Americans have real reasons to feel gloomy about many things foreign and domestic, but they can take comfort in the surging of the U.S. economy. It took just 57 trading days for the Dow Jones industrial average to travel from 13,000 to 14,000 — the historic line it crossed Tuesday. Compare that to the 7½ years the Dow took to rise from 11,000 to 12,000. The economic picture still has worry spots, but consumers are consuming and business is good.
Posted by Rhonda Holman
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82 Comments
Oh yes, the indicator on whether rich people are getting richer. I guess that’s all that matters anymore.
Just glancing at this, I saw Doug’s comment first, and figured he was making a fairly valid point about a more complex situation: the widening income gap in this country.
Then I RTFB and RTFA, and realized that Doug had simply restated the startling claim that, quite literally, that Rhonda had made.
News flash, ma’am: the profits of the Fortune 500 crowd do not even accurately determine the overall health of the economy, let alone who benefits.
Stock prices also, famously, peaked and 1929 and 1987.
Oh gee, another Bush Bubble for his contributors. What’s trickling down on the rest of us may be golden, but it’s not spendable!
It’s ok folks. Just remember those who have all the money also have the most to lose when the stock market crashes.
I will never put my faith in something so easily lost.
I guess the fact the dollars value is dropping compared to foreign currency doesn’t mean too much, huh? Nor does the fact the current increase in the stock market is financial driven versus manufactured goods driven mean much.
The stock market will collapse, and when it does this thread will become moot. We will be following Japans stock market collapse, and will have learned nothing in the process.
The stock market is a very safe investment and always has the best returns long term. Even during the so called “crash” prior to the Great Depression things were not as bad as folks make them out to be. If people had held their investments for even 5 years they would have made back all their money and a profit too. Yes, things like day trading and dumping all your money into company stock are dangerous but if you get into an index- like S&P- fund you will do well.
I don’t think Bush has much to do with the economy. The US economy has been going bonkers since about 1985 after we went through a deep recession to ring inflation out of the economy. If anything Bush has endangered the economy with his massive deficits. Fortunately our economy has been growing enough so far to cover the bills Bush is generating.
No, the economy isn’t a bright spot for Bush. Bush doesn’t have any bright spots.
1. Look how many people own their own home today. There are still some Socialists who haven’t been GIVEN a home yet. (The rest have earned one and bought it themselves.)
2. Look how many people have a job today. There are still some Socialists who have been GIVEN a job, but they didn’t want to work.
3. Look how many people are starving today. There are still some people who are not quite fat enough, they can still fit through most doors. Obesity is only 50% in America. We need to be fatter.
4. Look at public education. We are spending record highs – BILLIONS of Federal dollars on education. We have the best paid educators in the country. (Now only 88% of kids choose to graduate High School, but there is SOCIALISM in their future! The can’t read or rite anyway.)
5. Healthcare, look at all the people dying in the streets because they have no healthcare. (I don’t see any, but the news tells me they are out there dying, so they must be there dying, though I don’t know why they don’t scrape them up off the street.)
So, it’s all Bush’s fault.
It is Bush’s fault for borrowing so much from other countries.
And people ARE dying from lack of healthcare. People with insurance, people without. You don’t see it because you don’t WANT to see it or even if you did you wouldn’t acknowledge it.
People die when they don’t get accurate diagnostics. I”ve said before, the woman’s job I took, she died two months after being diagnosed with renal failure….which was too far gone because she didn’t have the money to go to the doctor for her symptoms till it was so bad she had no other choice. By then, it was too late for her.
$300 Billion of taxpayer dollars was spent on Medicaid in 2006.
$384 Billion of taxpayer dollars was spent on Medicare in 2006.
For those in the bottom half of the normal curve, that is $684 Billion taxpayer dollars spent on Healthcare in 2006.
Lotsa Economic Experts here all of a sudden who care about things like:
1. Value of dollar vs foreign currency. (Why do you care?)2. Federal Borrowing. (What’s your credit card balance?)3. Stock market crash 80 years ago. (Have a 401k?)
Does everyone have:
1. Food.2. A House.3. Clothes.4. A Job.5. A 401k. (Then you likely are making money in the stock market right now!)6. No discernable impact from the Iraq war. (Your house bombed? You fight in the war? You required to use ration cards for food, gas, oil, electric, rubber, tires? Shortages of anything you need?) Some have sacrificed all. Few have sacrificed ANYTHING.7. You have an Internet connection with plenty of time to bitch about how bad things are for you?
