Recession causing people to get poorer: 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 today that household net worth dropped by a record 9% from 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. Net worth represents total assets such as homes and checking accounts minus liabilities like mortgages and credit card debt. Family net worth had hit an all-time high of $64.36 trillion in the April-June quarter of 2007 but has fallen in every quarter since then.
See Spot think: PetMDan online veterinary resource, has identified the 10 smartest breeds of dogs. The Border collie, which were bred as herding dogs, top the list of brainiest pooches, just ahead of poodles and German shepherds. To see the full list, click here.