Thursday, June 24, 2010

We Are All So Screwed

From the New York Times:

Great Recession? What recession? The world’s millionaires and billionaires — now totaling 10 million — saw their overall wealth jump 18.9 percent last year, to $39 trillion.
The surge in the stock market in 2009 restored many people back to the ranks of the rich as the financial crisis abated. The number of people with at least $1 million in assets beyond their homes and household goods climbed 17 percent, according to a report on the world’s wealth by Merrill Lynch and Capgemini, a Paris-based business consulting firm. Their total wealth approached the 2007 peak of $40.7 trillion, after a 20 percent plunge to $32.8 trillion in 2008.
“We are already seeing distinct signs of recovery, and in some areas a complete return to 2007 levels of wealth and growth,” Sallie Krawcheck, president of global wealth and investment management at Bank of America, said in a statementAs expected, the most millionaires could be found in the United States, where their ranks rose 16.5 percent, to 2.87 million, last year, according to the report. Their total wealth in North America rose 17.8 percent, to $10.7 trillion. 
 I don't know what this tells you, but for me this means that the same clueless jerks who got us all into the current mess have gone back to their irresponsible lending, borrowing, paper-pushing practices. Why is nobody discussing the very distinct possibility (which by now has become a strong probability) that these losers will get us into a new round of this economic crisis petty soon?


Melissa said...

But haven't you heard? If the rich get richer, it'll totally trickle down!!!


Clarissa said...


For now all it does is trickle up. But we can surely keep hoping for a miracle.

Double sigh.