Leave it to Intrade to make a market in anything. The site now has a contract on whether or not Congress will approve a government bailout plan on or before September 30th. The last trade on the contract was at 80, which puts the Intrade odds at 80%. After listening to yesterday's hearings, these odds might be a bit high given the time frame attached to the contract. Hopefully Congress listened to Warren Buffett on CNBC this morning talking about how absolutely necessary it is to get this passed as quickly as possible.
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, September 24, 2008
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