8. A car.
Cautiously optimistic is the phrase often used on Wall Street. People do have a lot to be happy about with investments whether they realize it or not.
Portfolios are not just of the rich. There are millions of “average” people who have mutual funds and thousands of companies who invest retirement of their employees into stocks. Even the State of Kansas does this.
Even with the decline of Ford Motor Company and Chrysler, the U.S. economy has reached enormous profitability from investments by diversifying.
There are preparations that need to be taken to be an investor, like taking care of personal debt. Everyone should participate any way they can and take part in the huge profits being made.
If you don’t, you are still stuck in the 1960s mindset of economy and financial planning.
If you are relying on the government for your retirement, you will be living in poverty.
Newsflash.You are going to die.So am I.Even the best healthcare in the world will prevent it.
Actually! The government wants you to die, especially early, that way they keep your social security money you handed to them all these years.
Minorities like the African Americans in our society are the hardest hit. But that’s government for you. They don’t care.
People are consuming because they can go to payday loans and get the quick cash they need to by buy the lastest ipod or video game, they can now qualify for varible rate mortgages with lower incomes to get into houses that they can’t afford…bankruptcy, mortgage forclosures, and those living on nothing but credit is at an all time high..just because people are “consuming”…that doesn’t necessarily mean they have money to spend, it means that they’re simply living above their means and sooner or later the lifestyle they crave comes back to bit them in the butt. It has more to do with easy lending practices, not a booming economy.
Folks, there are no bright spots in the Bush administration, economic or otherwise.
So the stock market is doing well now…but didn’t it do well under Clinton? Only to fall into the pit after Bush’s bungled attempt to deal with 9/11…Didn’t he inherit an economy in the black, and now it is bleeding red ink all over the world?
Didn’t he inherit a booming job market and turn it into the greatest loss of manufacturing jobs in the history of the United States, even worse than Herbert Hoover?
There is a great difference in looking at the statistics of a general market and the impact on the average person. While the unemployment rate may be low, percentage wise, the unemployment rate is 100% to the person who has just received a pink slip. The economic indicators may seem rosy, but to the person working the daily job who has to make a choice between paying the rent or buying food for his family the indicators don’t offer much comfort, nor does it help the person who has to skip breakfast to put gas in his car to get to work.
Yes, I have an internet connection and can bitch about how bad (or good) things are when I want. But there is a large group of people who can afford neither a computer nor an internet connection who suffer in silence.
After all, the economic indicators are how we measure what the government controls have done for the most affluent in our society. When all is said and done, history will judge us by how we have treated those who are most vulnerable and least affluent in our midst.
It’s summertime and the lending is easy…
LHG (little head guy)–
We spend more money on our military than all the other countries spend on theirs COMBINED, and we can’t even subdue Iraq.
Boy, talk about gov’t waste!
“7. You have an Internet connection with plenty of time to bitch about how bad things are for YOU?”
I added emphasis to the last word, at it seems to eptomizes modern conservative thinking: ‘It’s all about ME!’ So naturally, lbg assumed everyone was talking about themselves. But then, personal attacks are always easier than real debate.
Karl is correct: There are people of relatively modest means who have portfolios. But I’ve witnessed firsthand some of the three-piece-and-fangs types who were running the show. The advice of the time: buy services (fast food, etc: I’m not kidding!). Happy Meals® for a strong economy! And the keynote speaker offered some of the most common, specious, Reagan-fondling rhetoric I had ever heard. Time has stolen many of the details, but he was positively VICIOUS.
The economy, of course, is a complex beast, which needs to be examined in many of its facets. As Mary points out, the extreme level of persona debt we see (even among the relatively affluent) is a not a good sign. There are other factors as well.
But the notion that “the business of government is business”–and ONLY business–was thoroughly discredited by the 30’s. And a damn painful lesson to learn, at that.
