Pesticides Cause Shrinkage | Main | "Undocumented Americans" Take Jobs... From Our Nation's Children
May 01, 2006

Dow Approaches All-Time High

Johnny Coldcuts' prediction of Dow 12,000 by July may have been too cautious.

Stock prices soar; those seeking to buy stocks must do so at all-time high prices; women, minorities hardest hit:

Without much fanfare...

Really? The MSM isn't trumpeting the Bush Boom as it did the Clinton Boom? Well blow me over with a feather.

... the Dow Jones Industrial Average is closing in on its all-time high, set at the beginning of 2000 before Americans became disenchanted with stocks and turned to real estate.

Despite soaring oil prices, the Dow, watched as a barometer of the economy and Main Street, has regained more than 4,000 points that slipped away after the dotcom bust and the 2001 recession. Now, the average is closer than it's ever been to its Jan. 14, 2000, high of 11,723 - a number that brings back memories of taxi drivers talking about their stock portfolios and a book predicting a 36,000 level for the Dow.

Behind the rebound is a solid economy, emphasized last Friday when the Commerce Department reported that the nation's gross domestic product grew at a swift 4.8 percent, the best growth in 2-1/2 years. Indeed, the healthy economy is pumping up corporate earnings, which have been growing at double-digit rates. Some of the fastest-growing engines of economic growth are at the nation's smallest companies, whose stocks have averaged about a 20 percent gain per year for the past five years.

Some analysts expect the next leg in the economy to be powered by the capital spending of cash-rich companies.

"The economy is fundamentally sound," says Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Fla. "Even though economists have been expecting the economy to slow, recent data suggest it's not that soft."

Last week, companies from Chevron to Microsoft to GlaxoSmithKline reported healthy earnings increases. "The last few years, Wall Street analysts have continued to underestimate earnings, and that's true today. The majority of companies are beating the estimates," says Art Nunes of IMS Capital Management in Portland, Ore.

At some point, you would imagine that simple shame would compel the media to actually do their jobs and report the news -- and just as loudly and insistently as they did under Clinton.

Of course, that's before the shocks of the 2000 election and 9/11 ramped up partisanship throughout the nation, especially our fair and balanced press corps.

This is not the economic boom you're looking for.

"This isn't the economic boom we're looking for."

It's the worst economy since Herbert Hoover.

"It's the worst economy since Herbert Hoover."

Nothing to see here; drive on.

"Nothing to see here; drive on."

The Media Mind Trick.

You betcha, sweetie.

Thanks to John for the pic.

By the way, a lot of people send the link to the Busted Tees "More Cowbell" t-shirt. Yes, I know about it.

digg this
posted by Ace at 11:10 AM

| Access Comments

Recent Comments
rhomboid: "Ignoramus - best line from North by Northwest, Car ..."

Ignoramus: ""So he's promised either yes or no on his recommen ..."

Steve and Cold Bear: "I don't know, but I've been told A crooked nose ..."

blaster: "How about this language? [i]This Committee has ..."

Grump928(C) Native Texan and Alabama Alumn, Twice as Smug as You: "[i]The think now is: if she wins, no Republican sh ..."

redc1c4 [/b] [/i] [/s] [/u]: "93*F here about 1500... fall beer drinking weather ..."

Ben Had: "Weasel, Yes ,all those pine cones come with a ce ..."

concrete girl: ">>>pine cones. i use them for kindling. crackli ..."

AZ Hi Desert: "And she won't travel. Well...maybe AF1....but noth ..."

not a doomer nor a boomer: "Flake groomed me. I won't say how or for what, but ..."

Jewells45: "And besides, I was in Africa up until last week. ..."

Cannibal Bob: "Posted by: blaster at September 22, 2018 07:34 PM ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64