The stock market continues to crash through the flimsy safety nets of the Federal Reserve. I predict a 9500 bottom, although at this point no one is sure how low is low and even the filthy rich have been suffering as their fortunes are down-sized by stock devaluations beyond their control however Mr. Bill Gates remains on top of the heap, as Forbes Magazine has declared the Mircosoft founder the richest man in America for the 15 year in a row, yet even his $57 billion estate has dropped $2 billion in the last year. Fellow billionaires on this list also lost wealth thanks to a fundamentally strong economy undergoing ‘adjustments’.
The full list of America’s rich can be seen on http://www.forbes.com/forbes400
Forbes also reports 275 of the richest people made the list on their own back as opposed 75 who inherited it. Somehow that doesn’t add up to 400. I guess 50 of them just are rich.