Lessons from “Wall Street”
Quote: Gordon Gekko: The richest one percent of this country owns half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you’re not naive enough to think we’re living in a democracy, are you buddy? It’s the free market. And you’re a part of it. You’ve got that killer instinct. Stick around pal, I’ve still got a lot to teach you.
This is tough. I feel like Bud Fox in that I am analyzing data and charts in what again appears to be a rigged game. Futile! Cutting to the chase, I give you this simple question: Was 5/8/09 the start of a correction back down (Elliot Wave 5 Down) or are we looking at JP Morgan’s bullish case for S&P500 = 1100 by year end, due to synchronized managed global recovery by governments? Governments around me have never been that adroit at managing and coordinating successes, but maybe this time is different (famous last words).