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: The Buck Stops Here

What Does Wealth Mean?

By Stuart Buck, Esq.

This passage from a recent essay by Robert Solow caught my eye, because it hits on a point that has always confused me: When the implosion came in 2007, enormous amounts of what had been perceived as wealth?true, eventually spendable wealth?simply disappeared. According to data compiled by the Federal Reserve, household wealth in the US peaked at $64.4 trillion in mid-2007, and had plummeted to $51.5 trillion at the end of 2008. Something like $13 trillion of perceived wealth vanished in not much more than a year.Nothing concrete had changed. Buildings still stood; factories were still just as capable of functioning; people had not lost their ability to work or their skills or their knowledge of technology. But a population that thought in 2007 that they had $64...continue to full post

Full post as published by The Buck Stops Here on April 24, 2009 (boomark / email).