In this CNBC article today, they explain how mega investment bank Goldman Sachs made $200 million a single day while the stock market lost 4%. A four percent loss doesn't sound like much. But you have to ask, 4 % of what? Four percent of the total value of all stocks in the country. That's a big number. Around 1 TRILLION dollars in stock value was lost that week. So somewhere around $600 BILLION of the money in American retirement plans, 401K's and mutual funds simply disappeared. Bye-bye. Gone. But the good news is that traders at Goldman Sachs made a big bet on volatility going higher, and that bet met them $200 million while the American people lost $1,000 billion in wealth that week.
Does that make you feel better about your nest egg? No, I didn't think it would.
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