As the S&P 500 has been making new lows, its p/e ratio has been making new highs! Unfortunately, that's what happens when earnings decline at a faster pace than the index does. And it's pretty hard to fathom something falling faster than the market in this environment.
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.
Friday, March 07, 2008
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