Crisis caused household wealth to plunge, Treasury says

05/4/2010 | Hill, The

Alan Krueger, chief economist at the Treasury Department, said the financial crisis caused household net wealth to drop about $17 trillion. Significant declines in stock and home prices were the main contributors to the fall, but Krueger told SIFMA's Treasury Borrowing Advisory Committee that the situation is improving. "Rising stock prices and stabilizing home prices have helped lift household net worth," he said.

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Hill, The

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