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In theory, at least, the extraordinary bull market should be making Americans feel far wealthier than they felt two years ago. So they should be spending far more, and that spending should be fueling far more job growth than it is.
Why hasn't it happened? In reality, the vast majority of Americans don't feel wealthier because they hold few if any shares of stock. In fact most feel poorer because their major asset is their homes -- now worth 20 to 40 percent less than they were worth in 2007 (and there's no sign of a rebound in housing).
The Street's bull market over the last two years has seriously enriched only the wealthiest 5 percent of Americans who hold the lion's share of stock.