>>> DESPITE THE FACT THAT WE ARE
>>> DESPITE THE FACT THAT WE ARE
IN THE MIDST OF THE WORST
RECESSION SINCE THE GREAT
DEPRESSION, HAD YOU INVESTED
$100 IN THE S&amp;P 500 AT THE
BEGINNING OF THIS YEAR, YOU
WOULD ACTUALLY HAVE MADE SOME
MONEY.
IN FACT, THE S&amp;P 500 IS NOW
WITHIN STRIKING DISTANCE OF ITS
ALL-TIME HIGH.
NEARLY 30 YEARS AGO WHEN I
STARTED IN THIS BUSINESS, I
WOULD HAVE SAID THIS WAS GOOD
NEWS.
BACK THEN MARKETS SERVED A AS
BETTER BAROMETER FOR THE LARGER
ECONOMY THAN THEY DO TODAY.
ACCORDING TO GALLUP 45% OF
AMERICANS SURVEYED IN 2020 SAY
THEY DON’T OWNYOU LOOK AT HOW OW
OF STOCK IS DISTRIBUTED YOU WILL
FIND THAT MORE THAN 80% OF ALL
STOCK HELD BY INDIVIDUALS ARE
HELD BY THE COUNTRY’S WEALTHIEST
10%.
BUT THAT’S JUST THE MATH.
THE BIGGER PROBLEM IS THE WAY
POLICIES IN THIS COUNTRY ARE
RIGGED IN FAVOR OF THE WOELTEALT
AMERICA LIKE THE WORLD IS
CONFRONTING THE GREATEST
ECONOMIC CALAMITY SINCE THE
GREAT DEPRESSION.
MIDDLE TO LOW INCOME AMERICANS
ARE FEELING THE WALLS CLOSING IN
YET SOMEHOW THE RICH HAVE FOUND
A WAY TO KEEP GETTING RICHER.
LET ME LAY IT OUT FOR YOU.
STOCKS ARE HIGH FOR TWO REASONS
AND BOTH HAVE TO DO WITH THE
FEDERAL RESERVE.
AT THE BEGINNING OF THIS CRISIS
THE FED MADE IT EASIER AND
CHEAPER TO BORROW MONEY FOR
BUSINESSES TO STAY AFLOAT WHILE
DEMAND EVAPORATED.
IN DOING SO AND BY SLASHING
INTEREST RATES THEY MADE SAVING
UNATTRACTIVE AND INVESTING IN
STOCKS BECAME THE ONLY GAME IN
TOWN.
THE COLLAPSE OF INTEREST RATES
MADE BUYING REAL ESTATE FOR
THOSE WHO HAVE MONEY AND A DOWN
PAYMENT AND GOOD CREDIT THE BEST
DEAL THAT IT’S BEEN IN OVER A
DECADE.
MONEY BEGETS MONEY.
IT’S THE AMERICAN WAY.
IT’S THE WAY IT WAS DURING THE
DEPRESSION AND THE DWRATGREAT
RECESSION AND EVERY RECESSION IN
BETWEEN.
WHEN THE GOING GETS ROUGH, THE
RICH GET RICHER.
RIGHT NOW THE U.S. UNEMPLOYMENT
RATE STANDS AT A STAGGERING
10.2%.
WE JUST HAD OUR 20th STRAIGHT
WEEK OF AT LEAST 1 MILLION NEW
AMERICANS FILING FOR
UNEMPLOYMENT.
A BRAND-NEW STUDY BY THE ASPEN
INSTITUTE PROJECTS THAT 30
MILLION TO 40 MILLION PEOPLE IN
AMERICA ARE AT RISK OF EVICTION
IN THE NEXT SEVERAL MONTHS.
ROUGHLY 568,000 MRNAMERICANS
SLEEPING ON THE STREET EVERY
NIGHT ACCORDING TO HUD NUMBERS
IN 2019.
THE U.S. DEPARTMENT OF
AGRICULTURE SAYS THAT AS OF TWO
YEARS AGO WAY BEFORE THE
PANDEMIC 11.1% OF AMERICAN
HOUSEHOLDS WERE CONSIDERED FOOD
INSECURE.
TO TOP ALL OF IT OFF AT THIS
VERY MOMENT TALKS BETWEEN THE
WHITE HOUSE AND CONGRESSIONAL
DEMOCRATS ABOUT CORONAVIRUS
RELIEF ARE AT A STANDSTILL.
TRUMP IS TOYING WITH THE IDEA OF
SIGNING AN EXECUTIVE ORDER TO GO
OVER THEIR HEADS ALL THE WHILE
HE’S TRYING TO GUT THE
AFFORDABLE CARE ACT AS THE
COUNTRY SURGES PAST 161,000
CORONAVIRUS DEATHS.
BUT HEY, LOOK ON THE BRIGHT
SIDE, WE DO HAVE NEAR RECORD
HIGH STOCK MARKETS.
FOR THE MAJORITY OF AMERICANS
THE ECONOMIC PROSPECTS ARE IN
SHAMBLES.
STOCK MARKET RECORDS DO NOT PAY
THE RENT OR PUT FOOD ON THE
TABLE.
THIS IS THE CAPITALISM WE KNOW
AND THAT SO MANY HATE.
DESPITE THE NAMES THAT SOME
PEOPLE CALL ME ON TWITTER, I AM
A CAPITALIST.
I DO NOT BELIEVE IT NEEDS TO BE
THIS WAY.
AMERICANS HAVE BEEN MADE TO FEAR
POLICIES THAT REDISTRIBUTE
WEALTH, BUT NO SYSTEM HAS
REDISTRIBUTED WEALTH FROM THE
POOR TO THE RICH AS EFFECTIVELY
AS OUR OWN, BECAUSE THE POOR
WORK FOR LOW WAGES AND THE RICH
PROFIT FROM THOSE LOW WAGES.
IT’S HOW SLAVERY WORKED, BUT
SINCE WE DON’T HAVE SLAVERY WE
WORK REALLY HARD TO PAY PEOPLE
AS LITTLE AS WE CAN TO DO THEIR
WORK.
AND IF THE POOR CAN’T WORK FOR
WAGES THAT ARE LOW ENOUGH TO
MAKE CHEAP STUFF, THEY SIMPLY
LOSE THEIR JOBS, THAT WORK GOES
TO COUNTRIES WHERE THERE ARE YET
POORER PEOPLE WHO WORK FOR EVEN
LESS.
AND THEN THOSE WORKING AMERICANS
LOSE THEIR JOBS.
AND THEN THEY LOSE THEIR HEALTH
CARE, AND THEN THEY LOSE THEIR
HOMES.
THE RICH BUY THOSE HOMES AT
DISCOUNT PRICES USING MONEY
BORROWED FROM BANKS AT NEAR ZERO
