work if you are on or ahead of the curve as Australia was. Waiting to seek the effects of recession is a bit too late to act effectively.
Don't worry, Kina, the postal rate increase and the internet sales tax, as well as the health care "affordability" tax should 'stimulate' the economy.
Market intervention by politicians made things worse. Who knew!?
You mean to tell me that lawyers aren't fit to run the world? How about judge it?
you mean people with law degress that never worked in a law practice but instead started at occupations vaguely attached to
government sponsed activities centered around convincing people to vote for them (the non-practicing lawyers)?
especially convincing people with limited means?
oh - please let me clarify - by limited means i intend both financially and intellectually.
which would of course include the 'hillary constituents' who they might have won over as the 'intellectual' (again on paper
like the law degree - birds of a feather you know) ones.
According to PI Financial:
http://www.scribd.com/doc/137637325/Gold-and-Silver-Prices-Unravel-PI-Financial
Gold and Silver Prices Unravel – Expect prices to trend sideways for remainder of 2013
Updating our 2013 estimates: Going into 2013, we had a fairly bullish thesis and outlook for the precious metals market for the coming year, forecasting that gold would average $1,800/oz and silver $36/oz, respectively. Q1/13 performed reasonably well with an average price of $1,631/oz for gold, about 9% less than our estimate. However, as a result of the recent sharp decline in spot metal pricing and more tempered economic outlook, we have reduced our 2013 price estimates for both gold and silver. We expect that gold will trade within a narrow band in the $1,400 - $1,500/oz range over the remainder of 2013.
Therefore, we are reducing out 2013 price outlook for gold to $1,500/oz, which is equal to our unchanged long term outlook. We are also lowering our silver forecast to $27/oz, which is below the historical gold to silver ratio of 58:1, but leaves upside for the more volatile metal should we see stronger economic activity or an increased appetite for precious metals emerge in the future.
It has become obvious to me that anyone who is not on the "inside" can not predict anything with any sort of confidence. And anyone on the inside who could tell us, won't. Long term outlook? Here's my long term outlook: nobody has the faintest idea if gold and silver will be manipulated up or down or by how much. We don't know what will happen tomorrow, let alone long term.
Correct on gold and silver in the short term. On a 50 year window your good to go with metals. 25 good to to go. 10 iffy now. Tomorrow count on it going down. Gold and silver will go down tomorrow because of Japanese QE. The Japanese
QE is good for about a year. Then European QE for about 2. Then Chinese QE for 4. Then a new round of US
QE for 4. QE will continue to artificially inflate worthless stocks forever. Or until the masses realize they are the last sucker to the ponzi party.
Here is what is going on now. You buy a stock or a car or a house or an egg sandwich with value earned from work. The powers that be buy the same thing with phantom money given to them by central banks. Your value of your work goes down even if the actual cost of goods go down. You pay 2.00 for an egg sandwich while the rich pay nothing. Not only are the rich paying nothing the criminals are paying nothing. Wonder what happens to the gas that the criminal put in his tank after he steals your credit or debit information and he gets caught. He gets to keep the gas. Or the hotel room. Or the trip around the world. While you pay full price he gets it for free. The bank reimburses you and the merchant already has his.
So the value of your work is paid in fiat units that are manipulated by the fiat makers. Meanwhile the value of precious metals can be given a fiat value by the fiat makers but don't ever believe that is its true value. The price of gold being down 200 dollars is the price of gold down 200 dollars of nothing. When your value of your work is taken out of the fiat equation fiat goes to zero.
If everyone values in metals the infinite pyramid of fiat falls. The more people insisting on metal for value the greater the threat to fiat. The trick is to devalue precious metals while flooding the market with fiat. This is where the CME and others come into play with margin requirements. Margin requirements control the fiat price that can be paid for metals. Until the physical price of precious metals decouples from the fiat controlled price the real value of precious metals will not be known. Nor will the gauge of it going up and down be known.
Tomorrow the fiat price goes down. The value of gold however will remain about the same. Anytime you can trade nothing for something. You probably need to do it. Remember that after tomorrow the next day there will be more of that nothing coming from nowhere. If this system never crashes you become pawns of a group that lies and steals. If it does you have something of value you can trade.
