See Payne’s Twitter message from July 3:
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But Charles Payne, who’s “Making Money” show appears weeknights on the Fox Business Network, told his 25,600 Twitter followers that this growth in middle-income jobs might negatively affect the few and wealthy who control Wall Street. And damn you, Middle Class America – that just ain’t fair.
According to analysis published by UC Santa Cruz, over 80 percent of all stocks and mutual funds are owned by only 10 percent of the American population. That same wealthiest 10 percent of the country owns over 90 percent of all business equity, and holds 95 percent of all financial securities in the U.S. The percentage of Americans who own stocks and bonds has steadily declined since 2007, as well, according to Gallup, and is at its lowest point since the surveyor first conducted polls on this topic in 1999. As a result, today more and more stocks and bonds are in the fists of a smaller controlling group.
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Payne’s show has aired on the Fox Business Network since Oct. 2007, and he also appears as a guest and commentator on Fox News. CEO of the stock market research firm Wall Street Strategies, in 1999 Payne had to settle out of court with the Stock Exchange Commission on eight charges. Specifically, SEC said, Payne accepted payments for his firm to promote specific stocks, a violation of the Securities Act. His company was fined $10,000; Payne personally was fined $25,000.