Below we highlight the S&P 500's performance on days when the Fed has made a Fed Funds Rate decision since August 8th, 2006 when the Fed stopped its long period of hiking rates. We also include the index's change in the week after the close on the FOMC day. As shown, the average change in the S&P 500 on these days has been 0.46% since 8/06. During the current easing cycle, the index has been up three times and down four times. The days when the market has been up have generally been big up days (2.9%, 1.2% and 4.1%).
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, June 25, 2008
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