The Wall Street Journal explains why this summer was a bore
The summer of 2009 was the summer when nothing positive happened. The stock market went up but it didn’t help the economy. The classic bear market “sucker rally,” which lifted stocks by 50%, still left the Dow 5,000 points short of its all time high. In other words, those who had lost 53% of their life’s savings had now only lost 38%. Golly! Pass me another Dos Equis! Toxic assets were still on the books, mortgage refinancings slowed to a trickle, no one could get a loan to start a business. Housing starts remained at apocalyptic lows, people kept getting laid off, people kept getting furloughed. The press kept writing stories about people getting laid off and furloughed. Then journalists started getting laid off, and those that had not been laid off started writing stories about how journalists getting laid off—or furloughed—was hurting the economy because now there would be even fewer people to write stories about people who had been laid off. Or furloughed.
Read the rest (not about the economy) here.
Categories: Money talks, Wall Street
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