Income inequality is growing and many cite it as a fundamental problem with our economy. But not Edward Conard, the former managing director of Bain Capital. Conard believes those who occupy the wealthiest percentile in this country are also contributing the most to the economy. Pippa Malmgren, president and founder of Principalis Asset Management, argues Conrad's case.
As evidenced by the Congressional debt panel's failure, MF Global's $600 million missing investor funds, and lagging employment numbers, the U.S. has a long way to go in terms of solving the economic problems that created the 2008 financial crisis. And there are plenty of potential pitfalls abroad — China's inflation rate is at 10 percent, and the euro zone's ongoing debt crisis. Yet, there are bright spots with many manufacturing, energy, and tech sector jobs growing.
It's been a week of ups and downs for the U.S. markets, which ended at 600 points down on Monday, rose Tuesday, and took another nose dive yesterday. But those numbers only tell half of the story. All week long, experts like our economics editor, Charlie Herman, have reminded our listeners that a cursory glance at the markets is not a direct indicator of our economic well-being. If we shouldn't be worrying about the perpetual stock market roller coaster, which numbers should we be watching instead?
Eurozone leaders are meeting in Brussels today, for an emergency summit on the looming debt crisis in Greece. Greek Prime Minister George Papandreou called this summit a "make-or-break" moment. Meanwhile, the International Monetary Fund warned that this crisis could spread to the rest of Europe, even if Eurozone leaders prevent a default in Greece.