One of the most disgraceful aspects of our shiny new economy is the degree to which workers–even relatively highly-paid professionals–are increasingly being treated like chattel (the current buzzword is “resources”)–people who can be used until they’re used up or outsourced. What we’ve seem to forgotten is that the PEOPLE–workers and management–are the reason for having a strong economy in the first place. Abstract figures on papers means little when you have people living in the streets.
lhg will never acknowledge anything his Bush does or does not do. the economy is great for those with the most money. For the average citizen, if he/she is working they are working for less than living wage, having 2 jobs to make ends meet.
lhg and the rest of his breed are the takers in this world and they throw that dreaded word ’socialism’ around to scare everyone else into keeping the status quo.
The rich will continue to get richer until this country can produce real leaders with real morals and courage.
And with the present club of Republican presidential candidates – lhg is out of luck in morals and courage department.
Hey Rage, good to see ya!
“One of the most disgraceful aspects of our shiny new economy is the degree to which workers–even relatively highly-paid professionals–are increasingly being treated like chattel (the current buzzword is “resources”)–people who can be used until they’re used up or outsourced.”
Heheheheheh. When I spent some time in human “resources”, we used to call that the GE theory of employement.
“Plug ‘em in, burn ‘em out, replace ‘em!”
“Hey Rage, good to see ya!”
Thanks, KFG! I stll lurk quite a bit, but have little time to post these days. You how it is. . .
I sure do. My thirsty little plants are crying so loud I can hear them in the house! I need to crank up the water hose and rescue them from the thriving weeds!
I wonder how much the war(s) contribute to the good economic conditions? What do the loans / investments from foreign countriesi.e China? Not a financial genius, and I like the gains my little mutual funds are getting, but I think some how they play a significant part in the good economy.
!!! 8000+ Americans DEAD !!!(3,000 on 9/11. 3,400 in Iraq. 1,600 in Katrina.)National debt: $8.18 Trillion and counting.Gas $3.00 a gallon.Osama bin Laden still on the loose.
——————————————————————————–* MISSION ACCOMPLISHED
there is NOTHING bush can do to have a bright spot
He is like the reverse midas touch. Everything he touches turns to shite
Gas – $3.25 per gallon.
You forgot to add the deaths in Afgahnistan.
Liberals seem to always be so negative. Always looking for that turd in a pile of gold.
The world is never going to perfect. And nothing was ever solved by bitching about it.
Keep scraping that bowl, Outie. You’re bound to find that filling eventually!
repukes are always showing how stupid they are by toting the party talking points memo over and over and over
Gas WAS $3.05 this morning at area QT… I think I am going to go get some before it goes higher.
leave: I thought sure over nite that some of those talking points were going to get and walk in that over niter at the Senate… LOL
they tried
Thune and Lieberman and McConnell are just dumb as rocks
Outie,
The stock market is impressive. I’ll grant you that. The gas prices are probably due to the war.
What is killing me is the rising cost of… everything. My grocery bill is ever climbing. We are buying more store brand items because of the increase in price. The store brands are more expensive than the name brands were a year ago.
I’d like to find a silver lining, but as I am not heavily invested in the market, it gets harder every day.
I am not blaming Bush (except for the gas prices) but it does seem to me that things aren’t going so peachy here.
The stock market is inflated
the gas prices are making bush and co rich
I blame Bush for it ALL
He sucks and is the worst pResident in Thief I have ever wittnessed
leave, one of the reasons this economy “feels” worse than before is that the inflationary pressures are concentrated in sectors we generally term “inelastic”.
In other words, some catagories, like food, health care, energy, etc. are considered “inelastic” because we need them no matter what the price. So inflation hurts us there more than other places.
I dont really give a buggered rat if Lexus vehicles have a 100% price increase because I’m not buying one anyway.
But dammit, the cost of food and prescriptions just keeps going up. As you noted, we can eat store brands, or grow our own or buy at the farmers markets, but we still need to eat.
And musicians and artists in Austin, Texans are the only folks I know who can live on beans and rice…
Here’s something for Bush’s supporters to think about. Our economic growth is being driven by technological advances which are happening in the most liberal parts of the country.
Good point on the price increases for goods and services which are not affected by “price elasticity”, kfg. (See, I do recall some of the stuff the profs attempted to stuff into my head in Econ classes)
A question, perhaps rhetorical, preceded by a comment. IIRC, the “economy”, as measured by the stock market, etc., was also doing well during the Viet Nam era, which I submit was due to spending for both “guns and butter”, a situation I feel is analogous to what we see today. Will the eventual outcome be the same? See, e.g., attempt at wage and price controls, Nixon administration; WIN (Whip Inflation Now), Ford administration; ’stagflation”, Carter administration.
