Dow on March 5, 2009 : 6,594
Dow September 16, 2010: 10, 594
Increase of : 60.67%
While investors and managers have increased their wealth dramatically, other headlines today portray starkly the dark side.
The overall poverty rate climbed to 14.3 percent, or 43.6 million people, the Census Bureau said Thursday in its annual report on the economic well-being of U.S. households. The report covers 2009, President Barack Obama's first year in office.
The poverty rate increased from 13.2 percent, or 39.8 million people, in 2008..."
Number of uninsured Americans rises to 50.7 million - USATODAY.com: "A record rise in the number of people without health insurance across the nation is fueling renewed debate over a health care law that's projected to work better at boosting coverage than controlling costs.
More than 50 million people were uninsured last year, almost one in six U.S. residents, the Census Bureau reported Thursday. The percentage with private insurance was the lowest since the government began keeping data in 1987.
The reasons for the rise to 50.7 million, or 16.7%, from 46.3 million uninsured, or 15.4%, were many: workers losing their jobs in the recession, companies dropping employee health insurance benefits, families going without coverage to cut costs. Driving much of the increase, however, was the rising cost of medical care; a Kaiser Family Foundation report shows workers now pay 47% more than they did in 2005 for family health coverage, while employers pay 20% more."
More than 50 million people were uninsured last year, almost one in six U.S. residents, the Census Bureau reported Thursday. The percentage with private insurance was the lowest since the government began keeping data in 1987.
The reasons for the rise to 50.7 million, or 16.7%, from 46.3 million uninsured, or 15.4%, were many: workers losing their jobs in the recession, companies dropping employee health insurance benefits, families going without coverage to cut costs. Driving much of the increase, however, was the rising cost of medical care; a Kaiser Family Foundation report shows workers now pay 47% more than they did in 2005 for family health coverage, while employers pay 20% more."
FedEx delivers int'l profits but cuts US jobs - Yahoo! Finance: "FedEx Corp. indicated Thursday that the global economic recovery remains uneven. While strength in international shipments is boosting net income, FedEx is cutting 1,700 jobs in its U.S. freight business to offset losses there.
The world's second-largest package delivery company did raise its financial outlook after as it said first-quarter net income doubled. But projections for the second quarter and full year fell shy of Wall Street expectations. FedEx shares dropped almost 4 percent..."
The world's second-largest package delivery company did raise its financial outlook after as it said first-quarter net income doubled. But projections for the second quarter and full year fell shy of Wall Street expectations. FedEx shares dropped almost 4 percent..."
Citibank credit card charge-offs leap in August - Yahoo! Finance: "he rate at which Citibank wrote off credit card balances as uncollectable rose sharply in August, after a decline the month before.
The New York bank said Thursday that its credit losses for the month hit 11.18 percent, from 9.75 percent in July.
In a regulatory filing, Citibank said it had originally underreported the July charge-off rate. The figure was included in an Aug. 16 filing that also detailed revisions for several prior months of charge-offs that Citibank said were overstated. In Thursday's version of the monthly filing, the bank said further review showed the revisions were unnecessary."
The New York bank said Thursday that its credit losses for the month hit 11.18 percent, from 9.75 percent in July.
In a regulatory filing, Citibank said it had originally underreported the July charge-off rate. The figure was included in an Aug. 16 filing that also detailed revisions for several prior months of charge-offs that Citibank said were overstated. In Thursday's version of the monthly filing, the bank said further review showed the revisions were unnecessary."
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