Kaiamar

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Night Moves — Shinjuku, Tokyo by hidesax on Flickr.

Only the rich profit from recovery.

The top 7 percent of Americans saw their average net worth explode by 28 percent between 2009 and 2011, while the wealth of the remaining 93 percent of the population steadily declined during the same period, according to a study by the Pew Research Center.

From 2009 to 2011, the average net worth of the country’s 8 million wealthiest households surged from an estimated $2.7 million to $3.2 million, the Pew study said. For the 111 million households that make up the bottom 93 percent, average net worth plunged 4 percent, from $140,000 to an estimated $134,000.

The wealth chasm separating the top 7 percent and the rest of American society increased from 18-to-1 to 24-to-1 between 2009 and 2011. Meanwhile, the most affluent 7 percent of households owned 63 percent of the nation’s household wealth in 2011, up from 56 percent in 2009.

Meanwhile, too-big-to-fail banks and other corporate entities that failed magnificently during the crisis, only to be rescued by a massive government bailout, continue to grow in size and – critics say – vulnerability to another setback.  Stock prices – due in large part to a massive bailout and buy-in of US banks and corporations, which artificially enhanced the performance of these institutions with the injection of hard cash – have withstood the economic storm.

http://rt.com/usa/us-financial-crisis-wealth-occupy-wall-street-307/

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