Wall Street is six times the value of Main Street, says Bank of America
Stocks, bonds and other assets are near record highs to GDP
A measure compiled by Bank of America pits stocks, bonds, deposits, loans, private-equity and pension fund reserves versus gross domestic product.
The S&P 500 has gained 16% this year, after a 22% surge in 2023.
That said, the Bank of America measurement ignores the largest source of American household wealth, real estate.
The Federal Reserve has a separate survey, including real estate, which finds that household net worth is nearly 8 times that of disposable personal income.
Steve Goldstein MarketWatch 19 August 2024
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