I've been getting really annoyed with the business pages announcing that the
Stock Market is hitting its 2000 highs.
It isn't. It's a long way from those highs. And the business press corps' utter failure to tell the whole story is giving corporatist wingers phony talking points that hurt America.
Let's start with the value of the US dollar, in which the DJIA, the S&P 500 and NASDAQ are denominated. By any reasonable measure, be it
the Consumer Price Index, its value against
the currency of our largest international trading partner or
the amount of oil it will buy the dollar has lost between 13% and 50% of its value since January, 2001. This means, even if the stock market were at the same levels it was at in January, 2001, it would only have between 13% and 50% of the value it had on that date.
Serious traders know this. The top management of international corporations know this.
The business press knows this.
So why don't they tell you this?
Why do they tell you that we are in an economic recovery, when in fact, we remain in an economic decline?