The Dow Hit 10,000 This Week. So What.
I've Moved! The Boomer Chronicles has closed after 6 years, but you can keep up with me on my new blog at http://www.rheabecker.com
All the happy talk about the Dow hitting 10,000, all the talk about how the recession is “officially” over, and all the talk about “green shoots” makes me sad. Sad for the people who believe this stuff. The United States is not right around the corner from a recovery. That’s a fact.
Foreclosures will continue, retail sales will drop lower, jobs will be lost, businesses will be shuttered. Remember that the news industry is on a 24/7 cycle, so they will report every little up and every little down. An ‘up’ is not really an ‘up’ until there is a pattern of ‘upness’. If there is no pattern, then the ‘up’ was merely a blip. That’s how recoveries happen. Gradually. We’re in this for a long time to come.
Rant over.
October 16th, 2009 at 1:00 pm
I keep thinking of the Clinton years when for so many anything was possible and gravity did not apply. Then eight years of Bush hell. Now…
October 16th, 2009 at 4:22 pm
First hit 10,000 ten years ago. Running like crazy to stay in one place!
October 16th, 2009 at 5:38 pm
I couldn’t agree with you more and the saddest part is that the greed that is big corporation hasn’t diminished in the least. Huge bonuses for doing what??? Pathetic. Just pathetic.
October 16th, 2009 at 8:00 pm
According to Clark Howard, our economy is still on soft ground despite the Dow reaching 10,000. He thinks it is going to take 10 years before the economy works off the excess of borrowing money for lifestyle. In the mean time consumers need to buy smaller houses, keep their cars longer and save more money.
October 17th, 2009 at 8:31 am
Savvy, that sounds right to me.