We're In The Money Now

Stocks closed out the first quarter with the Dow logging its strongest quarter in 15 years and the S&P 500 closed at it's highest level in history.  Are ya feeling richer? Ok, how about this? The S&P has recovered all its losses from the financial crisis.

What? You’re not laughing all the way to the bank, lighting cigars with hundred dollar bills and pouring champagne by buckets full.  That could be because 50% of all stock is owned by the top 1% of the country.  Yes. 1% and I’m betting not a single person reading this right now is part of the 1%.  This might get your attention: 80% of all the stock is owned by the top 10% of the country.  Anybody out there in the top ten percent?  I thought not, but there could be somebody out there reading this that works at Wal-Mart so I thought I would let you know that Mike Duke, your CEO, makes 1.034 times as much as you according to this article:  http://huff.to/11W3sza  

I’m pretty sure he loves the stock market right now.

When conservatives spout off more Americans own stock than ever before, they are talking about shares not wealth.  If you have one share of stock you are included in the stock market.  Whoopee!  The wealth is totally controlled by the top ten percent.

And as a final note, Moebs Services, a respected economic research firm, issued a report last week that shows overdraft revenue at banks, credit unions and thrift institutions totaled $32 billion last year. That’s an increase of $400 million or 1.3 percent from 2011.

So excuse me if I tune out when the media makes a big deal about how great the banks and Wall Street is doing.

Stay tuned for future adventures.