Driving the Day: 6/12/12

Jun 12, 2012

Need to know…

  • Americans Saw Wealth Tumble 40 Percent. In its Survey of Consumer Finances, the Federal Reserve said that American families’ median net worth ‘fell dramatically’ between 2007 and 2010, plummeting nearly 40% to levels last seen in the early 1990s. Median net worth dropped from $126,400 in 2007 to $77,300 in 2010, largely due to the housing crisis. The data underscore the depth of the financial crisis and how far many families remain from healing.
  • China Steel Exports May Resume Trade Disputes with U.S. The Wall Street Journal reports today that Chinese steel exports are surging against the backdrop of record production and waning demand in China, resuming a trend that may set the stage for a resumption of trade disputes with the U.S. China’s steel exports have resumed climbing in recent months, reaching the highest level since June 2010. China’s tactics will further pressure global prices as demand slows during the summer, according to the report.
  • U.S. Extends Exemptions From Sanctions on Iran’s Oil Trade to Seven Economies. Secretary Clinton said that the United States will exempt India, South Korea, Malaysia, South Africa, Sri Lanka, Turkey, and Taiwan from sanctions targeting Iranian oil exports because the nations have “significantly reduced their volume of crude oil purchases from Iran.” Clinton said the countries, for at least 180 days, won’t be hit with sanctions that target banks in nations that purchase Iranian oil.

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