According to PI Financial:
http://www.scribd.com/doc/137637325/Gold-and-Silver-Prices-Unravel-PI-Financial
Gold and Silver Prices Unravel – Expect prices to trend sideways for remainder of 2013
Updating our 2013 estimates: Going into 2013, we had a fairly bullish thesis and outlook for the precious metals market for the coming year, forecasting that gold would average $1,800/oz and silver $36/oz, respectively. Q1/13 performed reasonably well with an average price of $1,631/oz for gold, about 9% less than our estimate. However, as a result of the recent sharp decline in spot metal pricing and more tempered economic outlook, we have reduced our 2013 price estimates for both gold and silver. We expect that gold will trade within a narrow band in the $1,400 - $1,500/oz range over the remainder of 2013.
Therefore, we are reducing out 2013 price outlook for gold to $1,500/oz, which is equal to our unchanged long term outlook. We are also lowering our silver forecast to $27/oz, which is below the historical gold to silver ratio of 58:1, but leaves upside for the more volatile metal should we see stronger economic activity or an increased appetite for precious metals emerge in the future.
this all makes 'sense' to me....that is to say zh.com, as recently as just a bit ago posted a chart that show the greater the something was, the worse off the other was. the other was, like u and me.
so why q/e does not hep the us of us of a?
well zh shows the funnel to the over 500k crowd as, well, an undisputable shift in their favor....they aint gonna do anything but buy bonds, cause they aint as stupid as to pray to an algo rhythm....they just got over 'the hump' to freedom...
According to Stifel Nicolaus:
http://www.scribd.com/doc/137594149/Financial-Repression-Beneficiaries-Stifel-Nicolaus
Financial Repression Beneficiaries
Energy, Materials, Information Technology and Industrials benefit from periods of financial repression vis-à-vis Consumer Discretionary, Consumer Staples and Health Care which benefit from an end to financial repression. This supports a pair trade opportunity, in our view. We see a mid-year U.S. jobs lull and uncomfortably low inflation, as well as sluggish mid-2013 GDP causing deficient Federal revenue which impedes fiscal deficit % GDP progress this year. In total, we think this leads the Fed to continue the full $85 billion/month QE3/3.5 to year-end and possibly 2014. Low P/E & high margin financial repression beneficiaries may outperform high P/E multiple & high profit margin groups that do well when financial repression ends.
We have held the view that the S&P 500 is in the “Late Bull” stage of a “Cyclical” Bull within a “Secular” Bear market.
are you spamming this site?
"uncomfortably low inflation"........for who? I like low inflation. In fact the natural order of prices should be downward as efficiency brings costs down over time.
The only fucks who need inflation are the debtors and governments are the largest in history.
Road to Homeownership in Canada Ain't What It Used to Be Says Gen Y - TD Canada Trust
http://www.scribd.com/doc/137634484/Road-to-Homeownership-in-Canada-Ain-t-What-It-Used-to-Be-Says-Gen-Y-TD-Canada-Trust
I almost forgot about Canada:
Canadian home prices drop for sixth month straighthttp://business.financialpost.com/2013/03/20/canadian-home-prices-drop-f...
Why even be on that road. Get off that road at the nearest exit.
The stupidity in Australia makes this look like chicken feed, and they did it all without their own QE. Speaking of 500k, a number of ONE BEDROOM apartments in Sydney cost that much now. Since the GFC, prices have now started to rise drammatically. Sickening indeed.
I've been thinking. Anytime anyone here poses the question: what is the real value of silver? The answer always seems to come down to industrial uses. So, next question: What is the real value of silver in a post-industrial world?
Silver is hypoallergenic. If the upper class twits collapse all that their fathers and their fathers and their fathers fathers built with their own hands from rugged swampland, we will still need clean silverware, surgical implements and wicked looking battle gear. If the big reset only sets us back to Andrew Jackson, we'll need money and solder. But of course the most important use of silver is to attract women.
Post industrialism is a scam.
The real value of silver beyond industrial uses?
