For the fourth time in six days, China's Shanghai Composite finished down more than 2.5%. On an intraday basis, the index is down 20.6% from its high just over two weeks ago. On a closing basis, the Shanghai Composite is down 19.9%, which is dangerously close to the 20% threshold for a bear market.
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, August 19, 2009
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