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.
Thursday, May 08, 2008
Bankruptcies and defaults gather pace
The number of companies defaulting on their junk-rated debt and filing for bankruptcy in North America is now running at its fastest pace in five years. So far this year, 28 “entities” have defaulted, according to S&P. The defaulted debt of the one Canadian and 27 US companies totals $18.4bn, exceeding the 17 US defaults for all of last year. Moody’s said the US is leading the global default rate for speculative-grade companies, which rose to 1.7% in April, up from 1.5% in March and less than 1% last year. The US default rate, however, rose from 1.8% in March to 2.1% in April. Moody’s expects the global default rate to reach 4.98% by the end of the year, with US defaults reaching 5.7%. In Europe, the rate is currently 0.7%.
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