With all this talk of imminent doom for our financial system, one would think that the Financial sector and the overall equity market would be making simultaneous lows. As shown below, however, both are still above their July lows, and the S&P 500 Financial sector is even above its August lows.
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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