Just 10% of Americans own 91 percent of the nation's stocks and mutual funds, according to economist Edward Wolff. Most of the remainder is held by a "middle class" that is steadily losing ground. The bottom 60% is almost entirely shut out.Stock owners, some of whom made billions of dollars last year, can defer their income taxes indefinitely, pay a reduced capital gains tax when they decide to cash in, or pass on the capital gains tax-free to their heirs.Making money is all a game to the super-rich -- redistribution toward the top, trickle-down delusions, tax avoidance, and even, for some of them, dabbling in criminal activities.Paul Buchheit, Super Bowl For the Rich
Chipotle beat on earnings but missed on revenues and a few growth measures. That's a refrain you will hear quite often in these days of dodgy GAAP rules and accounting antics. The priced-for-perfection stock was down 5 percent after hours. Who knows if it will stick. It's all a game.
Factor orders missed by a mile this morning.
Oil has rallied back over 50. It is not clear what this means exactly since the price discovery process is badly broken by leveraged speculation. Hey, weren't we just here about six years ago?
I suspect there was a steep overshoot to the downside that can be attributed to 'gamesmanship.'
I suspect there was a steep overshoot to the downside that can be attributed to 'gamesmanship.'
S&P 'settled' for 1.4 Billion for its active participation in the massive mortgage fraud perpetrated by Wall Street. It was just a cost of doing business.
There will be another financial crisis, and another attempt to bail out the perpetrators by their shrine maidens in the Congress.
Have a pleasant evening.
