Heartless capitalists pushed the Dow Jones Industrial Average to a
record trading high today in a desperate effort to draw people's attention from
falling oil prices umm
record construction spending no, that's not it
falling jobless claims nope
declining mortgage rates the war in Iraq.
It won't be enough because today's high will not be reflected on the millions of IRA and 401K quarterly statements that will be mailed within ten days. Those statements will instead reflect Friday's close which was
the second highest ever lower.
Noted economists Brad DeLong and Paul Krugman both professed a sense of extreme unease at today's stock market results which is best expressed by DeLong's statement that
"Crap, this is gonna kill us in November." "Current market highs appear to be unsustainable based upon the static models used by all thinking economists."
3 comments:
Riotiously funny, Rick.
(a) I have been watching the right's reaction to the Foley matter and believe the tide is turning.
(b) Redstate has a good post on the Irey-Murtha contest. She's closing the gap and has the momentum.
Economists? We don't need no stinkin' economists.
Well, if we ever do need stinking economists then DeLong and Krugman are the cream of the crap.
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