I got the news today

Several friends of mine got laid off today at work. Everyone else is on IM trying to figure out where else the ax fell. Modern day felling of armies.

W

ASHINGTON – The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.

The Federal Reserve said Thursday that household net worth dropped by a record 9 percent from the level in the third quarter.

The decline was the sixth straight quarterly drop in net worth and underscored the battering that U.S. families are undergoing in the midst of a steep recession with unemployment surging and the value of their homes and investments plunging.