The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Wednesday, March 21, 2007
March 20, 2007 Credit Spreads
Here's an interesting look at credit spreads over the past few years:
Notice how much closer the lines are today compared with five years ago. That's a big reason for the private equity boom.
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