- Aug 5, 2018
I do that stuff myself. Recently changed a bunch of lights, added dimmers, moved a doorway and a bunch of drywall correction of the shitty work the builder did in a couple spots when he built my house.
difference is that us big earners send our money out to work each day - no cost for gas to commute, don't have to pack a lunch, etc. We feel it is our responsibility, as part of this great capitalist country, to pass a few jobs to those who do have to work on sites just to keep things moving smoothly.
The stock market has been way overpriced for a long time. The coreection is overdue and will be huge. Cryto currencies are sure to be a big loser - think tulip bulbs, real estate....Very hard to predict stock market, but as I type this Nasdaq down 2.3%, Dow 1.5% and Bitcoin 2.8%. Huge one day drop on top of other losses. Undoubtedly there will be bottom feeders to prop up market at some point today. Interesting to watch how market moves today and rest of the week.
The stock markets are not the economy. Not to mention the economy is the US economy not any one person's.
It was always a crowd pleaser when Trump brought up 401 (ks) during his rallies. People, anyone with a 401, IRA, company pension, union pension, school pension has money in the stock market. The market is not THE economy, but it certainly is part of it.Checking futures this evening (a strong selloff so far) it looks like the market is trying to manipulate Powell into becoming Dovish before he even takes the podium this week.
Market valuations are a function of anticipated earnings. Those earnings have been enhanced by government spending and fed policy. The question is how strong they'll be once the government takes away those things away.It was always a crowd pleaser when Trump brought up 401 (ks) during his rallies. People, anyone with a 401, IRA, company pension, union pension, school pension has money in the stock market. The market is not THE economy, but it certainly is part of it.
The standard democrat position paper says that only 50% of americans own stocks. Now, without breaking that down - non working wives, children - it's hard to know exactly what percentage of people actually own stocks.Most people own very little stocks.
The standard democrat position paper says that only 50% of americans own stocks. Now, without breaking that down - non working wives, children - it's hard to know exactly what percentage of people actually own stocks.
Next, what does "own" mean? I work for a government entity in california. I don't have any personal brokerage account so I literally don't own stock. But CALPERS manages my pension fund. They have billions worth of stocks, some of which will be used to fund my pension. So do I "own" stocks?
The wealthiest 10% of Americans now own 89% of all U.S. stocks held by households, a record high that highlights the stock market’s role in increasing wealth inequality.The top 1% gained more than $6.5 trillion in corporate equities and mutual fund wealth during the Covid-19 pandemic, while the bottom 90% added $1.2 trillion, according to the latest data from the Federal Reserve. The share of corporate equities and mutual funds owned by the top 10% reached the record high in the second quarter, while the bottom 90% of Americans held about 11% of individually held stocks, down from 12% before the pandemic.The stock market, which has nearly doubled since the March 2020 drop and is up nearly 40% since January 2020, was the main source of wealth creation in America during the pandemic — as well as the main driver of inequality. The total wealth of the top 1% now tops 32%, a record, according to the Fed data. Nearly 70% of their wealth gains over the past year and a half — one of the fastest wealth booms in recent history — came from stocks.“The top 1% own a lot of stock, the rest of us own a little,” said Steven Rosenthal, senior fellow, Urban-Brookings Tax Policy Center.