The S&P 500 has now erased 100% of the bull market from 2002 to 2007. Like the lost city of Atlantis, the bull market we enjoyed from 2002 to 2007 has now been relegated to the status of legends. People may talk about it for generations, but looking at the levels of the major indices, there is no longer any proof that it ever existed.
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.
Thursday, November 20, 2008
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