Those are the words of Laurence D. Fink, C.E.O. of BlackRock
“Politics and government are playing a major role in market performance and market volatility.” He adds: “This is a confidence crisis, not a liquidity crisis. There’s trillions and trillions of dollars sitting on the sideline.”
This little article in the Saturday NY Times says it all. The corporations don't need any tax breaks. No need for capital gains taxes to be lowered. No need for tax breaks for hiring. No need to keep tax breaks for the rich.
We need consumers to spend money. People, that's what Occupy has been saying. Wealth inequality is bad for business. No consumer spending, no business.
Oh, and I love Apple, but their money is not here in the US.
Apple stock has risen sharply, and shareholders have little to complain about. Still, Apple has built an enormous cache of capital that isn’t being used for operations. Peter Oppenheimer, its C.F.O., says that of its “little over $81 billion of cash” at the end of the quarter, “a bit more than $54 billion or two-thirds of it was offshore.”
This is not from Occupy Wall Street. It's from Wall Street.