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Whoop-de-damn-Dow!

18 comments

Whoop-de-damn-Dow!

POSTED: Tuesday, March 5, 2013, 3:16 PM

You probably weren't paying attention, but the Dow Jone Industrial Average hit a new record high this morning. Once upon a time, this would have been cause for celebration, the culmination of a remarkable rebound from the dog days of 2008. But you and I know better than that.

The rich got richer. Everyone else got screwed.

Will Bunch @ 3:16 PM Permalink | 18 comments

18 comments

Comments (18)

0 like this / 0 don't • Posted 3:35 PM, 03/05/2013

The Muslim in Chief is killing America with his socialist agenda!

— chasing history

0 like this / 0 don't • Posted 3:39 PM, 03/05/2013

At the close of business on Jan. 31, 2013, the federal debt was $16,433,791,850,294.04, according to the U.S. Treasury. At the close of business on Feb. 28, 2013, the federal debt was $16,687,289,180,215.37. Thus, the federal debt increased $253,497,329,921.33 during the month.

In its Budget and Economic Outlook for Fiscal Years 2013-2023, published in February, the CBO explained that only $44 billion in planned federal spending will be cut during this fiscal year as a result of sequestration.
-- Thus, history, yes, the Muslim in Chief is killing America with agenda.

— Fisher

0 like this / 0 don't • Posted 4:08 PM, 03/05/2013

If you are really concerned about our National Debt, why did you vote for Mitt whose plan was to borrow another 8 Trillion?

http://www.bloomberg.com/news/2012-10-12/the-final-word-on-mitt-romney-s-tax-plan.html

— chasing history

0 like this / 0 don't • Posted 3:54 PM, 03/05/2013

It's a phony number. The government is buying trillions in treasuries, artificially inflating the market. It's all debt, same as the mortgage crisis. Eventually the Fed will have to stop buying the treasuries. Then the collapse happens. Government meddling in the economy once again will bring a collapse that will make 2008 look tame.

— jmc

0 like this / 0 don't • Posted 3:54 PM, 03/05/2013

This is great for my 401(k), but I'll be excited when this results in the unemployment rate going below 6%. I know too many people who have been out of work for too long.

— LouDiamondPhillipsheadScrewdriver

0 like this / 0 don't • Posted 4:20 PM, 03/05/2013

Why hasn't the Senate offered the American people a budget in nearly 1,500 days?
Dow Jone indeed.

— Mr. Smith

0 like this / 0 don't • Posted 4:47 PM, 03/05/2013

LOL, why hasn't the Senate minority achieved its number one priority?

— montani semper liberi

0 like this / 0 don't • Posted 4:21 PM, 03/05/2013

"It's a phony number. The government is buying trillions in treasuries, artificially inflating the market." Do you have any filter that suggests that because as soon as you post it will be painfully clear you have no idea what you are talking about, maybe you shouldn't post? How EXACTLY is the "government" buying trillions in Treasuries, therefore inflating the equity market? How is the Dow calculated? Fisher stands prepared to explain how the Obama administrations policies led directly to the increase in the debt, how the debt wouldn't nearly have been that high in the absence of their policies, and, lastly and most importantly, how an increase in debt to very sustainable levels, is ki11ing America. Hes very busy right now, though. I wouldn't necessarily say it was just the rich who got richer as a result of this bull market - there are millions of middle pensions, 401(k), IRAs, etc. that have benefited. Keep in mind the Baby Boom generation's accounts got smacked during the crisis. Many couldn't retire. Now, the pressure has been relieved -- if they didn't sell at a loss and sat on the proceeds.

— Murrayman

0 like this / 0 don't • Posted 4:41 PM, 03/05/2013

"This is great for my 401(k), but I'll be excited when this results in the unemployment rate going below 6%" . . . . . You still believe in tooth fairies and job creators?

— montani semper liberi

0 like this / 0 don't • Posted 4:52 PM, 03/05/2013

First, 8 trillion in debt added under Obama. Second, we are Brazil of 1986, w debt swap currency, we are going to be a third world country by the end of the Obama's administration.

October 11th 2007, the last time stocks were this high compared to now.

•Dow Jones Industrial Average: Then 14164.5; Now 14164.5
•Regular Gas Price: Then $2.75; Now $3.73
•GDP Growth: Then 2.5%; Now 1.6%
•Americans Unemployed (in Labor Force): Then 6.7 million; Now 13.2 million
•Americans On Food Stamps: Then 26.9 million; Now 47.69 million
•Size of Fed's Balance Sheet: Then $0.89 trillion; Now $3.01 trillion
•US Debt as a Percentage of GDP: Then ~38%; Now 74.2%
•US Deficit (LTM): Then $97 billion; Now $975.6 billion
•Total US Debt Oustanding: Then $9.008 trillion; Now $16.43 trillion
•US Household Debt: Then $13.5 trillion; Now 12.87 trillion
•Labor Force Particpation Rate: Then 65.8%; Now 63.6%•Consumer Confidence: Then 99.5; Now 69.6
•S&P Rating of the US: Then AAA; Now AA
•VIX: Then 17.5%; Now 14%
•10 Year Treasury Yield: Then 4.64%; Now 1.89%
•USDJPY: Then 117; Now 93•EURUSD: Then 1.4145; Now 1.3050
•Gold: Then $748; Now $1583
•NYSE Average LTM Volume (per day): Then 1.3 billion shares; Now 545 million shares

— Fisher

0 like this / 0 don't • Posted 5:15 PM, 03/05/2013

so i guess will, wok and tps are all in mourning over their hero hugo. kind of like lincoln dying to you guys right?

— rysagr

0 like this / 0 don't • Posted 9:34 PM, 03/05/2013

lovin' those old clips of Hugo calling george w. bush the devil. :-) "I can still smell the sulfur." that guy was funny.

— high water

0 like this / 0 don't • Posted 6:31 PM, 03/05/2013

Sad thing, Bunch, is that your retirement benefits are tied into the stock market. Yes, yours are probably union negotiated under a defined benefit plan. Most modern companies do a 401k. But, not to worry, Bunch, your union will turn over their underfunded pension benefits to the Guaranteed Pension Benefit Corp. which basically means that your pension benefits will be picked up by the American taxpayer. Part of my benefits are under the same scrutiny as well. Does it make you feel better that the average 401k is finally rebounding or does it make you feel bad that you are on the public dole?

— FletcherT

0 like this / 0 don't • Posted 6:40 PM, 03/05/2013

Is this what they meant by sequester will cause the sky to fall?

— tr88

0 like this / 0 don't • Posted 9:06 PM, 03/05/2013

i'm think those job creators will start creating jobs any minute now. republicans are wrong.

— high water

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About this blog

Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.

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