How Consumers Lost a Fast $1.5 Trillion

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Now UTC is getting ready to lay off another 1200 in the next two weeks
United Technologies (includes Pratt & Whitney, Hamilton Sundstrand, UTC Fire & Security, UTC Carrier, Sikorsky and other subsidiaries)
Layoffs since 2008: 11,600
New openings: 535
Biggest needs: sales managers, project engineers, customer-service reps, program managers, design engineers
Where: Central Connecticut; Rockford, Ill.; San Diego; Bradenton, Fla.; Kennesaw, Ga.; Syracuse, N.Y.; Milwaukee; Michigan City, Ind.; Columbus, Ga.; Grapevine, Texas; Indianapolis
Jobs over $100,000: 6 percent

winky of CT 5:46PM May 15, 2012

"Look, the reduction in net worth was mostly a drop in asset values. Most assets are owned by extremely wealthy people who probably don't even know what they own or how much it is worth.."
Give me a break, the extremely wealthy know exactly what their assets are worth, which is why they've been able to amass wealth more effectively over time (broadly speaking) than the middle class. They "feel" this hit just like everyone else. The reduction in net worth you are talking about is mostly from losses in the financial market -- something that affects the upper and middle classes (as these groups own direct interests in the market) and also hurts the lower classes as these instruments are directly tied (by their very nature) to the overall economy which will ultimately affect their job outcomes.
What exactly does "fair distribution" of wealth mean? If someone grows far richer than another based on their own good fortune how does this take away from the wealth-creation potential of the other? Is the wealth of our nation a zero-sum game, or does wealth-creation beget more wealth-creation? What you are failing to see is that the truly rich do not have people working for them, they have their money working for them. They allocate these resources to the places that offer the highest return, and consequently the highest value for society if you believe anything a guy named Adam Smith once wrote...
yeesh.

Joe of OH 10:12AM September 22, 2010

Look, the reduction in net worth was mostly a drop in asset values. Most assets are owned by extremely wealthy people who proabaly don't even know what they own or how much it is worth. This is not to say that the middle class was not hurt too by the drop in their home and 401K values but the vast majority of the 1.5T was lost by rich people who will not miss it and probably did not even know they had it.
Our economy has not been fairly distributing the income and wealth in society for 20 years. The rich few are getting much richer at the expense of the rest of us. The disconnect is that the rich and those that blindly support some Republican ideas mostly on income taxes do not give enough credit to the poor and middle class for making them rich. If the rich did not have thousands of poor working for them, they would not be rich. They should be grateful for what they have and why they have it.
By the way, I am a Republican and support most of their agenda but they are just flat out wrong on income tax rates. One of the least intrusive ways that government can effect people's behavior is through tax policy. If tax rates were higher on high salaries and bonuses, the rich executives and company owners would be incented to take lower salaries and bonuses and more pay in the for of equity. That way, they would make more if their companies do better in the long run. Now they are only concerned with making their short term company targets to qualify for huge bonuses and they get paid even if their companies fail the next quarter. That is not good for everyone else who works for the companies.

Kevin of FL 6:46PM September 20, 2010

I agree with the above. Furthermore, they LIED, telling buyers of these notes that they were A grade notes, when in fact, they were B or C grade, undermining confidence in America abroad.

becky of CO 2:42PM September 20, 2010

The leftist whack-jobs that decided EVERYONE should be able to get a mortgage for a home, even if you were a crack-addled 40 year old lifelong unemployed homeless street panhandler with zero income and no credit whatsoever. (American dream, baby) So the working, TAXPAYING citizens secured the loans for these obviously loser loans, thanks to the illustrious Frank and Dodd duo. That is why you have lost money. Don't worry, El presidente and comrade Soetoro/Obama is going to double/triple/quadruple down on this sick reasoning and chuck more of YOUR hard earned money down a socialist rat-hole.

Never Been to Pakistan 6:23PM September 18, 2010