Mr Khan said:
But they don't create jobs and wealth. They just sit around trading each other funny money and don't do a damn thing to increase actual value. That belongs with entrepreneurs and people who are actually on the ground and, you know, making things or providing services. These people are like a new aristocracy. Like the gentlemen farmers of old who just sat around and did whatever they pleased off the backs of the peons that served them, these people do nothing but leech off society. The Middle Class and some of the more productive regions of the upper class are right to desire revolt against Wall Street, to speak nothing of this nation's much-abused underclass. The people who work need to strike at the Finance sector and rapidly curb its excesses |
A) Just about everyone in the middle class has a very vested interest in the stock market. It's often where there retirement fund money is at least to some degree... be it through Mutual Funds or Retirement plans or whatever.
54% of americans own stock... and this is the lowest number it's been since 1999.
http://www.gallup.com/poll/147206/stock-market-investments-lowest-1999.aspx
B) The stock market isn't "Funny money" being traded. It's ownership in a company being traded. The fluctiations in the stock market represent the chaning values of the companies they are trading. There isn't anything fake about it.
C) Something like 90% of a comapnies job growth comes after issueing stock... because entrepenuers need money... and the stock market is how they can get it. Even most "angel investments" and venture capitalist money that comes in BEFORE an IPO comes in because they want the rights to a certain amount of shares when it comes to the stock market.
http://www.nysemagazine.com/jobcreation
When you comapre the number of IPO's lately versus how they were when jobs were growing in great supply.... a pattern develops. In general lots of companies no longer see the advantage to go public, and instead stay private and small.
