The moves in the 10-Year Treasury yield and the VIX volatility index highlight that panic has officially set in. At the start of the week, the 10-Year yield was 3.70%, while the VIX was at 25.6. They're currently at 3.25% and 33.6, respectively. Remember, the best thing to do when others panic is to not panic yourself.
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, September 16, 2008
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