Money Minute: Americans' Wealth Soars; GM Sheds 'Government Motors'

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GM finally sheds its "Government Motors" label.

The federal government has sold its remaining stake in General Motors, acquired in the 2009 bailout of the auto industry. Taxpayers lost $10 billion of the nearly $50 billion invested in GM. Still, supporters say the TARP program did exactly what it was intended to do by saving more than a million jobs in the auto industry.

As for GM, it's now free of the stigma of the government investment and the restrictions imposed by TARP. Shares of the new GM (GM) are at their highest level since they began trading three years ago.

Woman putting coin into piggy bank
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Are you feeling a bit wealthier? The average net worth of U.S households rose to a record high in the third quarter. Most of the gain came from stock and mutual fund prices, and the rising value of homes. This could boost economic growth going forward. If consumers feel wealthier, they're more likely to borrow and spend.

But for people who don't own their own homes, rents are going up. The reason is that more people are renting -- 43 million in all. That's up about 4 million from 2007, just before the foreclosure crisis hit.

Prices for your morning glass of OJ could also be on the rise. Wholesale prices are up because the domestic orange crop is expected to be light, partly due to the early winter freeze. The Agriculture Department revises its crop forecast Tuesday, and it could be the smallest orange crop in more than 20 years.

A growing number of American companies are offering benefits to same sex couples. A gay rights advocacy group says more than 300 get perfect scores on "corporate equality" including giants such as General Electric (GE) and Procter & Gamble (PG). Two out of three companies in the Fortune 500 now offer health benefits for same sex couples.

Here on Wall Street, the Dow Jones industrial average (^DJI) added 5 points Monday, the Standard & Poor's 500 index (^GPSC) rose 3 and the Nasdaq composite index (^IXIC) gained 6 points.

-Produced by Drew Trachtenberg.


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createidea

The average net worth of U.S households rose to a record high in the third quarter. Most of the gain came from stock and mutual fund prices, and the rising value of homes. This could boost economic growth going forward.

LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

December 13 2013 at 4:10 PM Report abuse +1 rate up rate down Reply
kdt34wqx

GM will always be government motors. If interest rates were to go up even a little, GM would be back in bankruptcy court.

December 11 2013 at 11:54 AM Report abuse rate up rate down Reply
militiaman2013

GM will always be government motors - GM Failed and owes American tax payers $10 Billion dollars.

December 11 2013 at 7:25 AM Report abuse rate up rate down Reply
1 reply to militiaman2013's comment
mily469

but the printed $85 billion a month to prop up wall street can go on indefinitely for your kind right?

December 11 2013 at 9:55 AM Report abuse rate up rate down Reply
militiaman2013

Bill Ford is lobbying for Government highway intervention simply because his statistics tell him there are not enough roads for all the over priced crude guzzlers he is producing but what he won't tell you is that there is not enough clean air for car production to continue at it's current pace an not affect the health of Americans.

December 11 2013 at 7:22 AM Report abuse +1 rate up rate down Reply
Andy

BS! This is the worst shape I\'ve been in financially in years! You can spin it however you want, it\'s still BS!

December 10 2013 at 5:01 PM Report abuse rate up rate down Reply
Iselin007

They are not going to fix all of the Infrastructure. The new highways are on the Internet the rest of US can eat cake. The malls will be hard pressed to fill vacant space or to get funding to rebuild. The Messiah will come then the shoe will be on the other foot.

December 10 2013 at 4:46 PM Report abuse rate up rate down Reply
Robb

how much did are commie goverment loose an the g.m. stock purchase and sale? looooser! marxist president.

December 10 2013 at 4:43 PM Report abuse rate up rate down Reply
Iselin007

Whats funny is the Seasonal Adjusted reports are just as seasonal as contruction or farming in the North East. No way are they going to keep all these retail people after the holidays. Years ago there was permanent people and temporary help no matter how good the economy was. Today staff is kept at a minimum most the year round so where is the recovery? Where do all these people go now except spun off the BLS records.

December 10 2013 at 4:35 PM Report abuse rate up rate down Reply
schmoyers

Yeah well if you have saved yourself silly and actually have some money in the bank, Be very careful.You should probably dig a vultre proof hole in your backyard. First do not tell relatives, friends or negihbors that you have saved. Even kids. Many of them feel that you should support them forever. Second ,avoid financial advisors. Learn to do it yourself and save the fees. Do not buy warranties on foreign owned goods.Do not take out helocs. Never sign off on a "parent plus "educational loan for anybody. Pray to God that you will not go into a nursng home.Watch your diet and excersize-helps keep med costs down. Do not listen to anybody that tells you the Affrodable care act is all bad. It prohibits insurance companies from settng lifetime limits on coverage, prohibits discrimination against those with pre existing conditioons, covers prognostic tests to catch issues early and is already filling in the 'donut hole" on drug presecriptions for seniors

December 10 2013 at 4:31 PM Report abuse rate up rate down Reply
2 replies to schmoyers's comment
betty_brock

I was with you up until the Affordable Care Act. The things you mention will cost ME more, even though I don't have them.

December 10 2013 at 4:34 PM Report abuse -1 rate up rate down Reply
betty_brock

Since when is losing 10 billion dollars a success? Only in liberal Bazaro World.

December 10 2013 at 4:29 PM Report abuse +1 rate up rate down Reply