Well since it s not a monetary metal I would say very low. At this point there is only one monetary metal and that is gold.
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Crunch the source data yourself. Pew makes outrageous claims that are such a stretch they could mean anything. You have to see their data yourself to understand why you should view them like Corzine.
I'm worth well over 500,000 - KOREAN WON!
I just got back from Mexico. I went from being wealthy to being a muppet.
The problem with trickle down economics is, sure you make a select group of people "richer" but usually those people are up to debt in their eye-balls to maintain that wealth, so instead of the wealth trickling down , the wealth gets sent back to the bank.
The bank is like a net, under the rich people catching all the money before it falls onto the poor people.
"Debt up to their eye-balls"
Reminds me of the old LendingTree commercial --> http://www.youtube.com/watch?v=r0HX4a5P8eE
Like my car? It's new.
Trickle Down also does not work because Gov't spending is inherently fraudulent and inefficient.
Patience all you paupers. I'm sure my wealth effect is going to kick in and start trickling down to you, just as soon as my $500k triples to $1.5 million.
Thanks. Got any spare twinkies?
Now wonder they are trying so hard to ban guns. Stats like that are enough to drive quite a few people in that "lower 93 percentile" postal...and who do you think they're gonna wanna shoot?
Ha ha ha haa! #Winning! I call BS on this one.
The financial loosers in the housing market were over-levereged. I had/have invested in residential RE, but with NO DEBT, and am doing just fine thanks. Those investments took a hit, but I haven't lost a dime. (You don't lose if yoiu dot sell.) Ya wanna get rich in RE? Never sell.
I feel bad for th suckers who got screwed by the system, but they will learn from their mistakes.
Bitchez!
I'll see your BS and raise you-
2009 was was the equity bottom, so the equity holders would the outsized beneficiaries of any statistical analysis that looks at 2009-present
The housing market - not so much
It would be more appropriate to look at a period from before the market dislocations to present, say 2006-present
In which case, everyone gets hosed on their real estate equity
Paper equity holders (stocks) get hosed and recover
And debt holders (Banks & Institutions) had a scary 90-day period in 2008, but were promptly made whole by some promises from Fed & Treasury (and their pet congress critters).
Ya wanna get rich in RE? Never sell.
I hear ya. I still have a flat in Detroit. It's worth 500k and I haven't lost a dime on it because I didn't sell it.
Oh, and it's filled with rats and junkies. Noone can live there. But as long as I don't sell it, it's still worth 500k to me.
According to Global Gold AG:
http://www.scribd.com/doc/118940953/Global-Gold-Switzerland-Outlook-Report-No-1
Financial Repression
The term financial repression isbecoming more and more present inthe media. What’s actually behind theterm? Financial repression is definedas measures which governments taketo channel funds somewhere wherethey wouldn’t go if left to the freemarket. So why would governmentsdo such a thing? The answer is debt!Most western countries have piled upa gigantic debt burden. To illustratethis, the chart below shows the debtburden in percent of GDP for selectedcountries. It is clear, that evencountries which are currentlynot in the spotlight have debt levelswhich already today seem simply repression are:
- Negative Real Interest Rates
- Inflation
- Capital Controls
- Banking Regulation
The times of negative real interest rates, meaning that after inflation“riskless” assets such as governmentbonds are yielding a negative return,are already upon us. We areconvinced that this development willcontinue for the foreseeable future,because this suits debt burdenedgovernments. Why? Because it leadsto a reduction in the real debt level.
Speaking as someone with a net worth over $500K, I can tell you I am financially repressed by Bernanke and Obama. I have no debt, the vast majority of my net worth is in cash (in a demand account as the bank's are too dodgy to do a term deposit), I live overseas but my cash is in the US waiting for an improvement in the exchange rate while the USD is depressed due to QE. This has cost me several hundred grand.
It is more those who have wealth, lots of debt, and are invested in equities rather than cash. These are the ones making out like bandits. But I refuse to play musical chairs like that regardless of financial repression.
I'm in a similar boat, but replace USD with GBP in my case. 25-30% devaluation for me.
