As the S&P 500 falls another 5% today, the index is now trading at the low end of its recent triangle formation. Investors with a technical bias will be watching to see if this level holds in order to determine whether today's decline is a successful test or the beginning of another leg down.
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, October 22, 2008
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