Recession Erased 40% of Net Worth

There certainly was a falling that took place in America during this current recession.

The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s.

The Federal Reserve said in a new report Monday that median family net worth, the point smack in the middle of those richer and poorer, fell to $77,300 in 2010 from $126,400 three years earlier after adjusting for inflation.

The fall came with the collapse in the housing market and massive layoffs that slashed people’s incomes, and the pain was felt by families across the board -- young and old, well-educated and less so, with children or not.

Here;  http://www.latimes.com/business/la-fi-mo-economy-wealth-20120611,0,5418853.story

First the dot-com boom collapsed in the year 2000, then the towers collapsed in 2001, then the markets collapsed in 2002, and just when we thought we had the tiger by the tail and everyone was fully invested...the real estate market collapsed in 2007 which led to another stock market correction in 2008.

I wonder if all the falling that we have had in the last decade has anything to do with how far we, as a nation, have fallen from God?