So, get rid of the paper and buy gold. No more QE confiscation for you.
What's amazing to me is that retirees have not grabbed pitch forks and torches. They are getting royally screwed. Not that I would expect lackeys like AARP to speak up for them, but you would think pensioners would be up in arms
What amazes me is that Feinstein, Pelosi and Bloomberg are still alive.
Retirees are still getting more than the rest of us. Compared to what the restof us are going to get when (IF) we retire they're living well. No way can the level of spending continue.
Neighbor's 80 year old father was bitchng he couldn't sell his 30 foot boat in Florida (stopped by on his way to his second house in Maine). Was planning his second hiop replacement paid for on the taxpayer dime. Ex-gov official with a nice guaranteed PENSION (no 401K for him)
Aren't these results tantamount to a tautology: the more financial assets one has, the moar QEeasing helped out. I'd say the QE effects were far more concentrated in the top 0.1% than in the top 7% because wealth follows a power law. Not sure why they employ arithmetic means instead of median measures. In other words, George Soros is filthy rich but some slob worth ~$500k not so much. What is Pew's agenda?
It's not ownership of financial assets it's ownership of debt, that has been the primary beneficiary of the mad printers of Marriner Eccles.
Echoing Obama's class warefare, ZH? How about including 2008?
That's who the country and the politicians work for...those who are worth $500K or more.....that is until the cities are set on fire
So more than half the country joined the Obama Free Shit EBT Army, half of the remaining work force are barely employable and drowning in debt from the 6 years they took to get a degree in Social Justice and African-American Studies, and the economic wizards of ZH are surprised that the people with assets and capital aren't doing as bad as the rest of the country?
ZH has become another weapon of class warfare by the communist revolutionaries.
My parents easily have $500,000 in savings and home value and they are not Wall Street insiders. I'm approaching the $250 mark myself and I don't even own a house yet.
To earn the median household income of approx. $50k in interest on liquid assets one would need to hold around $20 million in 2yr treasuries... so that seems to be a good cutoff for 'upper class'. Everyone else is fooling themselves.
http://en.wikipedia.org/wiki/Affluence_in_the_United_States#Extreme_affl...
Another way to earn the median household income is to do what I do and WORK FOR A LIVING.
By not spending most of what you earn on stupid shit nobody needs, after 20 years you have a big pile of cash to roll around naked in.
i still have a small fortune but the problem is i started with a much larger one
How's that Trickle-down Reagonomics working out for you?
Pretty fucking good if you're a California state/county government retiree with a $100,000/year pension that would cost you or me over $2,000,000 to buy via an immediate annuity.
Trickle down is the piss of Champagne swilling and Johnnie Walker Blue drinking oligarchs. If you think otherwise you're a fool.
Or, to paraphrase Margaret Thatcher,
A man who, beyond the age of 30, finds himself with less than 500k can count himself as a failure.
Nooo? did she really say that?
What is the significance of 2009-2011?
Cherry picking data?
Why not show 2008 to now. or 2001 to now?
I smell a case of lies, damn lies and statistics. This is POOR journalism steeped in bias.
What happened the the ZH pitch? "Tired of sloppy financial journalism?"
I call hypocracy!
DO YOU REALLY EXPECT ANYTHING ELSE FROM A POLICY OF QEs???... I GUESS THE OTHER YEARS WOULD SHOW A SIMILAR PATTERN, BUT A SHORT ARTICLE WOULD TURN INTO AN INVESTIGATION IF IT HAD TO BE EXTENSIVE. YOU WANT 1980-PRESENT, 1985-P., 1990-P., 1995-P., 2000-P.,2002-P., 2004-P., 2007-P., 2008-P., 2009-P.? OK, GOTCHA
So all of that "millionaires and billionaires," "fairness," and "level playing field" talk didn't actually mean the highest earners would reduce their wealth for the greater good, everybody would get a fair shake if they worked really hard, and small businesses would be able to compete? You're saying that they were just slogans and buzz words borrowed from campaigns 80 years ago? I just simply refuse to believe progressivism would be used by the rich to secure their relative wealth by reducing it for everybody else.
so what's the problem ???