With the bankruptcy of Lehman and the turmoil at AIG, one would think that Financials would be the primary culprit behind today's early decline of 2.5% in the S&P 500. However, while the sector is playing a large role in today's decline (-3.6%), Energy stocks are actually the worst performers on the day with a decline of 4.3%.
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.
Monday, September 15, 2008
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