As I type this, the DJIA is at 9006.91. If the day closes on this high note, the public radio program “Marketplace” will play a snippet of “Happy Days Are Here Again” and the host will offer some fey explanation of why the Dow seems to be climbing back towards 10K.
Meanwhile, as every well read lefty, increasing numbers of conservatives and assorted ‘alarmists’ of all stripes seem to know, there are deep dish problems with the US’ economic situation that suggest a gotterdammerung crisis happening sooner or later.
So, what’s the deal? What’s the real relationship between the Dow, NASDAQ, the rest of the market’s structure and the real, nuts and bolts, deficit, trade imbalance, crazy tax cut, overcapacity crisis, foreign capital infusion dependent, layoff and prolonged job search economy?
Is it possible for the Dow to look good while the country’s economic health is really quite bad?
DRM
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