LOL at BusinessWeek’s latest Gatsby movie tie-in with any purchase of large fries or a medium Freez-E Shake:
Americans’ wealth continued its snapback from the financial crisis in the first quarter, according to data released Thursday by the Federal Reserve. Household net worth jumped by $3 trillion, to $70 trillion, in the quarter, helped by strength in both housing prices and the stock market.
Net worth—that is, assets minus liabilities—reached nearly $67 trillion in 2007, then crashed by $12 trillion in the disastrous year of 2008. It has been climbing back ever since. The first time it surpassed its 2007 high was the end of 2012, when it got to a little more than $67 trillion. It has risen further into record territory since then, reaching $70.3 trillion at the end of March. Complicating matters a bit, the household category includes domestic hedge funds, private-equity funds, and personal trusts, on the theory that the money in those vehicles is ultimately owned by households, albeit rich ones.
Instead of saying that the “household category includes hedge funds, personal trusts” etc, why not just admit it is dominated by them.
Don’t be alarmed by the Dickensian urchin kids peering hungrily through your window as you read this – they’ll get their trickle-down any minute now.
Remember, visit your participating local BusinessWeek for Great Gatsby toys, puzzles and 22 oz drinking glasses while supplies last.
Cardiff did a deep dive into this subject, please check out his post at FT Alphaville as well, as I am doing now.