I help run investments for primarily non-profits. The reduced wealth in their endowments is very real, as are the shortfalls in their budgets. Some are dipping deeply into their principal, others are cutting outlays. There has been a great deal of “collateral damage” in the markets.
There will be more “collateral damage” to the little guys….and the CEOs will continue to bilk the US taxpayers. This shift from rewarding working people to “socializing the risk, privatizing the profit” to reward the top 5% has resulted in the greatest concentration of wealth in the smallest number of hands since the 1920s. It’s a disaster, but the truly wealthy will smugly ride off into the sunset. Hold on tight, my friends, we’re only beginning to see the shake-out. As unfair as it is, the middle class and working people will continue to bear the brunt. After all, we can’t buy off a Member of Congress or Senator!
And the S&P;500 is just a hair shy of its post 9/11 low, 800 to today’s close of 806. Down 6.12% today.
Much of that “wealth” was imaginary in the first place. Most of what has been destroyed are illusions and fantasies.
Credit does not equal “money” does not equal “wealth.”
I help run investments for primarily non-profits. The reduced wealth in their endowments is very real, as are the shortfalls in their budgets. Some are dipping deeply into their principal, others are cutting outlays. There has been a great deal of “collateral damage” in the markets.
There will be more “collateral damage” to the little guys….and the CEOs will continue to bilk the US taxpayers. This shift from rewarding working people to “socializing the risk, privatizing the profit” to reward the top 5% has resulted in the greatest concentration of wealth in the smallest number of hands since the 1920s. It’s a disaster, but the truly wealthy will smugly ride off into the sunset. Hold on tight, my friends, we’re only beginning to see the shake-out. As unfair as it is, the middle class and working people will continue to bear the brunt. After all, we can’t buy off a Member of Congress or Senator!
The “Obama Discount” continues…
http://tinyurl.com/6yejv4