The Wealth Effect, RIP? | RealClearPolitics:
"WASHINGTON -- In the economic history of our time, June 6, 2013, ought to occupy a special place. That's the day the Federal Reserve disclosed that the net worth of American households -- the value of what they own minus what they owe -- hit $70 trillion, a record that exceeded the previous peak before the 2007-09 financial crisis. Higher stock prices and a long-awaited housing recovery are slowly restoring Americans' lost wealth. By all rights, this symbolic crossing ought to improve confidence, prompt consumers to spend more freely and increase the economy's growth. Maybe it will. But don't hold your breath."
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