The great American un-recovery:Banking failures and swindling the wealth from working and middle class Americans.
Household assets off by $11 trillion from 2007 peak.
The economic profession and bankers on Wall Street have taken a hit to their credibility with missing the biggest recession since the Great Depression. It is understandable for the average person on the street to miss something as nuanced as a tiny recession but for a group of professionals whose mission statement involves understanding the economy and then to miss the biggest economic headwinds in a century is just inexcusable. This is no tiny recession. We have witnessed the unfortunate destruction of trillions of dollars and untold damage to the American working and middle class. Yet we are told from these same professionals that we are in a recovery. There is plenty of room to remain skeptical about this group.
If we look at the wealth destruction of U.S. households it becomes obvious why there is little feeling of recovery going around: