Happy Thanksgiving for the top 1%

The median is the point at which half are below it, half are above it.

http://www.openleft.com/diary/20937/the-heart-of-darkness

by: Mike Lux
Tue Nov 23, 2010 at 13:30

I came across these stunning statistics in a Matt Taibbi piece the other day: the top 1% in our country has had its percentage of the nation's wealth leap from 34.6% in 2007 to 37.1% in 2009, while the median net worth for an American household has gone from $102,500 in 2007 to $65,400 in 2009. Changes in numbers that dramatic in a two year period are astonishing, almost unfathomable. In the massive economic crisis we have just experienced, the home prices, savings, pensions/401(k) funds for the middle class took a beating like nothing most of us have seen in our lifetimes, while the top 1% have actually done okay after the initial hit on stock prices: corporate profits and stock prices are back up, corporate bonuses and dividends and executive compensation is in good shape, and the top 1% has more of the country's wealth in its back pocket than it did before. We still have high unemployment and stagnant wages and a terrible housing market, but the guys at the top are floating along pretty well right now.

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