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Rights to acquire or dispose of ownership interests in an enterprise (e.g., options and warrants) where the rights do not have readily determinable fair values will generally meet the definition of a derivative instrument (as will rights to acquire or dispose of ownership interests where the rights do have a readily determinable fair value) and are accounted for under the requirements of ASC 815-10 (assuming that the option meets the definition of a derivative instrument, including the criteria for net settlement in ASC 815-10-15-83(c)). If, however, these rights (i.e., those without readily determinable fair values) fail to meet the definition. | Working Paper No. 589 Recent Trends in Household Wealth in the United States Rising Debt and the Middle-Class Squeeze an Update to 2007 by Edward N. Wolff Levy Economics Institute of Bard College March 2010 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College founded in 1986 is a nonprofit nonpartisan independently funded research organization devoted to public service. Through scholarship and economic research it generates viable effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson NY 12504-5000 http www.levyinstitute.org Copyright Levy Economics Institute 2010 All rights reserved. ABSTRACT I find here that the early and mid-aughts 2001 to 2007 witnessed both exploding debt and a consequent middle-class squeeze. Median wealth grew briskly in the late 1990s. It grew even faster in the aughts while the inequality of net worth was up slightly. Indebtedness which fell substantially during the late 1990s skyrocketed in the early and mid-aughts among the middle class the debt-to-income ratio reached its highest level in 24 years. The concentration of investment-type assets generally remained as high in 2007 as during the previous two decades. The racial and ethnic disparity in wealth holdings after stabilizing throughout most of the 1990s widened in the years between 1998 and 2001 but then narrowed during the early and midaughts. Wealth also shifted in relative terms away from young households particularly those under age 45 and toward those in the 55-74 age group. Projections to July 2009 made on the basis of changes in stock and housing prices indicate that median wealth plunged by 36 .
