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Bush's "race to the bottom" hits snag

The Bush administration's all-out war on the American economy and its destructive assault on our standard of living appears to have suffered a setback, as American household wealth hits a new record.

Rising real estate prices and a resurgent U.S. stock market pushed the net wealth of American households to a record high in the fourth quarter of 2004, the Federal Reserve said Thursday.

In its quarterly "Flow of Funds" report, the central bank said household balance sheet values rose to $48.53 trillion in the fourth quarter, up from $46.59 trillion in the third quarter.

The third quarter net worth was originally reported at $46.68 trillion, which had also been a record. The data is not seasonally adjusted.

Hey Ace, can we get some cowbell?