This is America, Now: The Dow Hits a Record High With Household Income at a Decade Low
theatlantic.comFrom The Atlantic:
Stocks surpassed the nominal record set in 2007, while the last recorded real median US household income was 8% lower than its 2007 peak.
This is where we are, in picture form:
Please, explain to me why this is good for the majority of people. Go ahead. Try. I’ll wait.
[ETA]: A sharp-eyed reader noticed the alignment of the graphs is wonky. Here’s the alignment corrected as best as I can manage.
Dow Jones sets new record high
- 15k+closing mark for the Dow Jones today, setting a new record. The markets have been surging of late, with the Dow up nearly 2,000 points in 2013 — that’s the fastest start to a year since the tech-bubble boom times of 1999. source
According to a Dow Jones report, Facebook may be filing for its IPO on Wednesday at a valuation of $75 to $100 billion, and both Morgan Stanley and Goldman Sachs will make a social network full of money.
“Despite all of the noise and fury coming out of Washington, activist government and Keynesian economics are alive and well. Last November’s reëlection of President Obama demonstrated that they have passed the political test. Today’s events on Wall Street show that they have passed the market test. ”
—John Cassidy on what saved the Dow: http://nyr.kr/10bbumL
FYI
the downward tumble of the DJIA this week is the 3rd largest in the entire 100+ year history of the DJIA. Only two crashes have been bigger: 9/11/2001 and the weekend in 2008 where Lehmann Brothers collapsed.
In fact, in terms of standard deviations, this is over a 3-sigma event. That is HUGE. THREE standard deviations away from the norm.
Something big is on the horizon.
At least on the plus side, silver is down to about 33$/oz. A perfect buyign opportunity. If I didn’t already have my money tied up in something else I would be buying like a madman
