(How YOU doin’ ?) Net wealth for American families drops nearly 40%

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Barack Hussein Obama (MMMM -MMMM-MMMM) says we’re all doing “FINE.”  The Federal Reserve says something different:

The recent recession wiped out nearly two decades of Americans’ wealth, according togovernment data released Monday, with ­middle-class families bearing the brunt of the decline.

The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

Another rough economic period brought on by federal government largesse.  Read On: 

The data represent one of the most detailed looks at how the economic downturnaltered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. […]