Fooled by financial randomness – Number of millionaires back to late 1990s levels and the end of a 30 year bull market. Real estate and stock market speculators luck out but want to believe in Wall Street religion.
It is hard to convince a generation of Americans built on the “greed is good†motto that we have just lived through a once in a lifetime bull market in stocks and real estate. I’m reminded of Michael Lewis and his semi-autobiographical book Liar’s Poker printed in 1990 that was to serve as a warning […]
The retirement myth – 1 out of 3 Americans has no savings or retirement account. Half of Americans have $2,000 or less in their retirement account. 401k new name for Wall Street grease.
Middle class Americans are witnessing the conversion of their retirement accounts into gambling pots used by Wall Street. The metamorphosis of Wall Street into one giant fraud ridden center moved by investment banking funds has slowly occurred over the last four decades. Average Americans have sat back over these years since they were given enough […]
FDIC backing 8,000 banks with $13 trillion in assets and a negative deposit insurance fund. FDIC survey finds millions of U.S. households are underbanked. Too big to fail banks add branches and grow even bigger.
The FDIC has a big problem on its hand. Some would say it is a too big to fail problem. The Federal Deposit Insurance Corporation looks over 8,000+ banks and protects the deposits at these banks. Yet this seemingly large number is merely a front for where the assets are congregated. The top 4 banks […]
Stock Market Hustle – Three Ways Wall Street has Created a New American Serfdom. The Overly Expensive Mortgage Deduction, Wall Street Pseudo-Rally, and Attacking the Poor.
Last week the S&P 500 almost reached an impressive 80 percent gain from the red abyss seen in March of 2009. This puts this stock market rally up in the ranks of the strongest and fastest market turnarounds in history. Yet on Friday news of Goldman Sachs betting on toxic mortgages sold to clients brought […]