CNN's Willis falsely claimed "household net worth ... dropped by almost 18 percent since last year"
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SUMMARY: On American Morning, Gerri Willis falsely claimed that "household net worth, according to the Federal Reserve, down almost 18 percent since last year." In fact, household net worth decreased by 18 percent in 2008 -- not 2009.
On the March 13 edition of CNN's American Morning, personal finance editor Gerri Willis falsely claimed that "household net worth, according to the Federal Reserve, down almost 18 percent since last year," falsely suggesting that the figure represented a decline occurring in part after President Bush left office. In fact, that figure is what the Federal Reserve reported as the drop in household net worth for all of 2008, and it does not include any activity in 2009. The Federal Reserve issues household net worth data as part of its quarterly Flow of Funds report, and its latest release, from March 12, reported data for the fourth quarter of 2008, as well as selected figures, including change in household net worth, over all of 2008.
From the March 13 edition of CNN's American Morning:
ROB MARCIANO (co-host): Seeing opportunity in a sea of red. There are some great buys out there -- really good buys, as a matter of fact, right now. And making the right moves could give you a head start when things turn around. Personal finance editor Gerri Willis has a few deals for us. And this, of course, [co-host] Kiran [Chetry], is if you have money to throw down for some of these great deals.
WILLIS: We have some for people who have money, and we have some for people who have no money.
MARCIANO: OK.
WILLIS: So we've got all kinds of deals.
OK, well you know the bad news: foreclosures up 30 percent this month; unemployment at its highest level in 26 years; household net worth, according to the Federal Reserve, down almost 18 percent since last year. You may want to run and hide, but the experts out there are saying you have to look past today's bad news to be a good investor.
It's this kind of sly deception that the cons have unfortunately mastered. They bank on the ignorant masses who are so busy trying to make ends meet that they are too exhausted by the time they kick up their legs at the end of the day to ferret out misinformation such as this.
'...you have to look past today's bad news to be a good investor'.
Translation: My magic eight ball says 'ask again later'. What does yours say?
"take another hit".
LOL! That's funny on two levels as most investors HAVE taken a BIG hit.
Yet no one said, "excuse me, 18% in 10 weeks?"
And yet I'm surrounded by people who call this the "Clinton News Network" or the "Communist News Network." Yeah, real liberal bias on dispaly here. Give me a break. I call it "Chicken Noodle News."
Yes and Barney Frank also who claimed in Sept 08 that fannie Mae was sound going foward. And to think he was in charge of the house banking committee.
Excuse me, it was July of 08
OK... and who was listening to him? Was he a policy maker? Did he make law? Him make bad? Grr...
Frank, yes he is a policy maker, and he did make laws. And yes, he is a first class jerk.
Cramer's an idiot. MSN.com tracked the buy/sell picks he made over a few month period on his show and he lagged the market BIG TIME. His show may be fun brain-candy, but you'd be better off doing the OPPOSITE of what he tells you. He's no financial genius. He's just a "personality," little more than the 2nd loudest man in america. (Behind only Billy Mays.)
so what is it now...20%? kinda trivial I think.
if i were down ony 20% I would consider myself lucky. Fortunately, I have managed to sell my house, assuming we close, at a decent price.
More proof that the news talent pool is in dire need of skimming.
Randy
In Israel, when they have the news, they say here is the news read by so and so. Here, they lead you to think these people actually know what they are saying. They don't. It just passes through their lips. If you ask them ten minutes later what they said, they wouldn't remember. But as to claim vs. repeat, someone who originates the notion claims it, the repeater is just that, a repeater, not a claimant.
Who cares about Israel? We're most concerned about what our reporters are doing. If you like government sponsored reporting, then by all means, pack your bags and move to Israel.
Put this under the sky is falling...the glass is half-full...the glass is half-empty...I hate Pres.Bush...I love Pres.Obama...liars fugure/figures lie...or any other scenario of your choosing.
According to the Fed.Reserve links provided by mmfa the household net worth has fallen by a record amount in 2008...from a record all time high to start the year....with half the decline coming in the 4th quarter of 2008.
For a little perspective...when Pres.Reagan left office the number was $18 trillion...Pres.Bush I it was $23 trillion...Clinton $42 trillion...Bush II $52 trillion.
Until 2008 the Clinton and Bush years had produced growth in the annual household net worth at about the same rate. The current worth has now retracted to the 2005 level...which is about 25% higher than experienced in any previous administration.
I put this under the scenario of "the sky is not falling" concerning household net worth. What is falling is the responsible spending and leadership of congress with their out of control spending.
When I hear Pres. Obama, so called, I want to puke. He always talks about his three horsemen, education, health care, and altermative energy, as if any of these will cure our current ills. Education, if they can actually do anything about it, will take a generation to pay off. Health care, they won't change it much, but maybe will save a little while depriving us of care. Alternative Energy, just so much horse excrement.
"In fact, that figure is what the Federal Reserve reported as the drop in household net worth for all of 2008"
Lying or just crappy reporting, you decide?