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That's because non-bankers see mortgages as liabilities and homes as assets. Fine. Let's add up total home equity, subtract total mortgages, and while we're at it we can also figure in all other privately held assets and debts and then we can look at total family net worth. We can also adjust for inflation and crank it all out to constant 1993 dollars. That shows us that over the past quarter century the total net worth in America has almost doubled.
I realize that most people hate it when someone brings out the good with the bad, especially when they find out that most people are actually better off; OK, I hate to shine sunlight on anyone's soggy parade, but facts are facts. Maybe as a consolation I can share the fact that every six seconds an American dies. How about that! Just think, if it took you three minutes to read this then somewhere there's a whole room full of 30 newly dead Americans!! Well, maybe you've figured out that 33 were born too giving us a net gain.
That's why this environment schtick is so great -- for complainers that is. With 300 million Americans each putting out 50 gallons of raw sewage per day, then every DAY the US is pooping out A LAKE OF PURE SEWAGE a quarter of a mile across and over 500 feet deep!!!!
Yum!
