ETFnerd

U.S. Credit Card Industry Moving into Uncharted Territory

"The easy credit led economy which fueled our GDP in 2003-2007 created massive unsustainable public and private debts. The public debt serviced by foreigners is shrinking meaning investor confidence in the U.S. financial system has been temporarily destroyed. Between inflation caused by currency devaluation, wealth destruction in real-estate, energy consumption costing consumer 25% of monthly disposable income (I didn't include food), offshoring and lack of job creation (rather permanent skilled job destruction) the total net loss calculation was 8 Trillion dollars of wealth destroyed in a four year cumulative period."

www.federalreserve.gov...

Is your calculator broken? See FED flow of funds as of March 6, 2008. See the last page 116. It shows US net worth going from $44.1 trillion on 2003 to $57.7 trillion in 2007. A net GAIN of $13.6 trillion! That's an entire year of US GDP. 2008 may show a decrease in net worth.

Tell the truth...you didn't really do any research, did you?