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.
Tuesday, August 23, 2011
S&P500 Faces a Fork in the Road
“When you come to a fork in the road, take it.” – Yogi Berra
Lot’s of chatter out there about the 2008 and 2010 analog for the S&P500 so we constructed a tracking chart for you. Note the index is right at the return of the 2008 analog and faces similar events, which caused a nonstop year-end rally in 2010 and swan dive in 2008.
As all eyes are on Bernanke looking for clues of a new round a quonto we’ll be more focused on Trichet. The future of Europe and the global banking system is highly dependent on his policies over the next few months. Stay tuned.