Tuesday, May 21, 2024

When the bottom falls out

      For the last 6 months or so, I have been doing what I advise everyone else not to do, namely following the trajectory of the stocks in our portfolio on a daily basis.  Some days it's a high and others a miserable bust.   Recently the Dow Jones Average topped 40,000 for the first time in history.  You would never know it happened if you listen to right wing media outlets.  If the same milestone had been surpassed while tRump was in office, a mighty fanfare would be played by these same outlets.   

      As Paul Krugman points out, the stock market is a lousy forecaster for the overall economy, but it does have a cachet among the general population.   I will start to worry when the NYT starts publishing stories about the middle class getting into the market.  Shades of 1929!

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