NEWS ITEM: Americans' net worth shrinks $1.33 trillion in 1Q

From The Associated Press:

American households lost $1.33 trillion of their wealth in the first three months of the year as the recession took a bite out of stock portfolios and dragged down home prices.

The Federal Reserve says household net worth fell to $50.38 trillion in the January-March quarter, the lowest level since the third quarter of 2004.

The first-quarter figure marked a decline of 2.6 percent, or $1.33 trillion, from the final quarter of 2008. Revised figures show that during the recession's deepest point in the October-December period, Americans' net worth fell by 8.6 percent.

Net worth represents total assets such as homes and checking accounts, minus liabilities like mortgages and credit card debt.

In case you haven't heard, Barack Obama has been president during the first quarter of 2009 and Democrats control both houses of Congress. How's that "hope and change" thing working out for you?