Live Breaking News & Updates on Stock market wealth
Stay updated with breaking news from Stock market wealth. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
about all this is it really belies this claim that white house economists have made that all these benefits are going to flow to the middle class. now, 80% of the stock market wealth is held by the richest 10% of shareholders. so if they're the ones who are going to get rich off of this tax cut, how is it going to trickle down to the middle class? of course the answer is that it's not. by the way, mnuchin keep is making rookie error. he keeps making the stock market a report card for the administration. that's fine when the stock market is on a tear like it's been but what goes up will go down and i appreciate having a chance to come back and we can talk about the excuses that they're going to be cooking up when that occurs. >> let's do it. i know lawrence last word loves you here at 10:00 and i love you at 6:00 on the beat. so we'll get you somewhere soon. thanks for the fact checking. coming up, my take on the news that donald trump has been personally interviewing
when it goes up, it's essentially reflecting future expectations about corporate earnings and when's fascinating to me about all this is that really belies this claim that white house economists have made that all these benefits will flow to the middle class. now, 80% of the stock market wealth is held by the richest 10% of shareholders. so if they're the one who is are going to get rich off of this tax cut, how's it going to trickle down to the middle class? of course, the answer is it's not. by the way, mnuchin keeps making what's a rookie error here. he keeps making the stock market a report card for the administration. that's fine when the stock market is on a tear like it's been but what goes up will go down and i appreciate having a chance to come back and we can talk about the excuses that they're going to be cooking up when that occurs. >> let's do it. i know lawrence and "the last word" loves you here at 10:00 and i love you at 6:00 on "the beat." thank you.
white house economists have made that all these benefits will flow to the middle class. now, 80% of the stock market wealth is held by the richest 10% of shareholders. so if they're the one who is are going to get rich off of this tax cut, how's it going to trickle down to the middle class? of course, the answer is it's not. by the way, mnuchin keeps making what's a rookie error here. he keeps making the stock market a report card for the administration. that's fine when the stock market is on a tear like it's been but what goes up will go down and i appreciate having a chance to come back and we can talk about the excuses that they're going to be cooking up when that occurs. >> let's do it. i know lawrence and "the last word" loves you here at 10:00 and i love you at 6:00 on "the beat." thank you. coming up, my take on the news that donald trump is interviewing potential prosecutors. that's next. (avo) if you're burdened by belly pain and constipation,
so, that's not such a bragging point for the folks who kind of put him where he is today. >> and i just want to reiterate something you've said before. the stock market is very emotionally based, right? >> yeah, i mean, i think the key point about the stock market is, yes, expectations play a huge role, and businesses expected donald trump to do all kinds of wonderful things for them. again, legislatively, it's been a real dud so far. but, 40% of stock market wealth is concentrated in the top 1%, the richest 1% of households. so stock market growth doesn't reach the average person who's drawing a paycheck. for them, the job market matters, and trump may take credit for the job market, but that's really an inheritance issue in his case. >> so as you know, usually a strong economy drives a president's poll numbers up. but the president is at a near-record low. 33% for a new quinnipiac poll. have you ever seen anything like that? >> i haven't. and this is really interesting.
and i want to reach out first to your position as a former adviser to vice president biden, a democrat. how do you assess this good economic news and to who do you assign credit? >> first of all, nice to see you again as well, alex. obviously, any president is going to take credit for good numbers. in terms of the job growth, donald trump is just riding the momentum that he inherited. if you look at the pace of monthly job gains under president obama, it's about the same in 2016 as it is now. and let's face it, donald trump hasn't done anything legislatively. if you look over at the stock market, i actually will give trump credit for a trump bump in the stock market, because you really can see kind of a shift, an acceleration in that slope when he takes office, based on expectations that he's going to do good things for corporates. but, remember, the stock market doesn't reach average people. 80% of the holdings of stock market wealth accrue to the richest 10% of households.
record clothse of this year. it has gotten closed a couple of times. as far as wall street goes, this report shows it is stealth steady as she goes. one trainer told me, this report is really reflective of the economy as a whole. the economy is good but not great. this trainer telling me the jobs report was good, it just wasn't great. >> monica, telling me, a lot of people at homer looking at the stock market going, okay, fantastic. i am not feeling any of this. there is a disconnect between the way the stock market is performing and the way people really feel personally whether it comes to the recovery. >> the stock market is no the a great barometer for how the economy is doing and how the average joe is feeling in terms of their outlook. >> 50% of people in the u.s. have absolutely no participation in the market. 80% of stock market wealth is held by 10% of people. what makes the market go up in this case and one could argue
interconnected electronic trading system has become and whether humans don't know how to manage the risk from the machines that are running the stock market. 3,000 stocks affected yesterday, including apple and google and some of the biggest names in your 401(k). carol, i think a big hit to investor confidence. they got this thing fixed, they haven't explained what happened or promise it will never happen, again. but i want you to take a look at this. investors, regular people with the lowest share of stock ownership ever. right? people don't believe that the stock market is safe for them and absolutely appalling glitches like yesterday's only feed into that. so, you've seen wealth grow over the last couple years because of stock market wealth. that's been going to the smart money. not going to a lot of regular investor who look at things like yesterday and say, this is a casino played by a bunch of machines. i don't want to be in on it. i think it's very, very dangerous for ourability abilaw
to do anyway. let's start it now. >> now, when we see the recovery of 45% of wealth, which is the average u.s. household, that's a move in the right direction. how do we keep that going? >> well, a lot of that has to do with recovery in the housing mar we ket. we've recovered about 45 pfrs the trillions of dollars lost when the housing bubble burst. but some of that has a lot to do with the stock market, as well. and remember, something like 30% of stock market wealth is held by just the top 1% the wealthiest households. if you don't own a house, then appreciating home prices don't help you that much. so the thing you said earlier is really important. it's great to see the housing market, the stock market moving upwards. some of that absolutely does affect average folks. maybe you have a 401(k) or
EarlyStart-20130529-10:22:15 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
ezra klein, let's see your smiling face. steve rattner talks about how barack obama has been so good for wall street. >> i think this can go -- the stock market is great and i'm happy it's gone up. obama came in at the bottom of the recession and had a tough time after that. but i think that stock market will be drive main street well and i am not arguing what steve is saying here. it's incredibly important the stock market is getting better but stock market wealth is more disconnected from main street wealth from other times in this nation's history so i won't look at that. that can make a small sliver of people very rich without necessarily helping median wages in the way we would like it to. >> i'm glad you asked. >> i am. he is exactly right. there is this disconnect between wall street and main street. >> absolutely. we have talked about it endlessly on this show and the rising stock market fuels more