As of today's close, 80% of stocks in the Russell 3,000 are down year to date, and a whopping 17% are down more than 50%. In the chart below, we highlight the year to date change of each stock in the Russell 3,000 sorted by performance (100% to -100% scale). As shown, the red takes up much more area than the green, and it gets pretty ugly towards the tail end on the right side.
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.
Sunday, October 05, 2008
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