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.
Subscribe to:
Post Comments (Atom)
Party City closing all stores and Big Lots "going out of business" sales
As public officials continue to tell us the economy is going well, the Retail Apocalypse continues apocalypting in the background. The word...
-
New meme, getting ready for what's ahead. Smell that? That's sarcasm. And yes, I suck at computer art. The T-shirt outline is la... -
I don't know who Dick Cheeseburger is, but a 43 foot jump is a 43 foot jump. So how did the number 43 wind up tied to BMX? Here's ...
-
I met Chad from Powers Bikes right after landing in Richmond last August, and both he, and old friend/FBM founder Steve Crandall, have real...
No comments:
Post a Comment