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Bob Meyer

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Federal Reserve Says Nearly 20 Years Of Accumulated Prosperity Has Been Erased

The recent financial crisis has left the median American family in 2010 with no more wealth than they had in the early 1990s.

The median family, richer than half of the nation�s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007. (The crash of housing prices accounted for three-quarters of the loss.)

This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7% over the same period.

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