Wall Street isn’t Main Street

With over 160,000 pandemic deaths and more than 30 million Americans collecting unemployment, Wall Street stocks are booming! Do you need any more proof that Wall Street is disconnected from Main Street America?

The stock market has ceased being an indicator of our nation’s economic health. Today’s Wall Street is a private cul-de-sac in an exclusive gated community owned by billionaires. It is no longer connected to the American dream.

Nearly one-half of Americans don’t own any stocks. Almost all stock trades are done by mega-financial firms like JPMorgan Chase and Goldman Sachs. Less than 10 percent is done by individual investors.

At least 75 percent of stock transactions are automated computer-generated trades by large investment firms. Computer algorithms analyze social media, like President Trump’s Twitter feed, to initiate automated stock trades. Trump’s tweets dominate stock market transactions.

Today’s typical stock broker is between the ages of 22 and 40. As adults they’ve only experienced long-term bull markets. They are clueless about economic recessions and depressions.

The rich are getting richer during the coronavirus recession. Wall Street is booming while the economy is tanking because billions of stimulus dollars went to millionaires and the Federal Reserve spends all its time and energy propping up the stock market.

Paul Oman

Clarkston