The Kenyan Socialist anti-Christ does it again...

[MichaeltheGreat]

Dow hits new record, guess things truly suck for the 1%



Apparently lots of fairly smart folks with a lot of money don't see much doom and gloom. And yes, it'll go right back down with some profit-taking, then back up again, but all the right-wing "the sky is falling" tripe seems to be nothing more than wet dream fantasies.

Discuss (or ignore)

[Ben Kenobi]

Apparently MtG doesn't understand the concept of nominal gains.

[PLATO]

Really Mtg? Maybe you can let us know why you think this is happening?

[MRT144]

Well its certainly not because Obama is an economy killing socialist

[Kidlicious]

Apparently MtG doesn't understand the concept of nominal gains.

Apparently BK doesn't understand the meaning of going up.

[dannubis]

Well its certainly not because Obama is an economy killing socialist

Give Plato some time. I am sure he can come up with a way to "prove" this statement false, unhindered by facts and practical knowledge.

[MichaeltheGreat]

Really Mtg? Maybe you can let us know why you think this is happening?

QE primarily, and lack of better alternatives. Even if we're not doing great in many respects, we're less worse than much of the rest of the world. I'm sure it does tend to chap the ass of those folks who ranted about government takeovers and the destruction of America by the anti-Christ.

[Ogie Oglethorpe]

Sequestrageddon strikes.

[Imran Siddiqui]

Interestingly enough the "government takeovers" of the auto industry actually ended up making the US money. Fun that.

[Kidlicious]

Interestingly enough the "government takeovers" of the auto industry actually ended up making the US money. Fun that.

There's a difference between the government taking over you, and you taking over the government, like the banks have.

[MichaeltheGreat]

So buy bank stock and take them over.

[MichaeltheGreat]

Sequestrageddon strikes.

[PLATO]

Give Plato some time. I am sure he can come up with a way to "prove" this statement false, unhindered by facts and practical knowledge.

I actually think that the market performing well is a good thing. Unfortunately, I don't see this as translating into any type of economic growth. The "1%" seems to have decided that after years of keeping their money safe in very low yield bonds that they are willing to take some risk. That is a good thing. Let's hope that they will take on additional risk and get the economy growing. Thanks for your "faith" in me in any case.

[PLATO]

QE primarily, and lack of better alternatives. Even if we're not doing great in many respects, we're less worse than much of the rest of the world. I'm sure it does tend to chap the ass of those folks who ranted about government takeovers and the destruction of America by the anti-Christ.

The problem is that QE can't go on forever. At some point one would think that the FED would become somewhat concerned about its balance sheet. It is good to see that investors are returning to equities though. It is a good first step in restarting economic growth...but it is only a first step.

In general, I guess I am trying to say that while a good sign, the market rebound is not cause for an overjoyed reaction. There are to many other fundamentals that are not yet following suit. If this turns into a situation where they do, then we have a reason to celebrate.

[MichaeltheGreat]

If there's a return to "irrational exuberance" then QE can start being gradually unwound. I'm not jumping and dancing over the Dow, but I think it's funny that it hit a record high on the watch of the President who in some circles has been the most reviled in history, at least since FDR. According to some of those people, the Dow should be about 50, gold through the roof, and we're all loaded down with 30 guns each patrolling our neighborhoods in up-armored SUVs to protect us from the hordes of "takers."