Here are some other things to look at..1) low unemployment2) more people own there own home3) IRS receiveing record revenues
Well VT, as I am sure you remember :) we get “stagflation” when productivity doesnt keep pace with price increases. As long as those things are relatively in balance, we dont get stagflation.
People dont like to talk about this, but much of the growth in economy without inflation during the Clinton years were driven by productivity gains from leap frogging technology.
In other words, more work could be accomplished without raising labor costs. Think one person could do two jobs with the aide of computers. And telecommunications. And lest we forget, the “internets”.
I dont see us really gaining any significant productivity right now by ANY means, much less by the now plateauing technology. And, back to the inelasticity argument, inflation where demand is inelastic (think energy and health care) is the CAUSE of stagflation.
It does sound familiar from the late sixties and the seventies, for those of us old enough to remember.
But since we keep electing these “back to the future” idiots who keep trying to turn the clock back to 1950, we are always living into the past as our future.
How’s that “return to the old fashioned” working for us? Those who do not learn from history are doomed to repeat it. Hell, at the risk of invoking Godwin’s Law…
Our dear leaders are dragging us right back to the ’30’s and 40’s. We can only HOPE to get back to the fifties…
The stock market is growing at a much higher percentage than the economy. There is usually a disconnect between the Market, and Main Street. Biggest reason for the gain is the liquidity being pumped in the economy.So just because things are good on Wall Street, doesn’t mean it is being felt on Main street, by the commoner.
BG
1. unemployment records are not a true reflection: Many have fallen off the records…still not working or working at mickyD’s instead of spirit is not really a good substitute
2. Those homeloans are going to go BUSTO when the APR changes and people can no longer afford THEIR payments and lose their homes
3. IRS??? who gives a frik
we are trillion dollars in debt and it is growing daily
kfg, I’m in total agreement with you on the productivity issue. I’m of the belief that all the “low hanging fruit” and a bunch of the “middle and high hanging fruit” has been harvested in that area. Thus, the cost push inflation surely will come as additional labor costs are incurred for those areas where the same cannot be shifted easily “off shore”, which, as you point out, could result in another bout of “stagflation”.
“Thus, the cost push inflation surely will come as additional labor costs are incurred for those areas where the same cannot be shifted easily “off shore”"
Yep. Or the cost artificially held down by exploiting the labor of those here illegally.
Leave,really that is your response..
that is the biggest pile of well you know what.. everything you typed is wrong..
It’s a great economy. But did Bush do it? No. He just got out of the way and let the people make it so.
Bush deficit spending has undoubtedly fueled the economy, and in particular the stock market. You give the wealthy extra money, and it eventually ends up going into the stock market. The economy could’ve been stimulated at a lot less cost, which eventually will have to be paid.
“that is the biggest pile of well you know what.. everything you typed is wrong..”
Posted by: bg | July 18, 2007 at 11:17 AM
I think what he/she posted is right on track… So, naturally, it’s a pile of “something” to anybody disagreeing… but who cant list any reasons… LOL That aint gonna work here any more!!
well chas lets take a look..
what I wrote has fact..everything (leave) typed is his opinion..
1) unemployment is at a very low point no matter how you account for it..2) the APR has not changed, when it does we can talk.. maybe these people locked in at a low Interest rate.
as for the IRS. I do care, they are in charge of payments made to the Government, and the revenue is way up to counter the deficit..
so what doesn’t work here anymore..
I keep hearing about this “great economy”. But try as hard as I can I don’t seem able to find it. I guess it’s because I wasn’t ALREADY rich. Now those that were ARE making out quite well. The other 85% of us not so much. Feudalism in a decade if it aint reversed and SOON.
I do not do indentured servitude. I’m more likely to break things and take what I need. Better build your walls high too. My kid is a good climber! And not the kind that starts out under the boss’s desk.
It was already pointed out to you before… why should it have to be done again???
1) The unemployment figures are only low, because they are inaccurate as hell, due to REAL unemployment not on the books…
2) APR rates are going sky high, BECAUSE of ARM’s going higher and higher, some by the month….
3)Oh, yea, this supposedly decreasing deficit??? Wait until you build in the cost of the WAR into your sweet looking economy, which is only smoke and mirrors anyway!!
