Good News on Wall Street Means… What Exactly?
I watched carefully the reporting of the Dow breaking 10,000 the other day and not anywhere did I see a major news organization include a paragraph of the “On the other hand, so fucking what?” sort...
via trueslant.com
Bingo. You'd think all we had to do was hit 10K on the floor of the exchange and all our problems would be over. Foreclosures? No more. Layoffs? Done. Consumer spending? Up, up, up.
Except it's not happening.
Obviously, the Dow rising is not a bad thing, but it's hardly the only thing. And it's not much consolation to those who took a beating in their portfolio when it used to be at 14K+. Bottom line is "recovery" does not just mean recovery for Wall Street.
