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The PJ Tatler

by
Stephen Kruiser

Bio

March 5, 2013 - 9:36 pm

While perusing the financial news of the day I couldn’t help but notice the different tone in these two articles about it.

First, the New York Times:

The oldest and most popular gauge of the stock market on Tuesday surged past the nominal high it last reached more than five years ago, before the financial crisis hit with full force.

In the past, such a recovery would have led to celebrations on Wall Street and spread optimism about the economy. But the gain by the Dow Jones industrial average — the stocks of 30 American corporate giants like Coca-Cola, ExxonMobil and Microsoft — was a more downbeat event.

Wall Street executives were not dismissing the rally out of hand, but after several years of turbulence they were not cracking open the Champagne either.

Second, the Los Angeles Times:

The Dow Jones industrial average has barreled to an all-time high, erasing $11 trillion of losses racked up when the financial crisis began five years ago.

The stock market’s revival — with the Dow at a record 14,253.77 — has some respected minds on Wall Street suggesting the Dow will puncture 20,000 in just a few years. But, as investors may recall, the last few times the stock market seemed headed for records, disaster soon followed.

High-flying tech stocks led to highs in 2000 just before the bubble burst. The rally that ended in 2007 was followed by the worst economic downturn since the Great Depression.

So what’s different now?

Corporate America is raking in bigger profits, stock prices are relatively cheap, and the Federal Reserve’s easy-money policies have pushed interest rates to record lows.

Depending on which assessment you’re reading, it’s either “Wait! Wait! Wait!” or “Buy! Buy! Buy!”

Then again, the Los Angeles Times is operating with a skeleton crew and its piece may have been written by a drunk janitor.

Stephen Kruiser is a professional comedian and writer who has also been a conservative political activist for over two decades. A co-founder of the first Los Angeles Tea Party, Kruiser often speaks to grassroots groups around America and has had the great honor of traveling around the world entertaining U.S. troops.

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Wait, how am I supposed to tell the difference between their "journalists" and the drunk janitor.
@drunkcynic You're right. It would be interesting to see the actual equivalency between the two numbers. I'm sure the fed and it's money creation aren't having any effect other than stimulating the economy. I mean higher gas prices are only the result of evil speculators. Right?
1 year ago
1 year ago Link To Comment
Admittedly, I don't follow the market closely. Is there any intellectual truth to "erasing $11 trillion of losses " as mentioned in the LAT article? Is the rise of the DOW over the previous high indicative of a financial windfall, or does inflation ruin the implied equivalancy?
1 year ago
1 year ago Link To Comment
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