So, NO, there is nothing wrong with what leave posted…
Chas, we have only used these measurement for decades to monitor the economy, but since you say it is wrong it must be..
I mean hell they are only economist saying how good the economy is, but there is no way we can compete with a bunch of bloggers
all hail the WE Bloggers…
Historically, interest rates are still very low. In fact, lower than they were in the Clinton years.
How many people do you suppose are out there somewhere, unemployed, but who dont qualify to be on the lists??? All of the contract workers, and self employed people, and day laborers, None of those unemployed people show up on the nice neat, trim unemployment factual data page you want to use… If you dont figure in those who ARENT on the list, the data is inaccurate!!
As for the ARM rates on mortgages, They go up almost monthly right now… And many families are only 1 or 2 paychecks from being homeless… And THAT is factual data, and can be found easily at any agency that deals with homeless people…
And what’s more, the unemployment figures keep on going down, because each month there are more and more people who no longer qualify for benefits, and thus, fall between the cracks… THAT is why I said the system is inaccurate….
Chas,The economy is doing good. Business report each month on hirings and firings. There is low unemployment right now. We are getting close to the point where anyone who wants to work has a job – as a nation anyway.
As far as the predatorily lending, there have been cases filed and cases pending. The law suits are about to be unleashed. That should offset some of the borrower’s woes.
‘Why Bush Is A Loser’http://www.washingtonpost.com/wp-dyn/content/article/2007/07/17/AR2007071701456.html“The economy: All is fine, Kristol claims, pointing to conventional indicators and hailing Bush’s tax cuts for the wealthy. But most Americans tell pollsters the country is not on the right track. Are they stupid? No, they are coping with various forms of insecurity and stress that Kristol does not recognize.Since 2000, the median income of working-age household has fallen each year. The economy has been growing, corporate profits are up, and the stock market is on the rise, but this recovery has handed working Americans weak growth in wages and salaries. The share of national income going to salaries and wages is at the lowest level since such stats were first compiled in 1929.”
http://bigpicture.typepad.com/comments/2006/11/bls_margin_of_e.html
BLS Margin of ErrorFriday, November 10, 2006 | 10:54 AMin Data Analysis | Economy | Employment
Sy Harding, author of Riding the Bear, writes: “In the fine print of the employment report each month, under a section titled ‘Reliability of the Estimates’, is this statement: ‘The confidence level for the monthly change in total employment is on the order of plus or minus 430,000 jobs.’
Given our recent lament about the precision of the monthly NFP data, even we found that hard to believe. So I went to the most recent release, and scanned:
What do you know! There is was in BLS print:
430,000 divided by 100 million jobs is a margin of error of 0.43%. So what?
“430,000 divided by 100 million jobs is a margin of error of 0.43%. So what?”
What does 100 million have to do with monthly job figures. What this essentially says is no one really has a clue what the job growth numbers are.
Sorry Nimble. I was wrong. (Using rough figures actually)
According to the Bureau of Labor Statistics, their estimate is likely off by 0.19% plus or minus.
Also, I was wrong about the 100 million employment figure. Actual employment is 153.1 million.
Sorry for the errors.
“At an unemployment rate of around 5.5 percent, the 90-percent confidence interval for the monthly change in unemployment is about +/- 280,000, and for themonthly change in the unemployment rate it is about +/- .19 percentagepoint.”
http://www.bls.gov/news.release/pdf/empsit.pdf
The average gain on the stock market may be 10% per annum before fees, taxes, and comissions. But, the average, real rate of inflation is about 15% so all your gains are eaten up and then some. Booming economy my ass!
“Newsflash.You are going to die.So am I.Even the best healthcare in the world will prevent it.”
Nothing will prevent it but the fact is that good health care will definitely postpone it for many years. Most of the rich people live well into their 80s and 90s because they get the best care. Same with the politicians. The average age of a US Senator is probably longer than the lifespan of your average worker. It is not uncommon to see them in their 80s and 90s and even over 100 years old like Storm Thurman was when the evil SOB finally died and went to Hell where he belongs.
“The average gain on the stock market may be 10% per annum before fees, taxes, and comissions. But, the average, real rate of inflation is about 15% so all your gains are eaten up and then some. Booming economy my ass!”
