To give you a little bit of context, this chart showing the bottom 25th, middle 50th, and upper 90th percentiles of American net worth was part of a presentation by Professor Amir Sufi explaining the causes behind this net wealth decline, and the American economy’s sluggish pseudo-recovery afterwards. Cliffs for those who don’t speak Econ:

  • Giving banks access to cheap and free money is overrated because of the vicious cycle of lending restraint. Borrowers with recession-devastated credit are now riddled with debt; stingy banks do not give borrowers the money they need to stimulate the economy, which would give them more income to save. So with less savers depositing, the banks have less capital to disburse to an increasingly uncreditworthy customer base, as borrowers are now largely underwater on their mortgages. Wash, rinse, repeat.
  • Debt affects the lower classes far more than the upper class because most of the lower 90 percentiles’ net worth is tied up in their homes of now questionable value.
  • If any significant changes are to be made, Sufi says they need to come from fiscal (government) policy rather than monetary (Federal Reserve) policy. It's time to stop focusing on the banks; the true problem lies with the burden of American household debt.

For the first time in its 56-year history, Sports Illustrated will feature a transgender model on its glossy cover. 23-year-old Brazilian model Valentina Sampaio will appear in the July issue, which hits stands early next week. Sampaio wrote on Instagram that she was "excited and honored" to be part of such an iconic issue, adding: "The team at SI has created yet another groundbreaking issue by bringing together a diverse set of multitalented, beautiful women in a creative and dignified way."

A native of Fortaleza, a city in northeastern Brazil, Sampaio has been making history in the fashion world in recent years. She was already the first trans model to make the 2017 cover of Vogue Paris. Scouted while she was a young teen, she quickly made her way onto key runways in her home country. She managed to make an impression in a short time— launching her career at 18 years old—as L'Oréal Paris's first trans model. She hit another milestone last year, when she was the face of Victoria's Secret campaign, breaking barriers as the first trans woman working with the brand.

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