Americans lost collectively $1.3 trillion dollars in the first quarter of 2009 - putting them back to where they were in 2004.

Houses lost more value and of course stocks did too - although we have seen a rebound in the stock market since March, although it is the emerging market BRIC stock markets that have done the best.

These months were also among the worst of the recession.

People are talking about recovery and start of a new economic boom, but what has really been happening is that the economy is shrinking at a slower rate than it was in the first quarter.

A few are actually getting giddy. According to Reuters, "Rick Thompson, 77, a retired broker from Huntingdon Valley, Pa., isn't losing sleep over the economy or the stock market despite seeing his net worth edge lower in recent months. He and his wife, Faith, own the four-bedroom house where they've lived for 40 years. It may have lost some of its value, but not much, he said. A conservative investor, he shifted most of their portfolio from stocks to bonds in late 2007, when the then-soaring market made him uneasy. He admits the recession has weighed on his psyche, but the rise in stocks since early March has lifted his spirits. Thanks to the Wall Street rally, they are going ahead with plans for a trip to Europe next year."

Most Americans have learned nothing from the drop in real estate or the stock market and have yet to make any changes to their lifestyle or investment portfolio. Most refuse to learn any basic stock trading strategies. They simply assume that the Federal Reserve will force the stock market to go up for them or that Obama will be their savior.