Obama's Former FDIC Chair: Stock Market 'Bubble' Fake

Bair also bashed the stock market recovery, stating that its “bubbly 25% gain in 2013” came “courtesy of quantitative easing.”

On Monday, the former chair of the Federal Deposit Insurance Corporation, Sheila Bair, who served under President Obama’s administration from January 2009 until June 2011, ripped into the so-called Obama recovery. Citing a chart from the Sentier Research Group, she wrote, “for a large number of American households, there has been no economic recovery.”

Bair continued:

Caught in a vice of chronic unemployment and falling wages, real median household income (excluding capital gains and losses but including cash government benefits) has declined 4.4% since the “recovery” began in 2009. For many households, the drop has been more severe.  For African-American households, it is 10.9%.  For those under 25 years old, it is 9.6%.  For single females with children, it is 7.5%. Indeed, the only households to experience an increase in real income are those 65 to 74 years old.

Bair also bashed the stock market recovery, stating that its “bubbly 25% gain in 2013” came “courtesy of quantitative easing.” And she said that she mourned the plight of those “Americans who work for a living.” 

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