Dow 10,000: Who Cares?

Does anyone remember when the Dow hit 14,000 back in 2007? Those were the golden days – you could buy a house with little or no credit, unemployment was low, peoples’ credit card limits were still high, and only a few people had heard of subprime mortgages (and even less understood them). Now, the Dow has ‘rallied’ and hit 10,000. Does it mean that a dawn has risen over the Great American Republic?

Uh, no, highly doubtful. It means that the investment banks that were bailed out have been quite profitable in making money (high frequency trading anyone?) after being bailed out by the US government. Should we really be celebrating these a@#holes being profitable once more? They were given a free pass to keep up their ways and this country has suffered for it. Unemployment is around 10%, branches of major American companies continue to close across the country, and a large portion of the states are in extreme fiscal crises. The financial news pundits say “Dow 10,000! It’ll inspire people to spend more money or get back in the stock market!” Well, my question is, how can you do that when you’re living off unemployment because you just got canned at your last job and pension was ransacked by the fiscal follies enabled by these same investment banks. They are the ones that move the market, along with other large institutional traders, not the little guy on the street. It only goes to show how disconnected the talking heads on tv and tailored suits on Wall Street are from the real financial indicators of a healthy successful economy. The wealth of our economy is in our people and if they are out of work, overstressed, or less educated than the other nation’s we compete against then it bodes ill for the long-term future of the nation in general.

4 Comments

  1. Ian

    The little guy on the street never invested in Wall St anyways. I don’t think that is who they are referring to.

  2. Chris

    Ian,
    No, but the idea that prosperity on Wall Street will “trickle” down is alive and well in minds of the financial media.

  3. Ian

    If the Dow is rising, isn’t that trickling up? Or are we supposed to be that dumb?

  4. Chris

    Supposed to be that dumb.