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. That's a refrain you will hear quite often these days of dodgy GAAP rules. The priced-for-perfection stock was down 5 percent after hours.
Factor orders missed by a mile this morning.
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.
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