The “real rate” of inflation? The real rate is almost zero. It is true that the inflation index excludes energy and food but that is simply because those items are too volitile to be part of a fixed measurement. They are up 12% one week and down 12% the next week. But the fact is, if you take virtually everything else but medical and housing cost and maybe cable TV, you are paying LESS than you did a year ago and you will pay LESS a year from now.
“Chas,The economy is doing good. Business report each month on hirings and firings. There is low unemployment right now. We are getting close to the point where anyone who wants to work has a job – as a nation anyway.”
We are already there. Here in Atlanta jobs go begging. Everyplace you go has “Now Hiring” signs out front. If it wasn’t for the Mexicans sneaking in, we would be in real trouble because nobody would do the work that needs to be done- like building new houses. Anybody here that wants a job can have one for the asking.
“People are consuming because they can go to payday loans and get the quick cash they need to by buy the lastest ipod or video game, they can now qualify for varible rate mortgages with lower incomes to get into houses that they can’t afford…bankruptcy, mortgage forclosures, and those living on nothing but credit is at an all time high..just because people are “consuming”…that doesn’t necessarily mean they have money to spend, it means that they’re simply living above their means and sooner or later the lifestyle they crave comes back to bit them in the ”
There is nothing wrong with easy credit so long as you have an income that is rising fast enough to pay the bills. For most people they are fine. A few are overextended or have lost some of their incomes and are in trouble. And a few should never have been extended credit to begin with.
“What is killing me is the rising cost of… everything. My grocery bill is ever climbing. We are buying more store brand items because of the increase in price. The store brands are more expensive than the name brands were a year ago.”
It depends on when and where and how you shop. Food prices go up but they also go down. Milk is up. Bananas are down. But what did you pay for your last computer? TV set? Washer/Dryer? Clothes? ALL of these have declined in price and continue to do so.
“But what did you pay for your last computer?” Posted by: Kev | July 18, 2007 at 08:41 PM
I build my own starting with bare-bones cases, much cheaper. :)
Let’s see…last one I built for a friend…
Dual Core AMD ProcessorMotherboard 939 Socket512 MB PCI-E Video Card600 W Power Supply160 GB Hard Drive, 7200 RPMUsed 19 inch CRT MonitorKeyboard/Mouse
About $400 in parts. Same Computer at Dell or Gateway would cost around $1200.00 and wouldn’t be as fast nor would the Video Card be as powerful.
I realize that the monitor was new, but it doesn’t need to be and it was cheap when I bought it. :)
That should be “monitor wasn’t new”
My son put his own computer together too when he was about 14.
BooYah!
Oh wow… pack my bags… Atlanta, Here I Come!!!
PC computers are easy, and cheap to build. Just do some research, shop wisely, use a wrist-strap and other anti-static protection, and go for it.
“Oh wow… pack my bags… Atlanta, Here I Come!!!”
Come on down! Hope you don’t mind traffic. That’s one thing about Wichita- you can drive from anywhere to anywhere in 10 minutes. The same trip here would take you an hour or even 2- on a good day with no rain or wrecks. I was able to drive from East High to Jimmies Diner in 10 minutes where I had a good breakfast. I was able to drive from Towne West to my favorite little redneck buger stand at 47th and Clifton (Bomber Burger) in 10 minutes. Then I drove from there to WSU in 10 minutes. Then I returned to Atlanta. I was not able to drive 1 mile out of my neighbourhood in in 10 minutes!
“Food prices go up but they also go down. Milk is up. Bananas are down. But what did you pay for your last computer? TV set? Washer/Dryer? Clothes? ALL of these have declined in price and continue ….”
I buy food every week same with gas and utilities all way up in cost. My computer is ten years old TV is 15 years old washer and dryer both 7 years old. The every day consumables are killing me and wages have actually fallen.
Yup. Welcome to Republican heaven–where the rich get richer and everyone else is the poorer for it . . .
Went to an interview at Lear today, the Mgrs. said that they were interviewing 14 people for the Admin. Asst. position. Tell me again about how strong the economy is!
Groceries/consumable are high because gas is high(everything hauled on trucks) plus oil is used in processing harvesting etc. Heck even Glenn Beck said the Stock Market is a very good indicator on how well the overall economy is doing. Wall Street Investors make money whether the Market goes up or down,
Yes, yes, so many getting rich as we outsource the middle class!
But do not doubt that the chickens will have to come home to roost one day in the future.