Existing and New Home Sales were released over the last two trading days, and below we highlight ten year charts of each housing indicator. Investors might have something to be excited about with Existing Home Sales since last month it broke above the miserable range it had been in for more than a year. But even though New Home Sales were slightly higher than the prior month, its chart still looks horrible, and it's definitely nothing to get bullish over.
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, October 27, 2008
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